Reputational Risk products are hot: Clients are actively asking insurers about available coverages, and insurers are reacting with a variety of products.
“Based upon what I hear, there are tremendous concerns in the market about reputational risks,” says Howard Mills, director and chief advisor of Deloitte's insurance-industry group and former superintendent of the New York State Insurance Department. “In today's world, you have one dissatisfied customer, and they can immediately get on the Internet and do a lot of damage to your company.”
“The product line for Reputational Risk is growing,” adds Carol Laufer, executive vice president of Excess Casualty for Ace Group. “People are asking for this coverage.”
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