Survey: Reputation back at the top of risk manager concerns
Reputation, claims payment and supply chains top risk manager concerns
Reputation has re-emerged as the number one risk issue in the annual survey of Airmic members
Nearly half (47%) of risk managers who took part in the exercise named ‘impact of reputational risks’ as one of the three types of exposure they are most concerned about. Nondamage Business Interruption (37%), supply chains (35%) and the loss or theft of personal data (34%) also featured highly.
The results reveal the extent of uncertainty among corporate insurance buyers over whether large claims will be paid, which emerged as the biggest risk governance concern; 40% of respondents highlighting it as their number one ‘keep awake’ issue.
Another claims issue – speed of payment – was number three. Lack of innovation among insurers came second.
The responses reveal that fewer than 50% of risk managers are ‘totally confident’ or ‘very confident’ that they have achieved full disclosure of material facts when purchasing their insurance policies – a finding that confirms Airmic’s view that disclosure burdens, under the present legal framework are unduly onerous.
The compliance of global insurance programmes with the relevant local insurance and tax rules continues to be a big issue, cited by more than a third (34%) of respondents.
The results confirm that Airmic’s main activities are broadly in line with the concerns of its members. The Roads to Ruin research published last year, for example, emphasised the importance of good risk management to corporate reputation. Claims payment, a global insurance compliance database and research into cyber-risk have also featured high in the association’s priorities. The survey took place during the two weeks to June 1. 108 members took part.
Survey Results
