Engineering insurers must better tackle political risk
Saturday, 10 03 2015, Category: Insurance and Reinsurance, Country: World
The International Association of Engineering Insurers (IMIA) has warned that growing political and economic unrest is leaving its members exposed and urged them to better get to grips with strike, riot and civil commotion risk in order to meet the needs of clients. IMIA has also produced a best practice protocol to improve the claims process more generally.
At its annual conference in Merida, Mexico this week IMIA unveiled a new report that says rising social unrest is leaving engineering underwriters exposed to new and more complex risks.
In particular, it says underwriters need to better understand the threat of strike, riot and civil commotion (SRCC) in order to manage their exposure and deliver new solutions required by insureds.
Source: Commercial Risk Europe