Business interruption, property damage and general liability are the top three risks faced by businesses, non-governmental organizations and governmental agencies operating outside the U.S., according to the Summer/Fall edition of “Clements Worldwide Risk Index.”
In fact, business interruption and property damage – increasingly caused by political violence – have led 35 percent of organizations to delay global expansion, which is up from 27 percent in the previous Winter/Spring edition of the index.
“We are aware of the concerns regarding global expansion and are working with an increasing number of companies to access the right coverages abroad based on where they working and their operational focus,” said Chris Beck, president of Clements Worldwide.
“As organizations are reconsidering their coverage, they are coming to terms with the fact that man-made risks like political violence and cyber attacks are as important as environmental risks like weather and catastrophic perils in terms of their potential threat to global operations in a way that threatens sustained growth,” he added.
The survey also highlights increased risks of political violence and terrorism, with 25 percent of respondents citing terrorism as their top concern. The top concern among all respondents was related to lack of protections against cyber attacks and subsequent cyber liability, which topped the list of concerns at 26 percent, the index said.
“No single organization can stop the increased threats to global operations,” added Beck. “The Clements Worldwide Risk Index does make clear that organizations can do more to reduce the risks posed by particular threats like political violence, kidnap and ransom, and cyber threats. Creative and proactive risk management, including the right insurance, is a critical factor in the continued growth of multinational organizations and the entire global economy.”
Risk Index Methodology
Clements Worldwide conducted an online survey from March to May 2016. The 409 respondents are responsible for global risk management to their multinational companies and non-governmental organizations (NGOs). Contributions were analyzed by Clements Worldwide’s dedicated Global Risks Analysis team and summarized in the Clements Worldwide Risk Index.
About Clements Worldwide
An insurance provider for expatriates and international organizations, Clements Worldwide has offices in Washington, D.C., London, and Dubai. The company offers international car, property, term life, disability, health, specialty, and high-risk insurance in more than 170 countries.
Source: Clements Worldwide
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