Marsh: Three banks swindled out of more than 1m euros by employees

Marsh, the largest corporate insurance broker on the Romanian market, recorded three claims settlements worth over 1 million euros. The very large claim settlements, worth hundreds of thousands of euros, or even over one million euros, multiplied in the first half of this year against 2008, with a few of the cases being bank frauds committed by bank employees, says Cristian Fugaciu, general manager of Marsh, the largest broker specialising in corporate clients. Banks can shelter themselves against such fraud via policies like Banker's Blanket Bond and BBB, which also cover the risks of theft from ATMs, cash registers, safe deposit boxes and during transportation of money and valuables. In case of a fraud or if another of the above-mentioned risks occurs, the bank is awarded damages by the insurer. "Claim settlements rose in terms of frequency and of volume in the first half of the year, with the more frequent ones being those worth a few hundreds of thousands of euros and above one million (...)," says Fugaciu in an interview to ZF.