A major broker has launched a bold new bid to help clients better protect one their most vital but uninsurable assets – their good names.
Arthur J Gallagher last week announced a new reputation risk practice, running across the Asia Pacific region and headed by Professional and Financial Risks National Practice Leader Stuart Davies and Gallagher Asia Chief Executive Dick Heath.
“The insurance portfolios of larger organisations typically comprise a mix of management and public liability among other policies, and more recently many are sensibly adding cover against cyber risk,” Davies says.
“These are vital but they all leave a gap in covering brand damage which, as we know, can have a serious long-term cost well after the event.”
Heath says the creation of the reputation risk practice was a response to clients’ increasing concern about reputation risk.
“Our client-focused and innovative culture has facilitated our ability to find a solution to what has been, up until now, a largely uninsurable risk,” he says.
“Our risk assessment modeling enables us to ascertain the best risk management and risk transfer options for our clients.”
Read more about reputation risk management here.