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Survey Report

Insurance Marketplace Realities 2021 Spring Update – Fidelity/crime

Financial, Executive and Professional Risks (FINEX)

April 21, 2021

Crime is often part of the greater financial and executive lines portfolio; rate hikes continue to be sought more broadly. Though we still expect rate pressure on crime renewals we do not expect to see carriers push rates to the extent they did in 2020.
Rate predictions
  Trend Range
Fidelity/Crime: Neutral increase (purple triangle pointing up) +5% to +15%

Key takeaway

Crime is often part of the larger financial and executive lines portfolio, where rate hikes continue to be sought more broadly, albeit at varying increments per line of business. While we still expect rate pressure on crime renewals, we do not expect to see carriers push rate increases to the extent they did in 2020.

Social engineering and other forms of cybercrime continue to drive dialogue with clients, yet embezzlement schemes will forever be the crux of crime coverage and should remain on companies’ radars.

Driven by the continued frequency and severity of loss, crime underwriters remain focused on two areas:

  • Social engineering
    • Social engineering coverage remains largely sublimited, yet some underwriters have expressed their intent to narrow coverage further.
    • Social engineering deductibles are increasing to match overall policy deductibles.
    • Higher limits or sublimits are only available to those with best-in-class policies and procedures.
    • Both commercial and financial institution (FI) insurers are adding belts and suspenders language to ensure that social engineering losses will not be covered outside of the explicit social engineering fraud insuring agreement.
  • Cyber
    • Insurers continue to evaluate their cyber aggregation. Select insurers have enterprise-wide initiatives to delete, exclude or clarify cyber-related coverages (e.g., extortion and destruction of data).
    • Excess crime insurers examine the strength of the underlying policy exclusions (e.g., indirect or consequential loss and confidential information) and, in some instances, attempt to add their own exclusionary language instead of following the underlying contract.

Challenged industries and geographies remain unchanged from 2020.

  • Challenged classes of business include, but are not limited to, non-governmental organizations, gaming, casinos, ATMs, cryptocurrency and cannabis. These industries are experiencing rate increases above the range indicated above.
  • London insurers continue to take corrective actions across their books, leading to material price increases, higher deductibles and reduced capacity.


Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed subsidiaries of Willis North America Inc., including Willis Towers Watson Northeast Inc. (in the United States) and Willis Canada, Inc.


Director, National Fidelity Product Leader

U.S. Fidelity Thought Leader, FINEX North America

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