How can insurance benefit from more effective training programmes: the case of behavioural mitigation Online publication date: Wed, 12-Jul-2006
by Cedric Denis-Remis
International Journal of Emergency Management (IJEM), Vol. 3, No. 1, 2006
Abstract: The emergence of a broader spectrum of vulnerabilities (industrial accident, terrorism, sabotage, local conflict, natural disaster) seriously challenges the traditional approach to financing major risks and catastrophes. It is often said that insurance is a way of spreading risk and a way of encouraging investments in protective measures to reduce the likelihood of, and potential losses from, a future untoward event. But in practice the link between insurance and risk mitigation largely remains an uncompleted bridge, as of yet. Focusing on mitigation measures in the case of industrialised accidents, I argue that training programmes could be viewed as a more powerful tool to effectively reduce risk exposure, by improving behavioural mitigation, should their effectiveness be measured in a more systematic way. Insurers could then use such indicators to reevaluate terms and conditions of the insurance policy they offer to the insured.
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