insurance

Avian flu spreads business continuity fears

18 December 2007 It is estimated that UK poultry farmers stand to lose as much as  £30 million in a major outbreak of avian flu.In the run-up to Christmas, peoples minds turn to festive feasts and celebration. But following a second outbreak of the deadly H5NI bird flu at a turkey farm in East Anglia recently, many business managers have more serious issues than what people will be serving up on the day. It is estimated that UK poultry farmers stand to lose as much as  £30 million in a major outbreak of avian flu, even after they have received government compensation.
 

Hundreds of actors found themselves hired for an unusual performance earlier this month - faking illness. The actors, part of the USA's largest ever terrorism drill, played people suffering from the effects of a biological agent.

Torrential rain and hail brought flash floods to Leeds on Tuesday - sparking hundreds of calls to the fire brigade.

New initative pushes value of BCM to SME firms

Research commissioned by the British Insurance Brokers Association (BIBA) has revealed that millions of small and medium-sized enterprises (SMEs) across the UK are failing to protect themselves and their employees against the threat of emergencies such as fire, flood or acts of terrorism.

BIBA has launched a campaign to encourage SMEs to address business continuity issues. Government figures suggest nearly 20% of businesses suffer a major disruption every year.

Insurance, Professional Indemnity and Pensions: In Case of Emergency

Recent natural and man-made disasters are a chilling reminder that no business is immune from unforeseen circumstances.

Sound business managers plan to mitigate against such risks, says Sarah Turpin The past decade has witnessed severe flooding in parts of the UK, devastating hurricanes in the US, the 9/11 terrorist attacks on New York and Washington DC, the 7/7 terrorist attacks in London and countless other disasters such as the Buncefield oil depot explosion.

Risk Management and BCM imperative in new world of risk

The world is a dangerous place, and becoming more so. Executives face a myriad perils, any of which could close their businesses and cause immense pain to investors and staff alike.

To make life even more difficult, the cost of achieving peace of mind through insurance is increasing. This makes understanding and managing risk very important.

Oct 18, 2005

The devastation in New Orleans caused by Hurricane Katrina graphically illustrates how destructive extreme weather can be.

For risk management professionals, the fearsome power of hurricanes is such that they present a unique set of challenges.

Oliver Schofield, a director at the global property practice at Aon, the consultant and insurance broker, says: "You can risk manage your way out of all sorts of problems. But when a hurricane is about to strike your building you have a major problem. This is outside management control."

BBC website 5/8/05

Emergency service workers killed or injured during a terrorist incident may not be covered by personal insurance policies, a union has warned. Unison, representing emergency service workers, says insurance companies should drop exclusion clauses.

Policies covering accident and offering mortgage protection should be checked by policyholders carefully, it said. Exclusion clauses could leave emergency workers and their families high and dry if they are injured or killed. Fire crews in Somerset have already threatened to go on strike after claiming they may not be insured for dealing with a terrorist attack. The action has since been called off to allow further talks. Unison said it did not want the sacrifices that members of the emergency services were making to result in their families suffering financial hardship.

Terrorism exclusion

It pointed out that its own insurance policy offered to members provided full cover and called for other insurers to do the same. Jane Milne, Association of British Insurers says: "Most types of insurance are readily available without terrorism exclusions" "We are asking all insurance companies to look at their policies and if they have such exclusion clauses to drop them," said Sam Oestreicher, a Unison national officer.

The insurance industry itself admitted that some policies had exclusion clauses and advised policyholders to study the small print or contact their insurance company or broker. "We would like to reassure emergency workers and other customers that most types of insurance are readily available without terrorism exclusions," said Jane Milne at the Association of British Insurers. "The major personal types of insurance, such as life, household and comprehensive motor insurance, provide cover for the effects of a terrorist incident as a standard feature of the policy."

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October 31 2005

Businesses warned of cash flow problems, supply chain hold-ups and staff absences which would follow an outbreak with MANY businesses, including those operations depending on sensitive supply chains, finding they have little or no insurance cover against the effects of avian flu.

With the infection beginning to hit Europe, leading insurance broker and risk management consultant Aon has called on corporates to take action to protect their performance.

The terrorism insurance system in the United States is failing to provide businesses with adequate financial protection, leaving the nation vulnerable to economic disruption if there is a major terrorist attack, according to a RAND Corporation study issued earlier this week.

As forecast by the Continuity Forum, pressure is mounting on Business to ensure that Business Continuity Plans are at the heart of an organisations planning.

Much of the reason is the fear from the sector that still too few organisations are developing an effective response to the risks facing Business, particularly with regard to major Terror attacks and other events, such as the Blackout in South London last winter and the Telecoms Failure in Manchester this Spring. The industry is also concerned about the effects of the recent weather events which have disrupted businesses across the UK and caused millions of pounds of damage.