One of their main products that XL Group came out with in their suite is called Comprehensive Crime Insurance. It covers companies for infidelity of employees, documentary fraud, cyber fraud, physical loss or damage, extortion, and fees and expenses including cost relating to a data breach. This product is ideal for a business that needs to protect sensitive information. If your bank or financial institution owns a lot of precious data, and then its gets breached, this insurance will cover the costs to get your systems fixed, and possibly make up the losses.
Another innovative product XL Group came out with is called Civil Liability insurance, which covers companies and their employees for losses, defense costs and investigation costs, mitigation costs and regulatory crisis costs arising out of their liability to third parties while performing professional services. Sometimes regulations can cause companies to completely restructure their company that cost them much resources and time. This product will ensure that the loss of time and profit is compensated. This is important for many banks that are in the process of fulfilling Basel III requirements.
Jin Shiwei, the Business Support Manager for XL Insurance (China), told Asia Outbound that these products are not yet available in China. However, they do plan on making it public in China within in the near future. No time frame was given, so if Chinese investors are interested in making these investments, they must do it in Europe for the time being.
