Risk managers at the AIRMIC 2017 conference will be encouraged to take steps in preparation for major loss incidents, with incidents reportedly on the increase.
With industry data reporting how insured losses in excess of $1bn are becoming more common Crawford & Company® has issued a new report helping corporates develop major loss preparation and scenario planning frameworks.
“While Airmic member companies spend an annual £7.5bn in insurance, captive management, broking and consultancy services, claims preparation and scenario planning has only recently risen up the risk management agenda,” says Benedict Burke, chief client officer at Crawford & Company.
“Crawford® adjusters have been appointed on numerous $1bn+ catastrophes over recent years, however many of those affected by these major insured events are often surprised by the nature and magnitude of the losses they face and the complexity of the claims process that lies ahead.
“We have developed this guide as an introduction to major loss preparation and scenario planning, including straightforward three step solutions that can ensure risk managers obtain maximum benefit from their risk management programme and mitigate rising exposures.”
The guide, “Major Loss Preparation, Key Steps to Success” focuses on the three key components:
- Stress Testing – Analysing how your policy will respond in the event of a loss
- Major Loss Reaction Planning – Establishing an internal procedure to deal with a major loss
- Claims Protocols – Establishing claims preparation procedures with insurers and brokers
Available online from the Crawford & Company web site, the report will also be distributed by Benedict and the Crawford team at the AIRMIC conference in Birmingham, UK.
 Source: Allianz Global Claims Review 2017