MSB Valletta Ltd recently held a presentation for the Maltese insurance market at La Vita de La Valette at the Valletta Waterfront to launch their new product “BRisk”.
As a leading firm of loss adjusters and surveyors, MSB Valletta identified a need for a different kind of risk survey and report for smaller business premises, compared with the large and complex risks that are the usual subjects of the surveys carried out for insurers. Risk surveyors are the “ears and eyes” of insurance underwriters, carrying out detailed inspections of the premises that insurers are asked to cover against a wide range of unexpected events that can result in damage or injury as well as financial loss.
David Pike, a Chartered Loss Adjuster with many years experience of risk surveys and claims in the UK and overseas, outlined the main benefits to insurers and their agents and brokers. MSB Valletta is confident that it can provide a cost-effective solution for smaller risks, enabling better underwriting and fewer, and smaller, losses.
Maltese businesses also benefit from the surveys which MSB Valletta carry out using professional risk surveyors who give advice on ways to reduce or even eliminate some of the risks that threaten the very existence and continuity of every enterprise. Recent Health and Safety legislation affects every enterprise in Malta, but there is still a widespread need for communicating the importance of carrying out the duties imposed on employers throughout the business community. Now that Malta is part of the EU, it must rise to the challenge of achieving the standards it sets for all member States.
Bernard Farrugia, MSB Valletta Office manager, with a wide knowledge of the Maltese market, presented the guests with an example of the type of report that is issued for BRisk surveys, and concluded with a short video film taken by MSBV adjusters of a recent devastating fire that destroyed two factories.
About 50 representatives of the Maltese insurance market, who enjoyed a finger buffet and welcomed the opportunity to discuss current issues with their industry colleagues, attended the event.
A senior executive of a leading Maltese insurance company commented, “In today’s complex and competitive business environment, timely decisions are important. A report that offers concise and informative risk information would save underwriters the time of engaging in-house visits or avoiding the survey altogether. Both decisions can prove to be costly. I believe BRisk can be a good service to underwriters to take better decisions in their risk analysis.”
Dr Carmel Cascun, director of Island Insurance Brokers, thought that both the insurers and the policyholders will benefit from such a service ... the insurers will be able to appreciate better what risk they will be assuming, which in turn should reduce the chances of potential disputes occurring later on with policyholders in the event of an insurance loss or claim.