Global Catastrophe Survival Guide: New Challenges to Casualty Risk Management
ACE Insurance has announced the availability of a new report, “Global Catastrophe Survival Guide: New Challenges to Casualty Risk Management.” This new ACE Progress ReportSM white paper explores the changing nature of catastrophic risks faced by risk managers as businesses expand operations in the U.S. and around the world.
The global catastrophe management report discusses the range of catastrophic events and how risk managers can shape their insurance program to most effectively protect their investments. Further, understanding that disasters can and do occur, the report highlights how companies can reduce the overall consequences of a disaster. Co-authored by Lori Brassell-Cicchini, Vice President, ESIS Catastrophe Services, Connie Germano, Senior Vice President, ACE Excess Casualty, and Carol Laufer, Executive Vice President, ACE Excess Casualty, the paper closely examines best practices for risk managers, including guidelines for catastrophe management pre-planning and post-event communication.
“Recognizing that an organization’s reputation is one of its most valuable assets, multinational corporations go to great lengths and great expense to cultivate a positive image in the countries where they do business,” said Ms. Laufer. “But sometimes these corporations have so many competing priorities they may not focus on the need to develop a globally-oriented catastrophe management plan – one that connects their foreign operations so that they can proactively and consistently respond to a catastrophe and achieve the best possible outcome.”
Ms. Brassell-Cicchini added, “Companies that proactively develop and test a catastrophe management plan have an advantage. When a disaster occurs, they can be completely focused on executing that plan and managing the intricacies of crisis communications. This can make or break a company’s reputation, especially in today’s world of sound bytes and social media networks.”
“This white paper,” said Ms Germano, “focuses on the need for businesses to take a proactive approach to catastrophe risk management modeling, including spotting emerging risks and practicing global compliance, both of which can go a long way toward reducing the consequences of a disaster. Proactive companies invest time and money in self-regulation, and their investment can have many positive effects. A strong culture of compliance may improve a company’s defensive position during and after a catastrophe and reduce the likelihood of onerous reactive regulations.”
The authors’ commentary is part of ACE Progress ReportsSM, a collection of white papers, articles, and executive reports on current and emerging risk management issues. To access the report, please visit www.aceinsurance.co.za. The material presented in the report is not intended to provide legal or other expert advice. It is presented as information only. Readers should consult legal counsel or other experts, as applicable, with any specific questions they may have.