XL Catlin creates new crisis management solution
XL Catlin’s insurance operations has created Corporate CPR (Crisis Prevention and Response for corporate clients) – a global risk management and insurance solution designed to help companies of any size prevent, prepare for and respond to crisis situations, and help protect their people, assets, property and finances.
XL Catlin has partnered with S-RM, its global crisis response partner, and Instinctif Partners, a global crisis communications specialist firm, to create the product, which according to XL Catlin provides pre-crisis planning and training to minimise the threat of crisis events, a fast and expert response in the event of a crisis event to mitigate the damage, and ensures the business resumes normal operations as soon as possible and communications support to minimise the impact of a crisis on a company’s business
The policy covers 45 named crisis events under the six categories of catastrophes, criminal risks, cyber threats, people risks, political risks and political violence, and the solution may be bought in conjunction with a variety of other traditional risk transfer coverage including kidnap & ransom, emergency evacuation and a range of other crisis management insurance products.
“Today, organisations face new risks and new crisis situations, whether it’s a man-made disaster , natural disaster, active assailant event or a major cyber breach, and taking a holistic approach to crisis management is key to resilience,” said Charlie Matheson, global product head, kidnap & ransom, crisis management at XL Catlin.
“We listened to our clients to understand what they were worried about, what a crisis means to them and what they need to better prepare for it. We have worked with leading crisis response specialists to create a solution that we think will stand our clients in good stead to face a situation and recover from it. This product is not about pure risk transfer, it’s about preparedness and setting our clients on the right foot.”
Anton Wallis, senior director, crisis management at S-RM, commented: “From data breaches and financial crime, to terrorism and natural disasters, today’s risks are increasingly wide-ranging and unpredictable. This means that a comprehensive, integrated and flexible approach to crisis management is critical, so that organisations are fully prepared and supported.”