Filed Under:Markets, Commercial Lines

Risk Management Enters Everyday Business Lexicon

Five years ago, you didn’t hear the phrase ‘risk management’ mentioned all that much in business circles,” notes Robert E. Hoyt, the Moore Chair and professor of risk management and insurance at the Terry College of Business at the University of Georgia.

Now, “I’m amazed in casual conversations how many people are using the term ‘risk management’; it’s clearly in the psyche of a lot more people,” Hoyt says.

The increasing use of the term is underscored by online search results.

“The increase in the number of [results] on the term risk management is pretty dramatic,” Hoyt notes. “This isn’t scientific,” he says, but Hoyt Googled “risk management” and found that:

  • In 2006-2007 there were 3.2 million search results.
  • In 2008-2009 there were 27.2 million.
  • In 2010 there were 63.3 million search results under “risk management.”

What accounts for the increasingly common usage of the term? “We’ve had a lot of business failures, and companies should pay attention to that. And the demand for [risk management] is increasing,” says Hoyt.

 

NAPSLO 2016

 

Featured Video

Most Recent Videos

Video Library ››

Top Story

How to avoid becoming a victim of 'flood vehicle' fraud

Flood-damaged vehicles offer a tempting opportunity for criminals to defraud unsuspecting consumers.

Top Story

5 kinds of insurance you’ll be grateful you bought after a riot

This week's protests in Charlotte, North Carolina, after a police shooting is a reminder that businesses often pay the price during times of civil strife. But there is protection available.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.