Connect to Real Estate

In the past, property owners may have been able to pay their premium and "sit there with their fingers crossed", and hope there are no claims. Those days are gone. "Underwriters want people to demonstrate they have a progressive attitude towards managing risk".

John Searing, Head of Risk Management, JLT's construction and real estate practice has prepared a seven step plan to for property owners and managers to achieve robust risk management...

1. Formulate and implement a long-term risk management strategy that identifies the significant threats to your business, the solutions and a timetable for their implementation.

2. Take a proactive approach to risk management and the ability to manage risk on a day-to-day, and not simply an ad hoc, basis. 

3. Ensure you understand the need for risk management and the specific risks your company faces.

4. Invest in the training and education of staff on the core risk management issues in order to ensure the early identification of new risks.

5. Develop tools to improve the risk management capability of your company, including regular reviews.

6. Employ the necessary expertise to offer advice and guidance, whether it is internally or via a partnership with a specialist risk consultancy.

7. Ensure all this work and the resulting benefits are communicated to stakeholders including insurers, managers, owners, occupiers and where appropriate secure their buy-in.

For more information, on how JLT can help real estate companies improve risk management and better position themselves in the market contact me on +44 (0)20 7528 4237