Difficulty quantifying losses tops the list of challenges risk managers face with business interruption claims, according to a Risk and Insurance Management Society (RIMS) survey.

Only 17% of risk managers are “extremely confident” their business interruption values and limits are adequate, while 58% who have been through claims say quantifying loss is the biggest difficulty. About 39% of respondents say their policies provide either insufficient or no coverage for cyber, while 10% are unsure if cyber is included.

RIMS urges risk managers to develop plausible business interruption figures before losses occur.

“With a world of emerging risks keeping businesses leaders up at night, risk professionals must prepare their organisations for the very real possibility that their business might suddenly come to a screeching halt,” RIMS CEO Mary Roth said.

“The exchange of knowledge and best practices makes it easier for risk professionals to ensure appropriate measures are taken before, during and after an interruption occurs.”

Many buyers of business interruption cover have relied on their insurers to analyse risk and exposures, but the survey notes a trend towards risk managers taking control of their own data, particularly when they have claimed previously.

“Without their own data, risk managers are unable to properly compare the position between insurers,” the report says.

Nearly 400 RIMS members participated in the survey, conducted between September and November last year.