Pay greater attention to risk management at all levels or let liability costs continue to rocket, a leading Lloyd's underwriter has warned businesses.
Marketform underwriter Simon Lotter was speaking to 300 members of the Association of Risk and Insurance Managers of Australasia at a conference in Perth, Australia.
Lotter said the number of companies that paid insufficient attention to risk management alarmed him.
"Close attention to high level issues gives a strong indication of the quality of a business," he said.
"These include a company's approach to risk management at board level, its attitude towards self-insurance of inevitable claims and the risk management response to redress causes of claims."
Lotter urged businesses to pay attention to their procedures for controlling and managing liabilities under contract.
He said it was vital to implement a structured process with specified terms of authority for each tier of business manager.
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