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Around one half (47 per cent) of the 108 risk managers that took part in the survey cited the ‘impact of reputational risks’ as one of the three types of exposures about which they are most concerned. Non-damage business interruption (37 per cent), supply chains (35 per cent) and the loss or theft of personal data (34 per cent) also featured highly on the list.
40 per cent of respondents highlighted the payment of large claims as the issue that most keeps them awake at night. Lack of innovation by insurers came second, with speed of claims third.
“These results confirm that the issues we keep highlighting really are important to our members”, said Airmic Chief Executive, John Hurrell. “The 'Roads to Ruin' research we published last year emphasised the importance of good risk management to corporate reputation, whilst we have been working hard to improve the claims environment.”
“We are also about to announce significant progress towards the establishment of a global insurance compliance database and publish the first tranche of our research into cyber-risk”, he added.