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Insurance policy for Conference and Events Industry: a comparison between United Kingdom and Greece - Literature review Example

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Insurance policy for Conference and Events Industry: a comparison between United Kingdom and Greece

The events industry contributes to economic growth and GDP of many countries. It goes without saying that public events and conferences are associated with numerous risks, including life risk, property damage risks, event cancellation possibilities, and even terrorism threats. Therefore, event and conference insurance is becoming a fundamental driver of growth in the events and conference industry. The United Kingdom has a well-developed network of event and conference insurance options and can serve a role model for Greek conference and event organizers to follow. The Greek insurance market must provide event and conference industry providers with specialized insurance schemes, which will meet the specific needs and requirements of event organizers. Crisis and Risk Management In contemporary organizations, crises are not uncommon. A broad range of crises impacts organizations and affects their performance. Although crises differ substantially across organizations, they display a number of common elements (Pearson & Clair 1998). Organizational crises are extremely ambiguous (Pearson & Clair 1998). ...
nally, any organizational crisis always presents a dilemma of what will help to improve the situation and what will make the situation even worse (Pearson & Clair 1998). In light of these characteristics, an organizational crisis can be defined as an event, which has a low probability of occurrence, heavily impacts organizational performance and stakeholders, threatens the future of the organization’s survival, and generally occurs in the atmosphere of ambiguity in terms of the cause, consequence, and instruments of resolution (Pearson & Clair 1998). In this situation, crisis management offers ample opportunities to manage organizational crises correctly. Crisis management is a complex process comprising numerous elements and stages. In general terms, crisis management in organizations presupposes a complex policy/ attempt to either avert crises or manage those, which eventually occur (Pearson & Clair 1998). The effectiveness of crisis management is judged by the number of potential crises that were averted and the ability of organizational stakeholders to reduce the costs and effects of the organizational crises that occur (Quarantelli 1988). In this situation, prevention is the dominant component of crisis management, and organizations are encouraged to employ a number of initiatives to guarantee that all crisis possibilities are dealt with and averted. With the emphasis of crisis management on prevention, insurance is widely regarded as the fundamental ingredient of most crisis management initiatives. Organizations, including those in the event and conference industry, must engage systematically “and comprehensively in acts of prevention or preparation for undetected crises” (Mitroff, Pauchant & Shrivastava 1988). Here, insurance is not the instrument of ...Show more

Summary

INSURANCE POLICY FOR CONFERENCE AND EVENTS INDUSTRY: A COMPARISON BETWEEN THE UNITED KINGDOM AND GREECE by [Author’s Name] 23 June 2011 Insurance Policy for Conference and Events Industry: A Comparison between the United Kingdom and Greece Introduction In recent years, the international events and conference industry has become a dynamic place, where the development of new ideas and concepts follows globalization trends…
Author : effertzliliane
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