In addition to this basic cover, specific insurance is taken out as a result of legal or contractual requirements or management decisions, particularly in areas such as:
Contractor’s all risk (CAR) insurance is generally taken out for major construction sites. In particular, this covers physical damage arising from accidents or natural events up to the full value of the project.
Office buildings and fixed production facilities are covered for a contractual rebuilding value. Site plant and equipment are covered case by case, based on value, type and age.
Vehicles, which are mostly pooled within fleets by subsidiary, are generally insured only against third parties.
Over the past 30 years, insurers have suffered the constantly increasing cost of events resulting from climate change. This has led to an increase in the cost of insurance cover for losses caused by natural events, particularly in regions exposed to storms, hurricanes, cyclones and floods. In addition, insurance companies now impose a higher retention rate on policyholders with assets in these regions, via significantly increased deductibles. The VINCI Group has not been exempt from this trend.
In certain, particularly high-impact regions, or regions with a high concentration of insured assets, available insurance capacity has diminished, and this can significantly reduce risk transfer to the insurer. However, at present, the Group’s exposure profile does not generally lead to such restrictions.
Over the last few years, risks that insurers previously considered as secondary (forest and brush fires, tornadoes, drought, violent storms, hail) have been contributing significantly to the financial burden of natural events. These secondary risks, which have a very broad geographical distribution, could have an impact on certain Group assets.
With certain exceptions, climate change has currently had little impact on liability insurance cover.
The VINCI Group has a two-part cybersecurity policy: a prevention part, defined and implemented by the Information Systems Department, and an insurance part.
The Group has a cybersecurity insurance programme covering all its subsidiaries. Levels of coverage depend upon the available market capacity and are evaluated in relation to the risk assessments communicated by the Information Systems Department.
VINCI’s level of prevention is steadily increasing, in line with the constantly increasing demands of insurance companies.
VINCI is firmly committed to ensuring that the Group’s approach to the organisation of risk management and internal control remains one of progress and improvement. To this end, the Group’s Audit Department oversees the work of the community of business line internal controllers, in coordination with the Ethics and Vigilance Department, the Information Systems Department and the Environment and Social Responsibility departments.
