Airmic 2012: Reputation tops risk managers' list of concerns, survey reveals

Airmic’s annual members survey has revealed that reputation has shot back up to be risk managers’ number one concern (47%), with non-damage business interruption (37%), supply chains (35%) and the loss or theft of personal data (34%) also high on their list of worries.

The results revealed uncertainty among corporate insurance buyers over whether large claims would be paid in the current economic climate. This emerged as the biggest risk governance issue, with about 40% of respondents highlighting it as a serious ‘keep awake’ risk. Lack of innovation among insurers came second, while speed of payment was third.

Fewer than 50% of risk managers are “totally confident” or “very confident” that they have achieved full disclosure of material facts when purchasing their insurance policies - a finding that Airmic says “confi rms its view that disclosure burdens under the present legal framework are unduly onerous”.

The survey found that 28% of risk managers had a claim refused within the past two years, with 10% being challenged on grounds of non-disclosure.

The compliance of global insurance programmes with the relevant local insurance and tax rules continues to be a big issue, cited by more than one-third (34%) of respondents.

Airmic chief executive John Hurrell said: “These results confirm that the issues we keep highlighting really are important to our members. The Roads to Ruin research we published last year emphasised the importance of good risk management to corporate reputation, while we have been working hard to improve the claims environment.”