Why data helps insurers to offer the right cover

08 August 2017

The Special Risks portfolio has expanded beyond its established remit of sports, media, entertainment and contingency risks.

Brands are increasingly enquiring about protection for reputational risk. They see stories, such as the possible contamination of Coca-Cola cans, and the hacking at TalkTalk. We find more and more companies want to protect themselves.

Understanding the potential nature of the threats and where the value is contained in a brand is crucial. The more data and information there is, the easier it is to engage underwriters and find solutions.

Often this means bringing in legal and finance teams as well as the traditional risk functions.

Rise in insurance cover for events

Expectations on basic event coverage have increased, with organisers looking for automatic protection against political and civil disruption, terrorism and earthquakes as well as the more conventional adverse weather perils.

With the continued shift in contractual obligations, we are working with our contingency markets to address the growing interest from major construction projects and the marine salvage sector for greater protection to cover losses arising from unforeseen events which result in major and costly delays.

The high-end personal accident market has seen some major losses in the past year, with two incidents alone costing $85 million. However, rates have held steady despite these losses.

Tips for buyers

Spend time with us and share your data and risk analysis. We want to understand your business and use this to translate that into precisely what insurance you need.

For further information, please contact Edel Ryan, Partner on +44 20 7528 4745 or email edel_ryan@jltgroup.com