European companies see Duty of Care as business tool but inconsistencies in provision, insurance cover persist
LONDON, May 18, 2016 /PRNewswire/ -- Almost six out of ten European companies believe there is a strong link between the attention they give to duty of care and their corporate profitability and productivity according to a new survey published today by Chubb. However, many inconsistencies in provision and insurance cover persist across the continent.
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Apart from the positive effects on profitability, attention to duty of care has a clear positive impact on other important corporate functions. 55% of the 240 companies across Europe that took part in the survey agree that duty of care helps them to attract and retain top talent. And when it comes to productivity, close to six out of ten respondents say that their duty of care policy helps to reduce employee absence.
At the same time, companies willing to go the extra mile and have a duty of care policy driven by moral obligation towards employees and not only by regulation, seem to be reaping significant benefits. More than seven out of ten companies that take a holistic approach to duty of care see a boost to corporate profitability and close to eight out of ten report reduced employee absence.
However, in spite of wide understanding of what duty of care is and many companies going over and above their regulatory obligations, there are still significant inconsistencies in the quality of duty of care provision. Sectors such as retail and education are mostly meeting only legal minimum requirements and in doing so, they are missing an opportunity to further support their staff, and improve employee retention. Just under half (46%) of European companies offer insurance in the workplace, while 14% of companies say they do not offer workplace insurance at all. Additionally, just below a quarter (24%) of companies provide business travel cover to for all their staff.
Chubb's research reveals that European companies are keen to see enhanced insurance industry products and services that can help them improve their duty of care provision to staff. At present, however, just over one in five (22%) companies seeks advice from the insurance industry when they define or update their duty of care offering.
Stéphane Baj, Regional Director of Corporate and Affinity, Accident and Health, for Chubb in Europe, said:
"The more European companies engage with duty of care now, the more prepared they will be to adapt to future demands from employees, regulators and legislators. Companies can benefit from partnering with insurance companies or brokers to protect their staff from unwanted workplace and business travel outcomes. Insurance can offer much more than just coverage and the range of tools and services that are often included can significantly enhance Duty of Care procedures and response."
You can read the full report at http://www.acegroup.com/eu-en/assets/chubb_reworking_duty_of_care_report.pdf
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.
Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com
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