Allianz ranks the most important new CPR trends for service companies
The article has been read 450 times since it was published on 07/11/2023 at 10:04:30 (length: 8700 characters)
Architects and engineers are increasingly scrutinized for errors in construction and fire safety. Financial services professionals can be sued for mismanaging investment funds affected by inflation. A lawyer using artificial intelligence (AI) tools without training to prepare a case may produce a fact that is flawed. In summary, the new risks for service companies are extremely diverse.
In a new report, professional indemnity insurer (RCP) Allianz Global Corporate & Specialty (AGCS) highlights new trends in this area for businesses. It categorizes them based on expected severity, potential cause of loss and opportunity for risk reduction. Relevant professions include management consultants, accountants, auditors, architects, engineers, insurance brokers, lawyers and media executives. Everyone can be held liable for damages caused by an alleged breach of their obligations.
“Although these professions are not all exposed in the same way, they all face a wide range of liability risks that they must manage and mitigate properly. In fact, they can be prosecuted for negligence or omission that has caused injury or harm to their client. They may also be accused of having made a false statement, of not having detected a fraud or of having inadvertently committed a breach of contract, intellectual property rights or respect for confidentiality. Finally, they may be subject to investigations or action by the regulator,” explains Diego Assef , head of the global practice group responsible for compensation in RCP at AGCS.
Building safety legislation and digital risks from “hackers for hire” top the charts
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