With the BI proportion of a property claim accounting for the majority of the loss, and commonly exceeding USD 100 million – it is no surprise that corporate risk and insurance professionals, as well as board level executives, are scrutinising their Business Continuity Plans and BI coverages in more detail.However, purchasing BI cover and ensuring claims certainty in the event of a loss can be complex and require input from multiple stakeholders as well as external risk advisors and practitioners.
This view is reflected in the feedback we have received from PARIMA (Pan-Asia Risk and Insurance Management Association) members during a series of BI masterclass sessions Swiss Re Corporate Solutions have run across Asia Pacific over the last year.
Difficulties in selecting the Maximum Indemnity Period, identifying vulnerabilities across the supply chain and calculating ‘Gross Profit’ can lower confidence in the usefulness of the Property Damage Business Interruption (PD/BI) policy and how it would respond to a loss event.
Therefore, the cases studies in this publication highlight a number of key challenges faced when setting up Business Interruption insurance cover, including:
Against each case study, we also set out some practical tips and guidance to help overcome some of these challenges.
The June 14th 2017 tragedy involving London‘s Grenfell Tower has brought the problem of high rise buildings clad in combustible exterior walls to the forefront of mainstream media.Learn more
The annual Airmic conference provided a vibrant platform to highlight our primary lead capabilities, commitment to the UK regional market and expanding portfolio of commercial insurance offerings.Learn more
Total economic losses and global insured losses from natural catastrophes and man-made disasters in 2016 were the highest since 2012, reversing the downtrend of the previous four years.Learn more
22 November 2018
16 November 2018