During a recent Webinar, CUNA Mutual reported a return of record benefits to bond policyholders in 2009.
CUNA Mutual Group has added new credit union protection coverage options and increased claims payments to credit unions covered by its bond program by more than 40% in 2009.
"It's a very difficult economy, and we recognize that credit unions are faced with increased loss exposures," said Chad Nitschke, vice president of CU protection. "In addition to paying more claims, we also made enhancements to our products to help credit unions control their losses from new and ever-growing risks."
He added that bond benefits paid to customers exceeded premiums by 27%. In addition, lender liability was the fastest growing loss area. with a 19% increase, while directors, volunteers and employee claims increased by more than 100%.
Nitschke said four of the most notable CU protection product enhancements in 2009 included: plastic card claims automation with FIS and CO-OP Financial Services; management umbrella coverage within MPL; identity theft coverage for credit union directors and fraudulent mortgage loan documentation coverage
"Similar to what we did in 2009, we're taking direct feedback from customers, which will translate into additional new product offerings in 2010.