The Risk Management Institute of Australasia is well known down under – but less well known throughout the rest of Asia Pacific. That seems about to change as the institute teams up with Asia Insurance Review to bring a series of virtual briefings and training to the region. We spoke to the institute’s CEO Jason Smith for the lowdown.
The Australian insurance industry is very traditional when offering insurance structures to its clients relying on the standard risk assessment, applying rates, charging a premium, imposing excesses and paying claims. However, with the lockdowns we are experiencing and cash flows negatively impacted across many industries and companies, it is prudent to look at alternatives that have been proven in other countries and will reduce capital expenditure while continuing to protect the assets of a company and still maintain acceptable results for insurance companies.