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UK financial institutions claims insights 2021 year-end review

Our latest report delves into UK financial institutions claims received by Marsh that arose in 2021 and provides our outlook for the remainder of 2022.

Financial Institutions City Building

Overall, the number of claims notified by Marsh’s financial institutions (FI) clients in 2021 was similar to the number notified in 2020. The trend since 2019, though, has seen a reduction in claim numbers. In all years, errors and omissions and directors and officers liability notifications were the most common.

Our 2021 data indicates that a hardening insurance market that has seen premiums increase, capacity reduce, coverages tighten, and more strictly controlled claim payments has over time reduced the ratio of claims to policies placed.

From January 2020, Marsh began tracking FI claims related to COVID-19. The number and type of these claims is fluctuating with many of them continuing to develop. For example, 40% of notifications are still recorded as circumstances capable of turning into claims and investigation exposures.

To read more about what claims have arisen and where, as well as what we anticipate for the remainder of 2022, based on the data so far, please download our report.