New insurance policy protects against threats as diverse as terrorism, bribery, extortion and industrial espionage, backed by leading global risk consultants Control Risks
London, UK (26 January 2017): Specialist global insurer Hiscox today announces the launch of a new Security Incident Response (SIR) policy designed to address the changing risk landscape. SIR will enable organisations to fulfil their duty of care obligations to protect people, operations, shareholder value and long-term brand and reputation.
A marauding terrorist firearms attack occurs in a major European city, leading security forces to implement a regional ‘lock down’ and forcing businesses to cease trading. A manufacturers’ plan to shut down plant operations leads to violent worker activism. A consulting firm bidding on an infrastructure project discovers a bribe has been demanded. All of these scenarios are real threats facing organisations in today’s rapidly evolving and increasingly complex risk environment.
The SIR policy indemnifies against a broad range of perils including: criminal risks; political risks; terrorism and political violence risks; information risks; and kidnap, detention and extortion risks. It equips organisations with the best available incident response, crisis management, strategic advice and recovery, thanks to Hiscox’s exclusive partnership with leading global risk consultancy Control Risks, who have over 40 years’ experience in the field.
This policy covers all of Control Risks’ activities to help clients manage an incident, including the deployment of response consultants and appropriate technical experts, post-incident reporting and remediation to ensure a smooth transition back to business as usual.
Charlie Hanbury, Director at Hiscox Special Risks, said: “There is growing demand amongst clients and brokers for a comprehensive corporate security insurance offering, beyond what has traditionally been available, and we are pleased to bring this product to the market. Not only does our SIR policy remove the financial volatility associated with engaging security consultants, it also acts as a virtual security department to respond to complex security-related issues worldwide – giving clients total peace of mind.”
Richard Fenning, Chief Executive Officer at Control Risks, said: “Today, as never before, businesses face a multitude of complexities and increasing strategic uncertainty. The reality is - risk is everywhere - the distinction between safe home markets and dangerous foreign ones has become marginal as risks increasingly come home through political, regulatory, cyber and terrorism threats. Recognising this, we are delighted to be extending our relationship with Hiscox, drawing upon Control Risks’ 40 years of experience and its global expertise, to provide crisis support to organisations across this broad range of potential threats.”
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For further information please contact:
Hiscox Ltd
Ryan Thompson +44 (0) 20 7448 6522 [email protected]
Notes to editors
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2015 helped generate gross premiums written of £1,944.2 million and a profit before tax of £216.1 million.
The Hiscox Group employs over 2,200 people in 13 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re and ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
About Control Risks
Control Risks is a global risk consultancy specialising in political, security and integrity risk. The company enables its clients to understand and manage the risks of operating in complex or hostile environments. Through a unique combination of services, wide geographical reach and by adopting a close partnership approach with clients, Control Risks helps organisations effectively solve their problems and realise new opportunities across the world.
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