Insurance broking giant reacts to risk management demand by creating Asia-Pacific reputation risk practice
Insurance broking firm Arthur J. Gallagher has launched a risk practice covering reputation risk and brand damage.
The Gallagher Reputation Risk Practice will target large corporate clients across Asia Pacific. The firm believes that “reputation risk will become increasingly important for many businesses” due to more transparency in organisational behaviour combined with the high impact of social media.
The practice will be jointly headed by Stuart Davies, national practice leader for professional and financial risks based in Sydney, and Dick Heath, chief executive of the Gallagher Asian operations, based in Singapore.
“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,” says Davies.
“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,” he adds.
Heath, who is responsible for managing Arthur J. Gallagher’s Asian regional hub, says the firm has listened to its clients expressing increasing concern about reputation risk over recent years.
“Our risk assessment modeling enables us to ascertain the best risk management and risk transfer options for our clients,” claims Heath.