February 2012

ALSO IN THIS EDITION ...

www.airmic.com
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NEWS
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TECHNICAL
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EVENTS
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MARKET INFORMATION
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news
Airmic to seek
further action on
Reservation of Rights
Airmic is to look at ways of beefing up the current voluntary arrangements
intended to minimise the unnecessary use of Reservation of Rights by
insurers. The move follows soundings among members, who report that
this device continues to be used in ways that they regard as unjustified.
There was better news on disclosure, with a membership survey indicating
real progress. Report page 2
Hopkin to chair international
ISO working party. p. 9
Captives: Chartis publish guide
for Airmic members. p. 10
Airmic membership rises as
renewals top 90% again. p. 12
Cyber-risk: companies face new
challenges as EU introduces new
privacy laws. p. 13
Insurer security: turbulent financial
times exacerbated by the euro
crisis make this a testing year,
warn AM Best. p. 16
The Employment Liability minefield:
what can be done to cut the risk of
disgruntled employees taking legal
action? p. 18
The changing world of
political risk p. 20
Diary p. 23
Annual Conference 2012 p. 24
Marketplace p. 25
Portillo, Lambert and Hilton
sign up for Airmic conference
Airmic has completed the line-up for this years annual conference,
which takes place in Liverpool from June 11-13. Broadcaster and political
commentator Michael Portillo and former CBI director-general Sir Richard
Lambert are among the keynoter speakers. And there is a big-hitting
Insurance Forum, to be chaired by the city editor of the Evening Standard
Anthony Hilton. At least 350 Airmic members, around a third of the total,
are expected to attend. Report page 4
Airmic welcomes Cost Advocates as
its newest Preferred Service Provider
View from the top
How Airmics risk management steering group
promotes best practice and disseminates
information as the association works to promote
the profession. Report page 7
Euro Crisis and
Risk Management
Airmic is setting up a website facility
to enable members to access
essential information about the
Eurozone crisis. Initial content includes
an analysis of insurance company
balance sheet exposures and a
number of documents on corporate
preparedness. All can be accessed at
www.airmic.com/euro-crisis
The decision to return to the
issue of Reservation of Rights
(RoR) comes in response to
informal comments from
members, which prompted a
questionnaire on this subject
and also on non-disclosure. The
exercise revealed that, despite
the voluntary RoR agreement
with Airmics insurer-partners
reached in 2008, the practice
continues to be used in a way
that appears to be excessive.
More than a third of the 100 Airmic members who
responded had experienced RoR at least once in the past
two years. A significant minority had done so at least five
times and a high proportion of the claims (35%) were
above 10 million. According to respondents, only a
minority of these issues were resolved satisfactorily.
Whilst accepting that RoR can be justified under certain
circumstances, Airmics concern is that the practice is
increasingly used by some insurers as a default response to
any large claim. This usually means increased and earlier use
of lawyers, says the association, leading to higher costs and a
slower process.
It does appear that there continue to be instances where
reservation of rights takes place on big claims regardless of
the individual merits of the case, said chief executive John
Hurrell. This is just not acceptable at a time when,
because of the continuing difficulty in getting credit from
banks on reasonable terms, UK companies depend on the
prompt fulfilment of the insurance promise.
As to what happens next, Hurrell is proposing to
supplement the current voluntary agreement, which
stipulates a 90-day cooling off period, with a model
2
RESERVATION OF RIGHTS
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Airmic to look again at reservation of rights
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JOHN HURRELL
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RESERVATION OF RIGHTS
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clause for insertion into insurance contracts. This would be
similar to the so-called Herbert Smith clause unveiled last
year to protect buyers against having claims avoided as a
result of innocent non-disclosure.
These are early days and we need to consult the market
about what would work, but the current protection against
the indiscriminate use of Reservation of Rights needs to be
beefed up, he said.
Non-disclosure encouragement
The same survey did, however, provide much more
encouragement on the question of non-disclosure.
11% of members had claims challenged for this reason
during 2010 and 2011, of which more than 60% were
eventually resolved satisfactorily. This marks a big
improvement compared to earlier surveys. Whilst it leaves
room for improvement, especially as some of the challenges
related to very large claims, it suggests that Airmics efforts
are making a difference.
For the past two years the association has been urging
insurance buyers to reduce the scope for uncertainty, and
given them advice on how to do so. At the same time it has
made the argument to insurers that it is unreasonable to
turn down claims on grounds of non-disclosure where
the buyer has made every reasonable effort to provide
reliable information.
The responses show that more than 40% of risk managers
have recently opened discussions with their brokers and/or
insurers about inserting non-disclosure clauses into their
contracts, and that 15% have reached a satisfactory
agreement with their insurers.
Our members are clearly still worried about a legal system
that leaves them relying on the goodwill of insurers, but we
appear to be making progress, said Hurrell.
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The practice of reserving rights
continues to take place frequently
on big claims regardless of the
individual merits of the case
JOHN HURRELL
The growing pull of the Airmic
annual conference, by far the
largest risk management event in the
UK, has landed some top heavy
weight speakers for 2012. They
include: former cabinet minister-
turned-broadcaster Michael Portillo;
Richard Lambert, director general of
the CBI until 2011; and one of the
top lecturers at the Cranfield
Business School, Stephen Carver.
The conference, which has been
steadily increasing in size for the past
decade, takes place at the ACC-
Liverpool from June 11-13.
The flagship Insurance Forum session,
meanwhile, also has a top line-up
(pictured above left to right) with
Robert Schimek of Chartis, Andrew
Kendrick of Ace, Dominic Burke of
JLT and David Ross of Gallagher
Heath all signed up to take part. The
day three event will be chaired by
Anthony Hilton, City Editor of the
London Evening Standard.
In addition to the plenary sessions,
the conference has twenty five
workshops covering a wide range of
risk management and insurance
4
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Big hitters sign up for annual conference

(Continued from front page)
Partnering for impact
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topics and the usual extensive range
of social events.
One innovation this year is a free
conference app to help members
take full advantage of the occasion.
Among other things, it makes it
possible to search and message
anyone on the delegate list, to
view the general conference
programme in detail and their
own personalised programme, to
keep abreast of conference
Twitter feeds and to do post code
search from the conference centre
to any drink receptions, hotels,
restaurants and bars.
Key speakers
Rt Hon Michael Portillo was
minister for eleven years and held
three positions in Cabinet, including
secretary of state for defence. He is
now a well-established broadcaster
and political commentator. He will
give his view on the macro political
and economic environment and his
prognosis for the coalition, the
European Union and the pressures
facing governments in this period of
turbulence around the world.
Sir Richard Lambert was director
general of the CBI during a period
that included the banking collapse
and the global recession. Before that
he was editor-in-chief of the
Financial Times where he wrote the
influential Lex column.
Stephen Carver, Cranfield Business
School will be giving the Academy
Lecture on June 11. He has a
reputation for taking complex
management concepts such as
Project, Programme and Crisis
Management and being able to distil
them down, into highly informative
and fun lectures - often using
storytelling techniques. His
attitude is if you havent done it
you shouldnt be teaching it! He
will be discussing the difference
between Project Management and
Enthusiasm Management, based on a
cautionary take involving Sir
Richard Branson and Chay Blyth.
Anthony Hilton is best known
as city editor of The Evening
Standard, but is also an
accomplished broadcaster. He has
been city editor of The Times, has
worked for The Observer, The Daily
Mail and The Sunday Express. He
has been editor of Accountancy
Age and was business correspondent
for the London Sunday Times in
New York.
5
ANNUAL CONFERENCE
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Airmic News will be
featuring more aspects of
the annual conference,
including the workshops,
in the March edition
SIR RICHARD LAMBERT
STEPHEN CARVER
RT HON MICHAEL PORTILLO ANTHONY HILTON
One innovation
this year is a free
conference app to
help members take
full advantage of
the occasion
6
ANNUAL CONFERENCE
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Images from last years conference
7
RISK MANAGEMENT STEERING GROUP
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As the name would suggest, the
group oversees Airmics activity in
the area of Enterprise Risk
Management. ERM is an area where
the association has made a big impact
in the past few years.
The highest profile exercise in 2011
was Roads to Ruin, the study Airmic
commissioned from Cass Business
School. It was extensively reported at
the time, continues to be widely
quoted more than six months after
its publication and is the subject of a
major conference in March.
It is, though, just one of many
projects that the Risk Management
Group has overseen. During 2012 it
is, for example, planning to
commission a successor to Roads to
Ruin, this time looking at success
stories and what lay behind them. It
is also heavily involved in steps
towards achieving professional
recognition for risk managers; in a
joint project with the IoD to produce
risk management guidance for
directors; international efforts to
produce ISO 31004, the
implementation guide to the
international standard, ISO 31000;
and a report on the role of the CRO.
Driving enterprise risk management forward
In January we reviewed the work of the Insurance Steering Group.
This month we look at the other twin pillar of the Airmic committee
system, the Risk Management Steering Group
Our role is to encourage good risk
management practice, and this fits very nicely
with Airmics third strategic priority, thought
leadership and advocacy PAUL TAYLOR

8
RISK MANAGEMENT STEERING GROUP
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Apart from its own intrinsic worth,
all this activity supports the Airmic
Boards newly agreed priorities (see
January Airmic News, page 10). Not
surprisingly the groups chair is keen
for there to be a seamless alignment
since he is none other than Paul
Taylor who also chairs Airmic and
is the man behind the associations
recent strategic review.
Our role is to encourage good risk
management practice, and this fits
very nicely with Airmics third
strategic priority, thought leadership
and advocacy, he says.
Although his groups role, like his
day job, is around ERM, he is well
aware that there is considerable
overlap with insurance risk
management. I dont see two
different types of risk manager, but
various shades of management of
risk, he says.
Insurable risk can broaden into
other areas and if you are involved
with overall risk management you
still have to understand the insurance
dimension. Some of our members
will only be involved in pure
insurance buying but they are
definitely a minority. Most will have
some involvement in managing the
risks included in their programmes.
Airmics research into cyber-risk is a
good illustration of this inter-
relationship. Although led by the
Insurance Steering Group, the nature
of the subject means there is
inevitably a big ERM component.
Most of the work of the risk
management group is carried out in
practice by technical director Paul
Hopkin who, as committee secretary,
has the job of producing the agenda
in discussion with the chairman and
executing its decisions.
Paul is a key player who drives
through most of our projects, says
PAUL TAYLOR
9
RISK MANAGEMENT STEERING GROUP
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Paul Taylor. Our group is where
he gets his mandate and a lot of
the feedback.
Hopkin is also the link with the
insurance group and can ensure that
the two bodies work efficiently
alongside each other. The two come
together at meetings of the Board,
which has ultimate responsibility
The Risk Management Steering
Group meets three times a year and
has thirteen members. Taylor would
welcome interest from other suitably
qualified people willing to take part.
We tend to have members whore
involved in ERM and key risk issues
across the organisation. We can,
though, accommodate people whore
involved in insurable risk, but whose
role extends beyond that, as is
increasingly the case, he says.
Although these volunteers play a
valuable and irreplaceable role in the
association, he says they can gain a
lot themselves from membership of
the group.
Its an opportunity to be more
aware of whats going on in the
greater risk management world and
perhaps to lead the thinking and use
your knowledge to help other people.
And actually its quite fun.
Airmic technical director Paul Hopkin
is to chair an international committee
producing ISO 31004 the
implementation guide to the
international risk management
standard ISO 31000. The committee
will be meeting in Dublin in February
and Sydney later in the year and is
expected to issue a consultation
draft during 2013.
I see this as a great honour and
challenge for me personally, he said.
Its also a tribute to how Airmic is
regarded in other countries that they
have asked me to take on this task. PAUL HOPKIN
The 16-page document is aimed primarily at the
Introductory to Intermediate level, and is intended to
provide an overview of the subject. It starts with very
basic questions such as what is a Captive?, and it goes
on to outline the various different types and the
circumstances under which companies set them up.
It also provides a list of advantages and disadvantages
to owning a Captive and considers likely charges.
If you can satisfy the following three criteria then they
may be for you, according to the guide.
1. Be willing to invest time and money to create a
captive i.e. have the financial ability to pay captive
premium and provide initial capitalisation.
2. Have premium large enough to justify the annual
operating costs.
3. Have a claims history that is better than other
companies in their class of business or have improved
risk management processes that are expected to
improve its risk profile.
The Guide also looks at more advanced questions such
as where to set up the Captive, whether to make it an
insurer or reinsurer, the types of structures that are
available and exit strategies. The guidance is well
illustrated by a series of case studies.
With such a diverse range of Airmic membership and
knowledge of captives, this guide could never be all
10
CAPTIVES GUIDE
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in London, they make sure
ACE insures progress
2011 The ACE Group of insurance and reinsurance companies. ACE, ACE Logo, and insuring progress are registered trademarks of ACE Limited.
Jeff Carr is Head of Client Management and Catherine Horton is
Claims Relationship Manager for ACEs Major Risks Group in London.
They and their teams focus on providing innovative insurance
solutions for their clients. Jeff and Catherine are two of 16,000 ACE
employees worldwide who take on the responsibility of risk so our
clients can take on the responsibility of making things happen. We
call this insuring progress. We invite you to nd out how our people
can work for you. Visit us at aceeurope.co.uk
Property & Casualty Accident & Health Life
Chartis publishes Guide to
Captives for Airmic members
Chartis has produced a Guide to Captives specifically to cater for
Airmic members

11
CAPTIVES GUIDE
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things to all men, and so what we hope to have achieved is to
meet the remit of Airmic in technical knowledge sharing and
education as well as providing a thought provoking document
for anyone who wants to increase their knowledge in such a
specialist area, say Chartis.
It is the first of a series of guides being prepared by Airmic
partners on different aspects of insurance and risk management.
We are really pleased with this publication, which sets the
standard for other guides being prepared for our membership,
said technical director Paul Hopkin, who acts as a secretary to
the associations Insurance Steering Group.
It will be of particular value to risk managers who are at a
relatively early stage in their careers and who need to learn
about this important topic.
The document was prepared by Chartis Insurance Management
Services, a global captive management operation. It was
officially launched recently at the Captive Live event in
London.
FINDING
BETTER
SOLUTIONS
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Anyone wishing to download the
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Airmic renewal
rate tops 90%
For the second year running well
over 90% of Airmic members have
renewed their subscriptions to the
association
After taking into account natural attrition caused by
retirements and people moving jobs, the outcome means
that nearly everyone who might have renewed did so.
At the time of writing there are 1021 members, a record
for this time of year, representing a 13% increase on 2011.
As reported in last months Airmic News, member
participation in Airmic events is also at unprecedented
levels.
Attendance at Airmic meetings rose 21% year, with
members attending on average two meetings organised
by the association.
Call for more efficient
health and safety
compensation system
The existing system of compensating injury victims needs
to be reformed, Airmic technical director Paul Hopkin
told a recent gathering of the Westminster Legal Policy
Forum. He drew attention to reports that injured people
received only around 10% of their compensation for
claims under 5,000, the rest going in legal fees and
other expenses.
Theres a clear view on our side, as insurance buyers, that
the system is not efficient, that the embedded legal costs,
especially in the management and settlement of small
claims, is quite disproportionate. We want the system to be
much more efficient, he said.
The event, which included contributions from MPs,
peers, the ABI and legal experts, debated possible reforms
to Health and Safety law.
12
NEWS
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Technology, and in particular mobile
technology, is changing the way in
which companies communicate and
conduct business. Any consumer-
facing organisation is likely to hold
confidential data on its customers. But
while better connectivity makes
transacting between business and
consumers easier, it also makes it
more dangerous. So much so that the
World Economic Forum highlighted
cyber risk as one of the top three
management risks in its 2012 Global
Risks Report.
Nearly all companies have corporate
websites, email, outsourced payroll
services, remote access to computer
systems - many via cloud computing
providers - and conduct transactions
over the internet. But while storage of
employee and customer personal data
is essential to most companies ability
to do business, it also makes them
vulnerable to a cyber attack.
In 2011 there were a number of high
profile malicious cyber attacks in
particular on Sony, Amazon and
Epsilon. These incidents raised public
and regulator awareness of the risks
relating to a data breach, and they
highlighted that cyber criminals are
becoming increasingly sophisticated.
For risk managers they demonstrated
the significant damage both
financial and reputational that a data
breach can have on a business. In the
case of Sony, it is estimated that the
breach and subsequent 23-day closure
of its PlayStation network cost an
estimated $171m, plus a 55% drop in
its share price in the four months post
the breach.
Responding to rising consumer
concern, on 25 January 2012,
European Justice Commissioner,
Viviane Reding, announced details of
a proposed new EU data protection
directive and regulations which
include the following key changes:
l Greater transparency by internet
companies so that customers are
13
CYBER-RISK
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For the construction of Miamis rst underwater tunnel, Zurich helped Bouygues
Construction by providing risk expertise and a global team of specialists already
familiar with the company. Zurich solved the complex, local insurance requirements of
the lenders, the State of Florida and the companys management. Its an example of
how Zurich HelpPoint delivers the help businesses need when it matters most. To learn
more about this case, visit www.zurich.com/ipz
Global insurance solutions for wherever you expand next.
Zurich Insurance plc, a public limited company incorporated in Ireland Registration No. 13460. Registered Ofce: Zurich House, Ballsbridge Park, Dublin 4, Ireland. UK branch registered
in England and Wales Registration No. BR7985. UK Branch Head Ofce: The Zurich Centre, 3000 Parkway, Whiteley, Fareham, Hampshire PO15 7JZ. Authorised by the Irish Financial
Regulator and subject to limited regulation by the Financial Services Authority. Details about the extent of our regulation by the Financial Services Authority are available from us on request.
Zurich brought us the local and
global insurance expertise that
enabled us to proudly contribute to
Miamis first underwater tunnel.

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Head of Risk and Insurance Department

Protecting privacy data security risks increase

By Michael Thyssen of Chubb Insurance
14
CYBER-RISK
Together Leading in Risk
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www.airmic.com

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Its no coincidence that Chartis is one
of the largest providers of complex
multinational insurance programmes.
Our global network and local expertise
helps clients design and implement
their sophisticated insurance and risk
management programmes.
And whilst everything we do doesnt
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that the reason our major account clients
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For more information, please talk to your
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Registered address: The Chartis Building, 58 Fenchurch Street, London, EC3M 4AB.
better informed about how and
where their data is stored and used
l Improved security in the cloud
l Compulsory notification for all
companies across the European
Union (EU) of any customer data
breach
l The right to be forgotten allowing
consumers to have personal data
held online removed at their request
l Fines of up to 2% of the worldwide
gross revenue of an organisation
The proposed, new European
directive with its mandatory
notification means intensified
regulatory scrutiny, as well as increased
accountability and responsibility for
companies to keep personal data safe,
but it may take a few years for the
new directive to become national law
in all EU states. However, even
without mandatory notification the
financial and reputational risks
associated with non-notification or
late notification of a data breach, are
too large for companies not to address
and mitigate through insurance and
good risk management procedures.
The Ponemon Institutes annual study
revealed in its 2010 report that the
average cost of a data breach to a
company in the US is $7.2m, whereas
in the UK, where there are no
mandatory notification requirements,
it is 1.9m. In terms of the cost per
record, the hit in the US is $214
versus 71 in the UK and the trend is
that costs are going up.
As the exposures increase, so does the
need for companies to review their
risk management, cyber and data
security procedures and policies,
taking into account both internal and
external risks.
Internal risks including negligence;
lost devices such as unencrypted
memory sticks or laptops left on trains
or in taxis; and employee error or
MICHAEL THYSSEN
15
CYBER-RISK
www.airmic.com Together Leading in Risk
TM
theft are still the main driver behind
many data breaches. It is also
relatively common that a disaffected
employee motivated either by
financial gain or revenge will commit
a breach.
From an external perspective, there is
a worrying move from individual
hackers attacking a companys system
for fun or mischief, to more
sophisticated criminal gangs seeking
to extort customer information for
financial gain using a variety of
techniques from phishing, to malware,
to encryption technology. We are also
seeing evidence of criminal activity
and corporate espionage, not so much
in the consumer space but in the
defence, technology and electronics
industries which is a growing cause
of concern.
With the changing legal landscape,
the rapid expansion of mobile and
cloud technology and increased
criminal cyber activity, any company
that stores personal data online, either
on their own or on a third partys
system, should expect to suffer a data
loss and plan accordingly.
Among other things companies need
to have well-practised, robust incident
response plans, that are known and
followed by all key personnel in the
company, and by any supplier of
outsourced data services.
Cyber insurance can also be
purchased to provide first party
coverage for financial loss arising out
of data breach notification costs, IT
forensics and remediation expenses,
crisis management and brand
reputation assistance, legal fees,
business interruption, fines and other
costs associated with the breach,
including PR support. Third party
coverage can also be provided for
privacy and security liability this is
especially relevant in the US where
there is a risk of class action lawsuits
following a high profile data breach.
In the UK and Europe the cyber
insurance market is relatively new, but
it is one that is growing fast and
which is viewed as having massive
growth potential. Smart companies
are recognising the very clear and
present danger that a data breach
represents, and are addressing and
managing this operational risk by
gearing up their risk management
and mitigation procedures.
Michael Thyssen, vice president
European product manager
Chubb Specialty Insurance,
Chubb Insurance Company
of Europe SE
Security concerns for insurers
The year ahead for insurers will be a testing time with insurer security
remaining a paramount consideration, according to analysis by Sam
Dobbyn and Yvette Essen of AM Best
A.M. Best considers exposure to
sovereign debt to be one of the
most pressing issues challenging an
insurers security. Policymakers
within the European Union have
taken some steps to address the
crisis, but A.M. Best feels that any
benefits of those endeavours are
more likely to materialize in the
medium term, and the near-term
pressures on those economies and
the entities that operate within
them are still quite significant.
In December, A.M. Best took a
number of rating actions on several
European insurers and reinsurers
with significant investments in not
only sovereigns but Eurozone banks.
Some companies experienced a
material deterioration in risk-
adjusted capital on a stress basis (see
A.M. Bests Additional Stress
Testing in Light of European
Economic Uncertainty published
November 2011). Ratings actions
were concentrated in particular on
life businesses in Italy and Spain.
Companies are, to the extent
they can, employing hedging
techniques to try to limit their
downside exposure to erosion in the
credit quality of their investment
holdings. However, for the most
part, companies' abilities to address
this exposure are limited in the
near-term.
The declining credit quality of
sovereign debt for many European
countries, as well as the potential of
credit erosion on the banking side,
remains an issue for insurers and
reinsurers. Liquidity is a particular
area of concern as in the first half of
2012 there are 519 billion of
German, Italian and French debt
maturing. In addition, 665 billion
of European bank debt will mature.
The appetite of the markets for this
form of debt, as well as insurer debt
and credit needs, is unknown at this
point and a source of concern.
In addition to the sovereign debt
crisis in the Eurozone, insurers face
other challenges to security in 2012.
The natural catastrophe events of
2011 caused total estimated insured
losses of approximately USD 100
billion, with a material portion
believed to be reinsured. Combined
ratios for many reinsurers climbed
to north of 100%, although this was
largely an earnings event with no
significant erosion of capital. A.M.
Best estimates reinsurance capital at
the end of 2011 was only
marginally lower compared to the
beginning of the year.
In the recent January 1 renewal
season, there were some limited
price increases but no broader
sustained hardening of rates.
Reinsurers obtained some
significant rate increases for natural
catastrophe hit areas, however, only
modest price increases in non-
16
INSURER OUTLOOK
www.airmic.com Together Leading in Risk
TM
SAM DOBBYN YVETTE ESSEN
Liquidity is a particular area of concern as in
the first half of 2012 there are 519 billion of
German, Italian and French debt maturing

affected lines. In the primary market

there have been some rate rises for
certain personal lines of business
such as motor, particularly in
countries including the UK and
Italy, but these risks continue to be
loss making which will potentially
affect capital.
Prior year reserve releases has been
a trend over the past few years,
particularly in casualty lines,
following the hard markets post the
World Trade Center losses and the
2005 hurricane season. However,
the ability of insurers to continue to
rely on such reserve releases may
not be sustainable in 2012 while
pricing in the casualty market
remains challenging. Furthermore,
historically poor investment returns
continue to undermine the
profitability of the casualty market.
The key challenges for (re)insurers
in 2012 include turbulent financial
markets, exacerbated by the
Eurozone crisis, which is also
having a knock on effect on the
broader economy. This has been
compounded by recent losses
resulting in a poor earnings period
for the past 12 months and only
limited rate increases in the recent
January renewal season. Insurers and
reinsurers that are well capitalised,
maintain conservative investment
portfolios and have strong ERM
should be able to weather the
significant challenges ahead.
Sam Dobbyn is associate
director Analytics at AM Best.
Yvette Essen is director,
Industry Research Europe &
Emerging Markets.
17
INSURER OUTLOOK
www.airmic.com Together Leading in Risk
TM
The key challenges for (re)insurers in 2012
include turbulent financial markets, exacerbated
by the Eurozone crisis, which is also having a
knock on effect on the broader economy
18
EMPLOYEE PRACTICES LIABILITY
www.airmic.com Together Leading in Risk
TM
Companies face a growing challenge
from disruptive and potential costly
actions taken against them by present
and ex-employees who feel they may
have been wronged or unfairly
discriminated against. Legislation to
protect employee rights is becoming
more stringent and widespread
around the world and knowledge of
those rights is also increasing.
Unsurprisingly, the frequency and
severity of claims is rising.
Zurich estimates that approximately
75% of employment practices liability
claims come from former employees
and 20% from current employees who
feel their rights have been violated.
The remaining 5% are made up by
prospective employees.
These figures emphasise how
vulnerable companies can be if they
do not have adequate policies and
processes in place that are reviewed
and updated regularly. Many
companies see the benefits of taking
out Employment Practices Liability
Insurance (EPLI), which protects
against financial risk from claims
based on employment-related
discrimination, harassment or
wrongful actions, such as wrongful
termination, unfair dismissal or non-
compliance with data protection laws.
Employers are often keen to settle
cases before they reach the court so
the amount they pay out is not always
made public. Zurich estimates that
around 98% of cases in the US are
settled without being disclosed but
the evidence of recent cases shows the
number of claims and value of
settlements are generally heading in
an upward trend.
What can go wrong?
Typical actions taken by employees,
either individually or in class actions,
include:
l Wrongful termination and unfair
dismissal, including constructive
dismissal;
l Discrimination and sexual
harassment;
l Equal pay;
l Retaliation/whistle-blowing claims;
l Deprivation of career opportunity;
l Employment related
misrepresentation;
l Failure to employ or promote a
person;
l Emotional distress and mental
anguish.
Trends encourage claims
The current economic climate is
causing many companies to reduce
headcount and employees who have
been dismissed may be finding it
difficult to find new jobs immediately.
Ex-employees may decide that they
were, in fact, unfairly dismissed and/or
discriminated against when losing
their jobs.
Class actions are increasing, too. Mass
litigation often represents good
revenue earning opportunities for
lawyers so we are seeing more cases
go to court. Changing demographics,
especially in an ageing population,
increases the risk of age
discrimination cases while a general
increase in employee activism and
trade union influence is also fuelling a
rise in cases.
Companies that employ larger
numbers of workers, such as in the
retail sector, typically face claims more
frequently but the higher value
payouts have focused on cases
involving individuals, particularly in
the financial services sector.
New threats
The spread of new technology is
causing unwelcome exposure to
possible actions from entirely new
sources. Twenty years ago, with email
Step carefully through the
employment liability minefield
Employment Practices Liability Insurance can protect companies when
disgruntled employees make claims against them. But what actions can
be taken to avoid or reduce the risk of issues arising in the first place?
George Melides of Zurich discusses
GEORGE MELIDES

19
EMPLOYEE PRACTICES LIABILITY
www.airmic.com Together Leading in Risk
TM
WE ARE HERE FOR YOU
When you need us to take a problem off your
hands, we can have the right person on the
ground quickly. This will be one of our carefully
selected commercial adjusters. Someone who you
know, who you trust, and who you can rely on to
make the right decisions quickly. At the forefront
of their mind will be achieving the outcome that
matters most to you.
Claims are our business. But they're
only part of yours. What matters is the
impact they have on you. That's what
we're there to control.
To find out more about our range of corporate services,
please contact Jonathan Clark on 020 7530 0600 or
Paul McLarnon 07747 791043 or visit our website
www.cunninghamlindsey.com/uk
in its infancy and use of the internet
fairly limited, few companies had or
needed policies to protect themselves
and their employees in the use of
technology. Today, with the
burgeoning growth of Facebook,
Twitter and other social networking
channels, it is essential to try and
prevent claims ranging from
breaching company confidentiality to
harassment, discrimination and
defamation.
Its all about people
Ultimately, employment
discrimination is down to people and
how they behave. A company can
have the best and most stringent
controls, but could still face a claim.
However, if a case does reach court or
tribunal and the company can show it
has adequate policies in place, it trains
its employees on how to behave in
the workplace and always investigates
incidents that are reported, then the
company will be in a much better
position to successfully defend the
case or minimise the financial
exposure if compensation is awarded,
than would be the case if the
company lacked robust procedures.
Take avoiding action
Reduce the risk of your employees
taking action:
l Keep up with new and emerging
legislation and trends, especially in
new technology
l Resolve internal complaints,
especially if they involve potential
class action allegations, before they
turn into costly lawsuits
l Set up a hotline for people who
want to complain and encourage a
culture of openness
l Analyse employment data to remain
up to date on key issues around
hiring, termination, pay equity and
promotions
l Manage diversity initiatives
consistently and compare your
company statistics with the general
labour market
l Manage workforce reductions
consistently
l Ensure suitable equal employment
and diversity training is available for
employees and managers
l Ensure sure diversity and anti-
discrimination policies are enforced
George Melides is head of
commercial D&O, Zurich
Global Corporate UK
Before investing in many overseas
geographies and regions, companies
and banks invariably spend a large
part of their research time and
budget trying to understand the
economic and political variables of
that area. These variables are
determined to define country or
regional risk which, at times, can
make or break an investment
decision. Political risk insurance
continues to play a significant role in
facilitating these projects with a
continuing and evolving variety of
options available to mitigate this
country risk at reasonable cost.
The current global financial crisis
and the turmoil created by the
uncertainties in the euro zone has
meant that manufacturers, exporters,
financial institutions, banks, hedge
funds and other organisations now
all have a heightened awareness of
political risk as an essential
consideration before committing to
an overseas investment. It could be
argued that the current euro zone
crisis has at its roots a purely
political rather than an economic
issue. The uncertainty of the ability
of governments to implement policy
that can effectively, or even partially,
manage the financial problems and
yet still be politically acceptable to
multiple stake holders, is very much
in doubt. This growing uncertainty
is as much a cause of the growing
liquidity tightening as the sheer
magnitude of the debts that must be
dealt with by governments,
companies and individuals alike.
According to the World Economic
Forum, Global Risks Report 2012,
there are five key global risk factors
associated with overseas investments
which can be divided into the
following areas: economic,
environmental, geopolitical,
20
POLITICAL RISK
www.airmic.com Together Leading in Risk
TM

MINIMISE YOUR
BUSINESS RISK.
CONSULT A
SPECIALIST.
As a leading business insurance specialist, we know all about helping clients and brokers prepare for
the risks of tomorrow and minimise potential disruption. When it comes to shaping your business, it pays
to consult a specialist. For over 125 years, weve been managing risk and now we are one of the worlds
leading business insurers and reinsurers, operating out of 49 countries with the nancial strength you can
rely on. For business insurance that means business, visit www.QBEeurope.com
QBE European Operations is a trading name of QBE Insurance (Europe) Limited and QBE Underwriting Limited. QBE Insurance (Europe) Limited and QBE Underwriting Limited
are authorised and regulated by the Financial Services Authority. QBE Management Services (UK) Limited and QBE Underwriting Services (UK) Limited are both Appointed
Representatives of QBE Insurance (Europe) Limited and QBE Underwriting Limited.
The evolving world of political risk insurance.
Growing uncertainty is fuelling demand for political risk insurance cover,
says Joe Blenkinsopp of XL Group
societal and technological. It is both
the geopolitical and societal on
which often the emphasis in
assessing political risk is now
determined not just the economic
or other factors.
The Multilateral Investment
Guarantee Agency World Investment
and Political Risk Report 2011 also
indicate that whilst some parts of the
world economy are becoming
stronger, there are downward
revisions of economic growth
worldwide. Within this context, the
rate of growth of private financial
flows into developing countries has
continued to moderate after the
flows initial recovery from the
financial crisis. Developing
countries now account for 17
percent of global foreign direct
investment (FDI) outflows. Brazil,
Russia, India, China (BRIC) were in
the lead in 2011 with $172 billion,
accounting for nearly three quarters
of FDI outflows from the
developing world. China alone
invested an estimated $85 billion in
2011, a new record level, as its
mostly state-owned enterprises
continued their expansion into new
markets and strived to become
internationally competitive.
Understanding the global economy
and the geopolitical environment is
essential to underwriting political
risk. The support that underwriters
are able to provide their clients in
helping them to manage their risks
is of great importance to the growth
and development of their businesses.
It is important to understand the
value that political risk insurance
offers clients more efficient use of
their capital and, in the current
economic climate, is often seen as a
necessity rather than a luxury. By
maximizing capital, those
organizations that can use their
capital better than its competitors
over an extended period of time will
be the ones that grow and prosper.
21
POLITICAL RISK
www.airmic.com Together Leading in Risk
TM
LIVERPOOL
Gallagher Heath are experts in plotting a course through
the minefield of risks our clients face. We ensure we have
a detailed knowledge of our clients businesses so we
can map out the most effective and cost-efficient risk
management programme for their individual needs.
To find out more about how working with Gallagher
Heath could benefit your business contact:
M|ke H|b||ng
t: +44 (0|20 7560 3861
e: mh|b||ng@heath|ambert.com
www.ga||agherheath.com
CHARTING
YOUR RISK MANAGEMENT
NEEDS
Gallagher Heath is a trading name of Heath Lambert Limited, which is authorised and regulated by the Financial Services Authority.
Registered Office: 9 Alie Street, London E1 8DE. Registered No: 1199129 England and Wales. www.gallagherheath.com
Commercial Lines
Broker of the Year
Env|ronmenta| L|ab|||ty: I have a|| the po||ut|on
cover I need under my PL Po||cy, don't I?
A joint seminar by Axa and Gallagher Heath
on Wednesday 29 February at 8 30am for 9am
at the Grange City Hotel (Bowyer Room)
To register:
Email victoria.hicks@airmic.co.uk at Airmic.


































































































































































































































































































































Understanding the global economy and the
geopolitical environment is essential to
underwriting political risk

As the developed economies face

continued instability, the ensuing
liquidity crisis becomes more acute,
and it is becoming apparent that it is
more likely than not that newly
developing countries could be
seriously impacted by the fallout
from all this uncertainty. These
developing markets, are often highly
attractive investment destinations;
however, with their stability
potentially becoming more
vulnerable, volatile and less
predictable, the benefits of a specific
bespoke named peril political risk
policy become more attractive than
ever before for protecting precious
shareholder and financiers equity
and loan investments.
In the present climate, more
insurance customers than ever
before are seeking insurance against
confiscation, currency
inconvertibility, strikes, riots and
civil commotions, as well as war,
civil war and rebellion. Stemming
from key political events such as the
recent upheavals in the Middle East
and North Africa (MENA) region
and even the riots in London in
2011; demand for political risk
insurance has increased substantially.
The principles of political risk
insurance are really the very same
principles that apply to other
insurance cover. Looking at
homeowners cover, how many
banks would want to provide
mortgages to homeowners if those
homeowners do not carry property
coverage on the building? And in
the past, it would have been
impossible for merchants to take the
risk of sending cargos to the far
corners of the world without the
concept of sharing risks through
Lloyds. With insurance trade
expanded exponentially raising the
quality of life for all, without it trade
could have died and economic
advancement delayed.
Joe Blenkinsopp is deputy
global head of political risk
& trade credit insurance at
XL Group, which recently
established a new political risk
and trade credit insurance team.
22
POLITICAL RISK
www.airmic.com Together Leading in Risk
TM
The insurance team at Herbert Smith
are delighted to have been appointed to
AIRMICs preferred service provider panel.
We look forward to working with AIRMIC
and its members on a wide range of
insurance issues in 2012 and beyond.
For more information on our services please
contact our practice leader, David Reston.
David Reston
+44 20 7466 2244
david.reston@herbertsmith.com
Contributions to AIRMIC NEWS
are always welcome.
Please send your news, views,
comments, questions or articles to:
Mark Baylis
Complete Communications
Tel: 023 8065 1473
Mob: 07775 693 994
Email: mark.baylis@airmic.co.uk
News & Views
23
DIARY
www.airmic.com Together Leading in Risk
TM
SIGs
These events are for Airmic members only FEBUARY 2012
To download
or purchase
your copy
click here
29 Partner Breakfast Seminar
AXA & Gallagher Heath
'Environmental Liability: I have all the
pollution cover I need under my PL
Policy; dont I?'
8.30 10.30am
To book click here
11th - 13th June
Airmic Annual
Conference & Exhibiton
ACC Liverpool
Registrations open on 6th Feb
15 IO15 - Building a Global Motor
Programme
London
This workshop will be hosted by Chartis
9.30 12.30 followed by a light lunch
To book click here
21 RMS11 - Process Safety as a Risk
Management Approach
London
This workshop will be hosted
by Scottish Power
9.30 12.30 followed by a light lunch
To book click here
28 IO6 - Insuring Liability Risks
London
This workshop will be hosted by QBE
9.00 12.30 followed by a light lunch
To book click here
29 RMS6 - Managing Reputational Risk
London
This workshop will be hosted by Miller
9.00 12.30 followed by a light lunch
To book click here
9 Charity SIG Meeting
Long term client/broker relationship:
A recipe for complacency?
1.30 3.30pm
Wellcome Trust Offices
London
To book click here
Together Leading in Risk
TM
ACE European Group
Insurance Provider
www.aceeuropeangroup.com
Addleshaw Goddard LLP
Full service insurance and
reinsurance lawyers
www.addleshawgoddard.com
Allianz Global Corporate & Specialty
Insurance Provider
www.agcs.allianz.com
A. M. Best
Ratings, News & Information on the insurance
industry worldwide
www.ambest.com
American Appraisal
Valuation Services
www.american-appraisal.co.uk
AMPM Limited
A full service claims management service
offering professional support to insured
domestic and commercial clients from
cradle to grave in the event of an insured
risk/perils claim with secure on-line interactive
monitoring of all claims
www.ampmlimited.com
AON
Insurance Brokers
http://www.aon.com/uk/en/
Appraisal & Valuation Consultants Ltd
An independent Company, specialising in
the valuation of oil, gas, petrochemical,
chemical, power, mining, metals processing
and offshore facilities
www.avcltd.com
Arch Insurance Company (Europe)
Insurance Company
www.archinsurance.co.uk
AXA Corporate Solutions
Insurance Provider
www.axa-corporatesolutions.com
AXCO
The definitive source of a global insurance mar-
ket and employee benefits information.
www.axcoinfo.com
Aviva
Aviva is the worlds fifth-largest insurance group
and the largest insurance services provider in
the UK
www.aviva.com
Berry Palmer & Lyle Ltd
The leading independent broker specialising in
emerging market risk
www.bpl-global.com
CB Richard Ellis Ltd
An international firm with quantity surveyors
specialising in the provision of reinstatement
cost assessments. We cover all types of assets
and will ensure the correct levels of insurance
are established to cover a client's assets
www.cbre.co.uk/uk_en
Charles Taylor adjusting
Loss Adjusters & Risk Consultants
http://www.charlestayloradj.com
Chartis UK
Insurance Provider
www.chartisinsurance.com/uk
Chubb Insurance Company of Europe
Insurance Provider
www.chubb.com/uk
Cost Advocates Limited
Firm of solicitors specialising in
Legal costs claims
www.costadvocates.co.uk
Covington & Burling LLP
International law firm providing insurance
coverage advice and
representation exclusively to policyholders
www.cov.com
Crawford & Company
Claims Management
www.crawfordandcompany.com
Cunningham Lindsey
Claims management and loss adjusting
www.cunninghamlindsey.com
DLA Piper
Law Services
http://www.dlapiper.com/
Echelon Claims Consultants
Major Claims Support
www.echelonccl.com
Edward Symmons LLP
Chartered Valuation Surveyors Providing
Reinstatement Cost Assessments for Industry
www.edwardsymmons.com
Efisoft
Risk Management Information Systems
www.effisoft.com/default.aspx?langue=en
FM Global
Commercial Property Insurance
www.fmglobal.co.uk
Fenchurch Law
Specialist insurance lawyers acting for
policy holders and brokers
www.fenchurchlaw.co.uk
Figtree Systems (Europe) Ltd
Specialist software solution provider for Claims
Management, Risk Management, Occupational
Health and Safety Management, Asset
Management and Fleet Management
www.figtreesystems.com
Flaxman Partners Ltd
Insurance Claims Advocates. Trouble shooting
complex, delayed or disputed claims. Also advi-
sors on managment of board-level business
risks. Mediation.
Expert witness and litigation support.
www.flaxmanpartners.co.uk
Gallagher Bassett International Limited
www.gallagherbassett.co.uk
Gallagher Heath
Insurance broker and employee
benefits consultants
www.gallagherheath.com
Griffiths & Armour
Independent & privately owned insurance
broker & risk management advisor
www.griffithsandarmour.com
HCC Global Financial Products
D&O and Other Financial Lines Insurance
www.hcc-global.com/
HDI-Gerling Industrial Insurance Company
UK Branch Insurance Provider
www.hdi-gerling.com
Hawkins
Forensic investigators & scientists.
Expert witnesses.
www.hawkins.biz
Herbert Smith LLP
Leading insurance lawyers
www.herbertsmith.com
Hill Dickinson
Lawyer led intelligent reduction
of indemnity spend
www.hilldickinson.com
Holman Fenwick & Willan
Solicitors
www.hfw.com
HSB Engineering Insurance Ltd
Insurance Provider
www.hsbeil.com
Infoterra Ltd
TerraSure Access to geographic intelligence
for risk analysis and desktop survey support for
claims management.
www.terra-sure.co.uk
Jardine Lloyd Thompson Group Plc
Insurance, reinsurance, risk consulting and
employee benefits
www.jltgroup.com
JC Applications Development
Risk Management and Claims Insurance
Software Solutions
www.jcad.com/
K&L Gates LLP
Insurance coverage lawyers for policyholders
www.klgates.com/practices/
ServiceDetail.aspx?service=28
Liberty International Underwriters
Insurance Provider
www.liueurope.com
Lloyds
1 Lime Street London EC3M 7HA
Specialist insurance market
www.lloyds.com
Lockton
Insurance, Reinsurance and Risk Management
Specialists
www.lockton.com/international
MAPFRE GLOBALRISKS
Spains largest Insurer
www.mapfre.com/corporativo/accionistas/en/ge
neral/index.shtml
Marsh
Provider of risk and insurance services
www.marsh.co.uk
Miller Insurance Services Limited
Independent specialist insurance
and reinsurance broker
www.miller-insurance.com
Oval Group
Risk Management Consultants
www.theovalgroup.com
QBE European Operations
Leading specialist in the London market and
European commercial lines business
www.QBEeurope.com
QuestGates
Specialist corporate TPA and
Loss Adjusting solutions
www.questgates.co.uk
RSA
Insurance Provider
www.rsagroup.com
Rushton International
Asset valuation worldwide
www.rushton.co.uk
Tokio Marine Europe Insurance Limited
Commercial Insurance
www.tokiomarine.co.uk
TRACKER Network (UK) Ltd.
Stolen Vehicle Recovery & Vehicle Asset
Management Service providers
www.tracker.co.uk/vam
Tuffin Ferraby Taylor
Project management consultancy services
for major Property Reinstatement Projects
www.tftconsultants.com
VPS The Vacant Property Specialists
The leading provider of vacant property
services and security across the UK, the
US and Continental Europe. Experts in
caring for vacant property across the full
property lifecycle
www.vpsecialists.com
Weightmans
Insurance and commercial legal services
provider with a regional network of offices.
We have a formidable reputation and heritage
in insurance work, handling all sizes and
types of claims for organisations across a
broad range of sectors
www.weightmans.com
Willis Ltd
Insurance Brokers
www.willis.com
XL Insurance
Insurance Providers
www.xlinsurance.com
Zurich
Insurance Based Financial Services Provider
www.zurich.com
MARKETPLACE
25
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The Vacant
Property Specialists
Axco
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A
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E

P
A
R
T
N
E
R
S
26
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