Risk Managers Lack International Focus

ByDeborah Austin Risk managers in the U.S. and Canada should expand their horizons, says the Chubb Group of Insurance Cos. regarding results of its "International Risk Survey: Thinking Beyond Borders." Most risk managers surveyed buy insurance through the "home office" for international operations -- but fewer than 30% report a high communication level with people in their foreign locations when designing and managing such insurance. While 43% of respondents say at least one-quarter of their firms' revenue comes from international operations, only 16% consider international risks a greater threat than domestic risks. And the risk managers focus more on traditional risk exposures than on kidnapping/extortion, economic/political instability, and currency risk. Furthermore, while respondents expect "cyber asset" risks to grow most significantly over the next few years, 48% say they have little contact with their information technology departments. The Chubb Group of Insurance Cos., Warren, N.J., is offering a free CyberRisk Handbook. For information visit: www.chubb.com/businesses/dfi/cyber/handbook.html.