Damage to brands and companies’ corporate image remains the key concern for major organisations in the year ahead, according to a new risk management survey by brokers Aon.

Its 2009 Australasian risk management benchmarking survey found brand and image remains the top concern for companies for a third successive year. Risks related to systems and corporate governance are the next biggest concerns for survey respondents.

The big movers in this year’s survey are risks associated with business interruption, (up four places to fifth), a lack of innovation (up four places to 10^th), and market and treasury risk, which soared six places to 12^th position.

Aon says the total cost of insurable risk, a metric used by Aon to benchmark risk management spend, has risen for the first time in five years due to falling revenue attributed to the global downturn.

The median cost of $5.20 per $1000 in revenue is 15% higher than the previous year, but is below the average of $6.14 recorded in 2007/08. QBE was rated as the most respected insurer.

Aon Australia CEO Steve Nevett told insuranceNEWS.com.au an improving economic outlook has changed the way Australian companies view risk.

“They are on the offence rather than defence and we are starting to see more people concerned about things like business interruption rather than issues related to the global financial crisis,” he said this morning.

Of 535 respondents drawn from major private and public organisations, Mr Nevett says more than 80% have undertaken a business interruption risk review over the past year.

“Firms are more optimistic, business is on the move and they are thinking, ‘what if something happens to stem the flow for us?’”

Aon expects commercial insurance rates to remain generally flat over the coming year, with most increases in premiums confined to personal lines of business.