The majority of firms said that IP was not specifically included in their risk management programmes and only 16% of respondents bought insurance coverage for the main types of IP risks.
Fredrik Motzfeldt, Communications, Media and Technology Leader, Europe, the Middle East and Africa, Marsh, commented: “Intellectual property is often the critical asset for firms to protect. Our survey shows there is a real need for organisations to take a more proactive risk management approach to the protection of vital assets.”
Matthew Hogg, Vice President, Strategic Assets, Liberty International Underwriters, added: “Failure to provide adequate protection for IP has the potential to threaten an organisation’s survival. The survey makes clear that firms in the US are taking this threat more seriously than their European counterparts; this could impact global competitiveness.”
The report also highlights several differences between the US and Europe:
The 2011 Intellectual Property Survey Report, created by Marsh and LIU, gauges the current understanding of intellectual property (IP) trends and risks among businesses globally.
“Helping people live safer, more secure lives” since 1912, Boston-based Liberty Mutual Group is a diversified global insurer and third largest property and casualty insurer in the U.S. based on A.M. Best Company’s report of 2010 net written premium. The Group also ranks 82nd on the Fortune 100 list of largest corporations in the U.S. based on 2010 revenue. As of December 31, 2010, Liberty Mutual Group had $112.4 billion in consolidated assets, $95.4 billion in consolidated liabilities, and $33.2 billion in annual consolidated revenue. Liberty Mutual Group (www.libertymutualgroup.com) employs over 45,000 people in more than 900 offices throughout the world. Liberty Mutual Insurance Europe Limited (www.liueurope.com) is a wholly owned subsidiary of global insurer Liberty Mutual Group writing both Commercial Lines, trading as Liberty Mutual Insurance, and Specialty Lines, trading as Liberty International Underwriters (LIU).
Marsh, the world’s leading insurance broker and risk advisor, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has over 24,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a member of Marsh & McLennan Companies, a global professional services firm with 51,000 employees worldwide and annual revenue exceeding $10 billion, which is also the parent company of Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. Its stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. Follow Marsh on Twitter @Marsh_Inc.