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 Business continuity managers are often pressured to concentrate on low probability high impact risks such as terrorism, but it is the ‘every day’ threats such as fire, flood and power outages which are much more likely to impact most businesses. The importance of such threats is highlighted by fire damage figures released this week by the ABI (Association of British Insurers).
These show that the insured cost of fire damage in the UK in 2008 rose by 16 percent on 2007 to a record £1.3 billion: £3.4 million every day. Commercial fire damage cost £865 million, up 15 percent on the previous year.
Nick Starling, the ABI’s director of General Insurance and Health, said:
“These are alarming figures. They highlight both the importance of fire insurance, and reducing and managing the fire risk.
“We know that arson tends to increase during an economic downturn. Insurers are reporting a rise in large-scale fires that are increasingly putting lives at risk. We believe that arson and fraud are contributing factors. We are investigating this worrying trend, and will be publishing our recommendations for tackling the problem later this year.”
•Date:6th March 2009• Region: UK •Type: Article •Topic: BC statistics
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