While the (re)insurance industry has mastered the art of risk mitigation and transfer for physical risks, covering intangible assets such as reputation and brand value has proved far more complex.
But with global corporate reputational value now totalling in the trillions of dollars, there is a clear need for insurance solutions to help protect balance sheets against unexpected damage to brand reputation.
The good news is that pockets of the market are now taking steps to address this challenge and provide risk mitigation and transfer solutions that can help clients increase their reputational resilience and make the seemingly uninsurable, insurable.
In the latest Risk Spotlight, WTW’s Tom King, associate director, direct and facultative, David Bennett, senior director, direct and facultative, and Lewis Edwards, head of underwriting, specialty binders at Liberty Specialty Markets, explore the threats created by reputational risk and how to close the protection gap in relation to this increasingly valuable corporate asset.
In this 8-minute video, we cover:
The evolution of reputation as a key corporate risk
Examples of when it’s all gone wrong
The importance of risk mitigation at the front end and how the industry is providing limit
Evolving coverage to include named perils
What we can expect from this market
The Risk Spotlight series is the The Insurer TV’s new asset for 2022 set to answer the industry’s biggest questions.
During a concise and insightful docufilm, we will endeavour to answer a key question associated to a specific business line or part of the market and unpack the drivers behind some of key trends and market conditions the industry is witnessing.