The focus needs to be on the broader spectrum of risk: from major, less common exposures to minor, more frequent losses.
London (PRWEB) October 15, 2013
“The 21st century belongs to emerging markets”, announced Dante Disparte, director at insurance provider Clements Worldwide and moderator of the influential Global Risk panel, as he provided the keynote for this important industry event at London’s Merchant Taylor Hall last Wednesday.
Panellists included influential business leaders with global risk management responsibilities. They agreed on several premises: as international organisations increase their operations in emerging foreign markets, they become significantly more exposed to multiple new risks. Accordingly, organisations must rethink their insurance coverage, ensuring that their foreign-based personnel and all their valuable assets are adequately protected against the potential for losses – some of which may be catastrophic. More importantly, seeking the advice of specialized international insurance experts is absolutely essential to secure well-rounded protection for such risks abroad.
Smita Malik, assistant vice president of programmes and special risks at Clements, and a lead panelist at the event, advised against a common pitfall in risk management strategies for emerging markets: a disproportionate emphasis on special risk insurance, such as kidnap & ransom or emergency evacuation. As a result, more frequent but often overlooked risks, such as road accidents or property damage, typically get less attention from international risks managers than they should, causing large unexpected losses that harm companies’ bottom lines.
Malik explained, “the focus needs to be on the broader spectrum of risk: from major, less common exposures to minor, more frequent losses. Likewise, training on how to stay safe at all times must be communicated to employees and needs to include the smallest possibility of risk. Pre- and post-event planning will ensure procedures are in place for every eventuality.”
Malik indicated that at Clements, she provides both “local and global” solutions, ensuring that organisations have tailor-made cover for the specific risk environment in which they operate. “Clements does not only rely on its strong global reputation. We apply extensive local knowledge to deliver innovative, effective and affordable coverage packages for multinational organisations and their employees," she concluded.
About Clements Worldwide
Clements Worldwide is a leading insurance provider for expatriates and international organizations. Founded in 1947, Clements offers international car, property, term life, health, specialty and high risk insurance in over 180 countries. With offices in Washington, D.C., London, and Dubai, Clements delivers comprehensive coverage, superior customer service, and unparalleled claims response. To learn more and quote online, visit http://www.clements.com.