how to effectively communicate with your insurers
TRANSCRIPT
• Lower insurance premiums• Broader coverage• Reduced underwriting criteria• Increased capacity
Soft Market
Cyclical Nature of Insurance
1980’s
1990’s
2000’s2010 onwards
Growth of Risk Management in Ireland
OPERATIONALSTRATEGIC
FINANCIAL HAZARD
What is Risk?
1. Inspectors Checklist - COPE
Cost
Construction (Insulated Rigid Panels k/a Foam Plastic Sandwich Panels)
Polystyrene (EPS) – Highly Combustible (Class C)
Occupation – What do you do?
Production or Service Facility Flowchart Dependency – Customers & Suppliers Supply Chain Management Advise changes in Occupation
Protection
Automatic and Passive Benefits of a BCP Indemnity Period in BI
Exposures
Loss Estimates Maximum Foreseeable Loss (MFL) Normal Loss Expectancy (NLE) Build Quality in apartment blocks Emergency Services V Insurance Insurance & Strategic Planning
Knowing how your company is developing strategically is important so you can promote your goals under conditions of uncertainty (Risk = effect of uncertainty on objectives)
Your Business - Present & Future
Put everything your business does into one of three boxes...
Box 1Manage the
present (What you
do)
Box 2Review &
conclude on certain
activities(Accountabili
ty)
Box 3Create the
future(Strategy)
Think inside the Box
Insurance Sector Views on BCP (BCI and CII)
BCP’s need to go beyond “people, IT & sites” and consider customer dependency and supply chain.
Lack of agreement as to what is an adequate BCP.
90% Claims state presence of BC arrangements reduced BI claim, 75% Underwriters agree. However only 45% of Brokers agree.
[email protected] www.hamiltonrisk.ie
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