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CASUALTY
Introduction
stefan.zemp@xlgroup.com
Risk liabilities are constantly changing, and keeping up with all possible liability exposures is an endless task, especially in the face of constantly evolving technologies, shifting social trends, and stricter rules and regulations. Not surprisingly, liability risk is frequently mentioned as a top concern for risk managers, and it gains even greater significance for companies with an international brand and reputation to protect.
The regulation governing products seems relatively clear compared with the unknown liabilities which could result from evolving social trends and values. Even if companies act in good faith and within the law, they can be caught out by claims from pressure groups or the media, and worldwide there is a growing tendency for people to want to blame someone for their misfortune.
Company directors and officers, for example, are required to act in the best interest of their shareholders, and some have been held liable for misjudging the market or missing trends and therefore not offering the best opportunity for long-term growth. And firms facing a complicated product recall will need to be ready with an effective process to protect their brand and reassure the public.
More than ever, it is vital for companies to monitor societal trends and new technological inventions in order to fully assess their global liability exposures.
Stefan Zemp
Chief Operating Officer,
Continental Europe & Asia
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