ACE highlights growing environmental risks for Italian businesses

  ACE highlights growing environmental risks for Italian businesses

  Half of Italian companies unprepared to deal with environmental exposures

Business Wire

MILAN -- February 4, 2013

ACE Group has highlighted the growing environmental risks facing Italian
businesses of all sizes at a conference organised for insurance brokers and
risk managers in Milan.

According to ACE’s research, over half (55%) of Italian business leaders agree
their company is at risk of potential environmental threats. However, 52% of
Italian companies feel underprepared to cope with environmental risk and 29%
feel completely unprepared, higher than the European average.

Over 200 delegates, representing all of Italy’s major insurance brokers and
over 40 Italian and multinational companies, heard that companies from the
traditional ‘polluting’ industries are no longer the only businesses at risk,
and that companies in all sectors are under greater pressure to show they are
taking their environmental responsibilities seriously. According to a number
of speakers at the conference, regulatory and government authorities are
becoming ever-more active in holding companies accountable for their
liabilities and smaller enterprises are increasingly being fined – in some
cases millions of euros – for environmental breaches such as air pollution and
site contaminations.

In particular, the implementation of European Liability Directive (ELD), which
aims to impose a harmonised liability regime across the entire European Union,
has brought some important changes and new exposures for businesses and
highlights the need for Italian companies to protect themselves better.

Orazio Rossi, ACE Country Manager for Italy, said:

“Across Europe, environmental risk is moving up the corporate agenda and 71%
of companies in Italy believe that it is an increasingly important issue for
every 21^st century business – the highest proportion of any of the six
European markets we researched. This research is backed up by the
on-the-ground experience of our underwriters here in Italy.

“At the same time, 59% of Italian companies do not currently have a crisis
management plan in place to deal with an environmental incident, which is more
than in any of the other European markets we surveyed, highlighting the need
for urgent action.”

Deborah Sola, Senior Environmental Underwriter, Italy, at ACE, said:

“Encouragingly for our industry, over three quarters (77%) of Italian
businesses say that insurance is important to their environmental risk
management strategy. However, in Italy and right across Europe, many companies
are still confused about whether they are covered or not by their insurance
policies and the insurance market needs to work harder to explain the
solutions available. ACE’s local underwriting teams are committed to working
closely with companies and their brokers to identify the environmental
exposures they face and provide specific insurance cover for their needs.”

About ACE:

The ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 53 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and supplemental
health insurance, reinsurance and life insurance to a diverse group of
clients. ACE Limited, the parent company of the ACE Group, is listed on the
New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.

Visit www.acegroup.com/eu or www.acegroup.com/it

ACE is one of the world’s longest-established underwriters of environmental
insurance.

Notes to editors:

The research for ACE Europe was carried out in summer 2012 by Opinion Matters
who spoke to 606 European Risk managers / CROs / CFOs / COOs / people
responsible for buying insurance from companies with turnover of £500 million+
for the UK and their equivalent in euro zone countries. The markets researched
were UK, France, Germany, Spain, Italy and Benelux.

Contact:

ACE
Juliet Tilley, Communications Manager EMEA
Tel: +44 (0)20 7173 7793
juliet.tilley@acegroup.com
 
Press spacebar to pause and continue. Press esc to stop.