Fintech Platforms Save Big on D&O Insurance Renewal
Why Fintech Platforms are Paying More for D&O Insurance
The fintech industry is inherently innovative and fast-paced, but with this dynamism comes increased scrutiny from regulators and the potential for litigation. This has led to higher D&O insurance premiums compared to more traditional sectors. According to a report by Aon, the financial services industry, including fintech, has seen a steady increase in D&O insurance rates, with some organizations experiencing hikes of up to 20% annually1.
Factors contributing to these rising costs include increased regulatory pressures, the complexity of financial products, and heightened cybersecurity risks. As a result, fintech companies must be strategic when it comes to renewing their D&O insurance policies.