As public scrutiny increases, re/insurers are being forced to reconsider the importance of reputational risk. However, as a study by ACE shows, the subject is not fully understood by insurers or clients. Intelligent Insurer investigates.
Reputational risk continues to be one of the hardest risks for insurers and reinsurers to price and manage due to a lack of knowledge, according to a new study by insurer ACE.
The research, carried out on behalf of ACE between April and June 2013 by Longitude Research, found that one of the biggest problems was a failure accurately to define the risk.
“Many struggle to get their head around it,” said Gareth Lofthouse, managing director of Longitude Research. “This is where the problems start.”
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ACE, Reputational Risk, Intelligent Insurer, Longitude Research, Gareth Lofthouse