LONDON
ACE Group today announced the launch of Image Protect, a new, innovative insurance product designed to help companies across the Middle East and North Africa region effectively manage their reputational risks.
A recent study1 conducted by ACE with businesses across 15 countries, including several within the MENA region, found that 92% of companies believe that reputational risk is the most challenging category of risk to manage.
ACE Image Protect has been designed to address this concern by providing cover to protect businesses financially, should an accident happen that injures their customers, other visitors or staff on their premises or any other covered location. More specifically, companies can benefit from:
- Immediate financial assistance, enabling the company to make cash payments to customers, and visitors who may have been injured on the premises, in cases of accidental death and accidental permanent or partial disability. By allowing it to take action quickly and to provide immediate financial assistance to people who have been injured without the requirements for any legal process or determination of fault, this benefit potentially saves money for the company through helping to mitigate the risk of expensive reputational damage, and reducing the likelihood and severity of any associated future litigation.
- A dedicated budget for incident response, enabling a company to hire the right experts who can help it to reduce reputational risk in the aftermath of a mass-loss incident, for example through providing professional counselling and PR/ communications services.
- A choice of four coverage options according to the company’s individual needs. Companies can choose to cover the following risks on the company’s premises or at an agreed location:
- Option 1 – acts of terrorism;
- Option 2 – cases of assault, hold up, hostage, strikes, riots or civil commotions, fire, collapse or explosions, and natural disasters;
- Option 3 – cover for any accident that occurs ;
- Option 4 – all three above options
Steve Dixon, Managing Director for ACE in MENA, said:
“In today’s highly connected, 24/7 news-cycle world, reputational risks are a key source of concern for MENA companies as they can cripple their most valuable asset: their image. This can be a particular challenge for those with premises or facilities that are frequently visited by the public, and those who may not have the in-house resources they may need to deploy in case of an incident. ACE Image Protect provides companies in MENA with the support and confidence they need in order to deal with a range of incident-related reputational risks.”
ENDS
About ACE:
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
Visit www.acegroup.com/eu
1 1 Reputation at Risk – the research for ACE was carried out between April and June 2013 by Longitude Research, who spoke to 650 risk managers, CROs, CFOs, COOs and other executives responsible for buying insurance from companies with turnover of US$250 million+ in 15 countries.
CONTACT
ACE Group
Nicholas Mandalas
Regional Communications Manager,
EMEA
T: +44 20 7173 7793
E: nicholas.mandalas@acegroup.com
