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Is your property underinsured?

The cost of rebuilding your premises or replacing equipment after a major incident may be more than you think. In fact, Marsh's Valuation Services Practice finds that about 20% of companies that perform regular valuations, or have an indexation scheme in place, are at least significantly underinsured, and about 10% are severely underinsured. These percentages grow to about 60% and 30% for firms that don't regularly review the insurable value of their assets. It is rare that Marsh's team finds that companies are significantly overinsured.

Underinsurance is a critical issue: post-loss it may even mean the difference between survival and failure. If you insure for the wrong amount you may not receive the full value of your loss if you have a claim.

Marsh has prepared this Adviser document to explain the impact of underinsurance, common calculation errors and the importance of professional valuations. For further information and assistance please contact your usual Marsh representative.

Access the report here.

Preparing for winter

With the weather turning colder, property damage risk is changing. Cold weather greatly increases the risk of burst pipes and storm and flood damage is becoming more common. Fire risk can also increase if companies bring in temporary heating to deal with the cold.

Even if you are insured, there are other costs to consider - policy excesses, business interruption, loss of orders and revenue - so the total cost to Irish business is considerable.

This document suggests some action points for you to consider,, to protect your property.

EU Adviser - Data Protection Regulation

Following a vote on 21 October by the European Union's Committee on Civil Liberties, Justice and Home Affairs (LIBE), far-reaching changes to data protection regulation, which will replace 1995's Data Protection Directive (95/46/EC), are a step closer to being introduced next year.

Designed to respond to the evolving technological environment in which EU citizens live and work, the measures detailed in the proposed regulation include:

  • Fines of up to 100 million or 5% of global turnover, whichever is the greater.
  • Stringent authorisation regarding the transfer of data to non-EU countries.
  • The "right to be forgotten".
  • The appointment of a data protection officer in organisations that process more than 5,000 records in a 12-month period.
Marsh has prepared an Adviser document to explain the impact of the changes and what businesses should consider.
Global Risks 2014

Global Risks 2014According to the World Economic Forum's Global Risks 2014 report, the chronic gap between the incomes of the richest and poorest citizens is seen as the risk that is most likely to cause serious damage globally in the coming decade.

The report, produced in collaboration with Marsh & McLennan Companies, Swiss Re, and Zurich Insurance Group, as well as the National University of Singapore, Oxford Martin School at the University of Oxford, and the Wharton Risk Management and Decision Processes Center at the University of Pennsylvania, assesses 31 risks that could have a significant global impact.

The risks are grouped into five classifications, economic, environmental, geopolitical, societal, and technological, and measured in terms of their likelihood, seriousness, and potential impact. In addition, the report includes investigations into three specific cases:

  • The increasing risk of "cybergeddon" in the online world.
  • The growing complexity of geopolitical risk as the world moves to a multipolar distribution of power.
  • Youth unemployment and underemployment

Access the report here. (PDF, 4 MB)

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