In Chile, we’re seeing three emerging risks of note: cybercrime, underinsured transport systems, and sexual harassment and bullying.
One of the most underestimated risks in Chile at the moment is cyber risk. This encompasses both the third party data protection liability, such as personal data destruction, and loss of profits for computer network outage. In short, very few companies in Chile have cover in place to protect themselves against these types of losses and the threat looks set to grow in 2013.
Underinsured Transport System
Civil Liability claims for passenger transport are a growing concern as the limits in the local market are insufficient. Accidents are becoming more frequent and often result in many casualties (eg passenger bus). However, the limits provided by the insurers for each event are very low and insufficient to the amounts needed to compensate everybody involved.
Sexual Harassment and Bullying
This is an increasing national concern. Parents are mounting civil suits against educational institutions for not preventing or avoiding these kinds of events on their premises. The local insurance market specifically excludes such events so policyholders are left defenceless in civil lawsuits associated with these types of cases.