Kiln launches reputation insurance
International specialist insurance and reinsurance underwriting group Kiln has announced that it is releasing a new insurance product to help firms bounce back after taking reputational damage.
The enterprise risks team has developed the reputational harm product to provide companies with financial protection following negative media coverage of an insurable event.
Research conducted by ComRes on behalf of Kiln has revealed that 52% of consumers have altered their buying habits based upon negative media coverage.
In addition to switching from one firm to another, 29% of consumers broadcast complaints through social networking sites and 37% have boycotted a company based upon comments made by a company CEO, director or celebrity ambassador.
Active Underwriter Paul Culham explained that the research Kiln had commissioned made it clear that companies can take substantial hits to their reputation and revenue stream following negative coverage in the media.
Culham went on to say that Kiln’s new product afforded protection to companies from this danger, and could be tailored to meet the specific risk exposures of a given firm.
Category: Insurance News
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