Risk manager trade body detects ‘discontent and disappointment’ with policies among members
Airmic has launched research into the effectiveness of insurance policies following member disappointment about how policies have responded to large claims.
The UK risk managers’ trade association aims to publish its findings in a guide in June 2014.
The research is being conducted by Airmic technical director Paul Hopkin. It focuses particularly on the period before cover is purchased or renewed.
Airmic has identified this as a critical area from where the “vast majority” of misunderstandings or failures arise.
Airmic chair Chris McGloin said: “Without doubt there is a demand from within the membership for this type of guide, reflecting a significant degree of discontent and disappointment at the way policies have responded to large claims.”
The new guide will cover contentious areas such as non-disclosure, warranties and basis clauses, which have been blamed for the failure of large claims.
It will also examine the structure of insurance programmes, addressing the issue of unintended gaps in coverage.
Although the main emphasis is on the pre-inception phase, there will be a section on best practice in claims handling and the role of loss adjusters.
Hopkin said: “This guide will build on the knowledge of the most senior practitioners to provide a comprehensive, practical support document.
“I hope that risk management professionals new to the role of insurance buying will find it a valuable training tool, whilst those with more experience will find it a useful point of reference.”