National Underwriter Property & Casualty April-26, 2010
Not only are most risk management departments being spared substantial cutbacks despite the deep contraction in corporate America, but the overwhelming majority of risk managers are happy in their jobs even in these challenging times.
Although risk management is a system for controlling the exposures an organization has experienced and might conceivably face, it is by no means fool-proof, mainly because no one can possibly foresee every calamity that could befall an organization.
"What gets measured, gets managed!" This statement is the fundamental principle behind the concept of "Total Cost of Risk." But what exactly is TCoR, and why should you as a risk manager care about it?
The U.S. property and casualty industry was a lot more profitable last year despite a shrinking pie of insurable exposures and a persistently soft commercial market...
Property and casualty insurance rates won't begin to significantly firm up before 2011, according to the most recent industry forecast from Conning Research & Consulting...
Commercial insurers will not likely have to pay business interruption or aviation claims stemming from the Iceland volcano eruption, but travel insurance claims for individuals could be paid under certain circumstances.
The Council of Insurance Brokers of Greater New York said it will join the legal effort to defeat New York's compensation disclosure rule for producers.
There's no clear answer as to whether fraud litigation brought against Goldman Sachs by the U.S. Securities and Exchange Commission will fuel a new wave of credit crisis lawsuits.
The May 11 entry deadline is rapidly approaching for National Underwriter's fourth annual "Awards For Excellence In Workers' Compensation Risk Management," sponsored by the National Council on Compensation Insurance.
Risk managers at organizations of all sizes are earning six-figure incomes on average these days, while most are substantially boosting their base salaries with bonuses and additional benefits.
For risk managers to keep their jobs in this difficult economy, they must remain "highly visible" by making sure their senior management and board members appreciate the bottom-line savings.
Even though the vast majority of risk managers surveyed indicated satisfaction with their jobs, that doesn't mean they don't have gripes to air.
Enterprise risk management experts, and surely even many neophytes, are fairly adept at identifying exposures and events that can impede their organizations.
The economic crisis has undoubtedly exposed myriad unique challenges facing risk managers in today's corporate enterprise.
Only 7 percent of risk managers rate themselves at an "advanced" level in terms of implementing their enterprise risk management programs, while over one-third are really just getting started in ERM, a survey by Aon revealed.
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