The recently appointed head of crisis management for the Australian business of global player, XL Catlin
, has stressed the growing importance of the cover and the role brokers can play in the market.
Shelley Devane, who recently took on the role with the insurance giant
, told Insurance Business
that with increased threats around the world, the need for crisis management is at its peak.
“It is more important now than ever,” Devane said.
“The current climate that businesses operate in is the most volatile we’ve seen in recent times, with the threat of terrorism, kidnap, extortion and product tampering incidents being a concern for many Australian companies.
“These risks can all have devastating effects on an organisation’s reputation and financial viability.”
Devane stressed that high profile businesses are often the most attractive and crisis management is particularly pertinent for Australian companies as the country holds an unwanted title.
“Organisations with high brand recognition are some of the most attractive targets for cases of product tampering and extortion, as well as random terrorist activity,” Devane noted.
“Australia has the unenviable record of being one of the highest ranking countries for large numbers of extortion cases.
“We thus see an increased appetite for tailored insurance products together with crisis management pre-planning services as we adapt to meet the various threats faced by local businesses."
The recent attacks on Paris, which saw 130 people killed and over 350 injured, highlight the increasing need for crisis management in a range of areas.
“Sadly there are many places in the world which are susceptible to terrorism today,” Devane continued.
“We continue to see clients looking at their workforce and property and buying insurance to manage and mitigate these risks.”
Devane noted the important role that brokers play in the crisis management space as collaboration is key to ensure a successful outcome.
"Brokers play a significant role in helping clients navigate their way through pre and post crisis incidents,” Devane said.
“They deliver our insurance products and services to clients, and we are committed to assisting them in helping prepare businesses across many industries for terrorism incidents, extortions, malicious product tampers and product recalls.
“In the event of an incident, a speedy and well managed response by the broker, the insurer, the insured, and the appointed crisis consultants is of paramount importance.
“It’s a collaborative approach. Together with our brokers we are able to offer clients and businesses, not just an insurance policy, but a total crisis and risk management solution.”