2017 Risk Forecast by Paul May
1st March 2017
Using his 40 plus years of experience in insurance and risk, including roles as Former Director of Institute of Risk Management, Past President of Chartered Institute of Loss Adjusters (CILA), as well as a range of fellowships, such as the Chartered Insurance Institute and CILA, Paul May presents a concise review and forecast of the emerging risks for 2017.
The increasing trend of damage and interruption by flood waters is a dead cert rather than a possibility for the UK and many locations in countries around the world.
In the UK alone, four out of five of the wettest years on record have occurred since the year 2000. Insured losses in the UK have been in the region of £5 billion, and there will have been significant uninsured losses. There seems little likelihood that the cost of flood will reduce.
Also likely is that many organisations – big and small - will fail to fully prepare for flood damage whether to their own premises or their suppliers and customers.
Such preparations could include: pre-nominated restoration contractors; amended purchase and sales contracts; life-saving equipment at premises; alternate premises and logistics plans pre-agreed; and even water craft such as inflatable dinghies on hand at the premises with suitably trained staff. Many organisations have effective fire drills, often supported by internal fire marshals and fire-fighters. Extending those procedures and teams to be dedicated “flood responders” may receive a little more consideration within the risk community.
Assessment of exposure and flood damages by drone and satellite observation will increase. Most organisations with factories will actively consider having their own drone for ease of inspection. Use of such technology to record the condition of property before a flood incident can greatly increase the speed of claim settlement.
Organisations will probably not invest as much as they should in flood alterations such as threshold protections, pre-installed pumps and hoses, sandbags or staff.
To read into the full article regarding factors that present the greatest risk to you and your company please click here.
As well as organisations investing internally in their risk capabilities and management, there is a growing demand for the use of industry experts to provide expert risk advice. Concordia Risk Ltd is ideally placed to provide leadership and a specialist service globally to clients. Our services provide effective identification, management and mitigation of risks, for the client and their associated stakeholders.
For further information please contact:
BA (Hons), Cert CILA, Cert CII
Director – Risk Consulting
Email: daniel.bloch@concordiaconsultancy.com
Mobiel: Mobile: +44 (0) 7989 933 518
LLB (HONS), MBA, FCII, FCILA, ADIPC, DIPAIS, MCIARB, CFIRM, FCLA, FCMI, MAE, FUEDI-ELAE, AIC, FINSTD, FIFAA
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