If you have difficulties viewing this email
click here.
|
|
Hello
The report of the first ever Legal Banana Skins survey of risk management and professional indemnity insurance in Australian law firms has now been published.
A key finding is that fewer than 50% of respondents rated themselves ‘well prepared’ to manage the risks they identified. How does your firm rate and what more can you do to make sure your firm is a ‘good risk’ in this hardening global insurance market?
Whether you participated in the survey or not (and many thanks to those who did), the Professional Risk and Insurance Report 2009 contains valuable and thought provoking insights to help you benchmark your approach on risk and insurance against firms in your peer group by turnover: Band 1: $100m-$400m+, Band 2: $20m-$100m, Band 3 under $20m.
The report contains more than 30 pages of easy to read results and commentary plus the survey questionnaire and articles from leading underwriters and risk practitioners in Australia and UK, and is available for purchase now in a convenient e-book format via
www.legalbananaskins.com.
Report content includes:
- Top risk concerns and the interesting differences between unprompted and prompted responses (e.g. comparison between risk of a major claim, reputational risk, anti-money laundering, managing in a difficult economic climate, business continuity and other operational risks and management of overseas risk).
- Top risk management priorities and extent of match, and seeming mismatch, to risk concerns (e.g. use of risk culture, risk policies, risk education, incident reporting and debriefing).
- Structure of the risk/insurance function and how many firms have dedicated risk positions and provide fee relief.
- Spending on risk management and training.
- Claims trends including notifiable incidents.
- Insurance cover purchased and level of self-insured excess.
- Insurance arrangements including:
- who are the most commonly used compulsory schemes
- the brokers and excess layer underwriters in Australia and UK providing advice and coverage to Australian law firms
- the size of firms that make presentations to UK underwriters
- reasons that firms have recently changed brokers
- use of a captive insurance company
- additional practice insurance such as D&O, Management Liability and Employment Practices Liability or for other advisory/business (i.e. non-legal) services.
- Articles on criteria used by excess layer underwriters to screen and select firms, risks and risk management strategies and comparison with trends in the UK.
To buy the report or find out more, visit www.legalbananaskins.com or email info@legalbananaskins.com.
Kind regards |
