When a company suffers a loss, they risk external parties finding out instantly in 24/7 information world. FM Global’s Benedict McKenna outlines why claims must be settled sooner rather than later
Details of a company’s loss – whether the loss arises from traditional property damage or cyber attacks – can be shared globally in a 24/7 information world, warned FM Global.
Speaking to StrategicRISK, Benedict McKenna, the insurer’s operations vice president, claims manager, London operations, stressed the importance of efficient claims handling from insurers to ensure businesses can “get back up and running” and avoid damage to market share.
He said: “After a loss, every second counts. It is vital that companies are compensated quickly and, in this 24/7 information world, it is very quick for the outside world to become aware that [a company has suffered] a loss. Market share could be at risk… so [businesses] really need back-up quickly.”
McKenna also spoke about the importance of contract certainty and how FM Global is preparing for the Insurance Act 2015.
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