Aon Study Finds Increasingly Sophisticated Risk Preparedness Among Retailers as Holiday Season Approaches
24 Novembre 2008 - 4:00PM
PR Newswire (US)
CHICAGO, Nov. 24 /PRNewswire-FirstCall/ -- Aon Corporation
(NYSE:AOC) today announced the findings of a survey of risk
managers at 25 of the nation's leading retailers. The survey
analyzed risk mitigation practices related to enterprise risk as
well as supply chain, network/cyber, environmental, directors and
officers, employment practices and business interruption liability,
among others. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) Nearly
one-third of retailers polled in the survey cited that they
experience a 76 to 100 percent turnover of store employees
annually. This turnover, along with increasing external threats and
evolving data security regulation, has led many retailers to
increase their focus on cyber risk management. However, 59 percent
of those polled do not have a cyber liability insurance policy in
place at present. Instead, they have chosen to allocate those
resources to loss prevention to thwart potential data breaches.
While sustainability and corporate responsibility programs are
prevalent within the retail sector, only 36 percent of survey
respondents opt to purchase environmental insurance policies. "Many
retailers have sound risk mitigation practices in place that go
well beyond traditional property and casualty insurance programs,"
said Len Churnetski, managing director of Aon's retail practice.
"During the holiday season, where most retailers realize the
majority of their annual sales, risk managers face an increasingly
heightened and complex risk portfolio. The lack of a mitigation
strategy in any of the key retail risk areas creates
vulnerabilities that can have a direct impact on revenue."
Throughout the holidays and the calendar year, retailers that
import products from overseas vendors experience an increased risk
of supply chain disruption and subsequent business interruption.
Fifty percent of retailers polled have addressed this exposure
through supplier insurance programs while 60 percent disclosed that
they maintain business interruption insurance coverage. On a
related topic, 62 percent of survey respondents cited that their
organizations possess a dedicated enterprise risk management team.
An ERM team enables corporations to oversee business operation risk
from a macro perspective. Data for the study was gathered at a
recent Aon symposium on risk issues specific to the retail
industry. The assembly included risk managers from 25 major
retailers, Aon retail risk experts and a number of large insurance
carriers that underwrite risk in the retail sector. About Aon Aon
Corporation (NYSE:AOC) is the leading global provider of risk
management services, insurance and reinsurance brokerage, and human
capital consulting. Through its 36,000 colleagues worldwide, Aon
readily delivers distinctive client value via innovative and
effective risk management and workforce productivity solutions. Our
industry-leading global resources, technical expertise and industry
knowledge are delivered locally through more than 500 offices in
more than 120 countries. Aon was named the world's best broker by
Euromoney magazine's 2008 Insurance Survey. In 2008, Aon ranked
highest on the Business Insurance ranking of the world's largest
insurance brokers based on commercial retail, wholesale,
reinsurance and personal lines brokerage revenues. Aon also was
ranked by A.M. Best as the number one insurance broker based on
brokerage revenues in 2007 and 2008, and was voted best insurance
intermediary, best reinsurance intermediary, and best employee
benefits consulting firm in 2007 and 2008 by the readers of
Business Insurance. Sign up to receive Aon news alerts by email or
RSS feed at: http://aon.mediaroom.com/index.php?s=58. Media
contact: Allyson Marcus; 312.755.3592;
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Allyson Marcus, +1-312-755-3592, , for Aon Corporation Web site:
http://www.aon.com/
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