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Andrei Căvescu, AON Romania: The new risks are now insurable too

16 April 2020

The legislative risk is among the biggest risks that may lead to financial risks, according to the Global Risk Management Survey, conducted by AON for the Europe, the Middle East and Africa – EMEA area. Andrei Căvescu, Business Development Executive AON Romania, presented this ranking, at the Spring Cocktail 2020 online video conference organized by Energynomics.

“Legislative changes are the first in the risks ranking, and then there are increased competition and the prices liberalization. On the third place there is the problem of attracting and retaining human capital, specialized employees who know how to innovate in the industry”, said Căvescu.

On the fourth place there is the weak level of economic recovery, as the effect of the pandemic will soon be felt globally.

“Failure to innovate follows, in close connection with the problem of talent attracting and retaining, then come business discontinuity and property risks – risks that can be outsourced to an insurer.”

Yet other risks are the political ones and those related to cyber security, which can cause, through informatic viruses, system interruptions, in the energy sectors too. This risk can also be covered by an insurance policy.

Another risk is the one related to the rules of personal data protection (GDPR), and fines can also be covered by insurance policies.

“The security of the employees is the main risk during the crisis caused by the pandemic. How did AON respond? We are already in the fifth week of working from home, and yesterday we received a message from the CEO on the group informing us that 85-90% of the employees work from home. This does not mean that we cease to innovate and bring solutions in order to support companies. We exclusively created the first product dedicated to employees in the form of hospitalization allowance. It is a product that is based on hospitalization for frontline employees – from the energy industry, the retail or transport sector. An allowance of 100 euros per day is paid, the maximum limit of hospitalization is 10 days, followed by a premium of 3,000 euros when the employee is declared cured. It is a slightly atypical product, which functions for companies with workforce of more than 5,000 employees”, he said.

“We are trying to come to our partners, both from energy and other industries, with consultancy in the area of improving the business continuity plan. Everything that is part of the risk must also be joined by a continuity plan. In the energy zone we see a risk for cyberattacks, because as work from home we no longer benefit from a strong firewall, and we are much vulnerable to attacks. Thus, we have come to our partners with consultancy in these fields”.

“In the very near future we will come up with local solutions for all Romanian companies, companies that intend to insure their employees for the risks related to COVID-19, for medical and health risks, regardless of the number of their employees,” said Andrei Căvescu.

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