how to effectively communicate with your insurers

How to effectively communicate with your Insurers

david@hamiltonrisk.ie

• 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.

david@hamiltonrisk.ie www.hamiltonrisk.ie

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