In Europe, Crawford & Company has been on the road this year, attending major industry conferences and providing guidance to the insurance industry on how underwriters, brokers and their clients can “Be CAT Ready”.
Executives from the firm have exhibited at the British Insurance Brokers’ Association (BIBA) conference in London and at the Association of Insurance and Risk Managers (Airmic) event in Brighton, UK, focusing on the theme of catastrophe claims handling. They have also presented at the prestigious JLT Annual ComTech conference held in Salzburg, Austria.
Following 36 months of unprecedented major natural catastrophe activity around the globe, from the Chilean and New Zealand earthquakes, Japan’s tsunami, Thai floods and last year Superstorm Sandy, Crawford has gathered its claims handling experience into a unique white paper called Be CAT Ready.
“Be CAT Ready provides insurers, brokers, corporate insureds and others with a guide on the best approaches to take in terms of pre-event preparation, scenario planning, reserve management and pre-nominations,” says Clive Nicholls, senior vice president, Global Markets at Crawford.
Crawford produces a regular flow of advisory material, but this time the company was inspired to produce Be CAT Ready by a call from Hollywood.
“GQ Magazine approached us following the release of the recent Batman film, The Dark Knight Rises,” continues Benedict
Burke, senior vice president, Global Markets at Crawford. “They were interested in finding out how much the damage caused by Bruce Wayne’s nemesis, Bane, would actually cost as an insured loss. We gathered our best minds together on the job and adjusted the claim, as it were. Needless to say, the figure was substantial given the extent of damage caused to Gotham City in the film!”
Benedict Burke and other senior adjusting experts at Crawford presented at an Airmic conference workshop in June to demonstrate the value of our catastrophe claims management, and they explained the Batman inspiration behind the paper. This workshop proved so successful that we are carrying on the theme with major corporate clients and other industry events throughout the year.
“Catastrophe management has taught us that being ‘CAT Ready’ is above all about ensuring robust business continuity planning is in place, correct response resource and skill sets are available from all the interested parties and alternative supply chain networks are able to respond,” says Benedict. “Aligned to this is the need to have clarity of coverage, open and trusted dialogue between stakeholders and a deep understanding of how to best tackle the logistical, local market processes including legal, regulatory and cultural challenges that will be faced.”