AIG has made its broadest directors’ and officers’ liability (D&O) cover available to financial institution clients following three years of research into the claims environment.

Australasian Financial Institutions Manager Liliana Uhrik told insuranceNEWS.com.au the global financial crisis resulted in far greater scrutiny of D&O insurance.

“It is tougher than ever for [financial institutions] to attract, retain and protect their business leaders,” she said. “There are a number of market offerings but this is a market first in the area of financial institutions.

“We are looking to meet our clients’ needs in an ever-changing world.”

Commercial Institutions Manager Jeremy Scott-Mackenzie says the Gold Complete 2014 product features a number of improvements.

It includes a broad form of kidnap, ransom and extortion insurance, plus a raft of public relations and crisis services covers.

“It is clear that no client wants to get sued and we want to mitigate the chances of that happening by engaging early in the process, rather than sitting back and hoping,” he told insuranceNEWS.com.au.

“In the past it has just been about litigation, but we are trying to get ahead of the issues.”