Gaining Traction: ERM Programs Starting To Take Off

By Caroline McDonald, PropertyCasualty360.com

Enterprise risk management (ERM) has come a long way in a short time. Just a few years ago, the question was whether ERM was really even relevant. Today, a growing perception that ERM is a business discipline that can advance an organization’s big-picture objectives is driving higher adoption rates across...

Case Study: Beginning A Global ERM Program At NYU

By Caroline McDonald, PropertyCasualty360.com

Michael Liebowitz, director of insurance and risk management for New York University, began an ERM program for his institution in 2010. Here’s a look at how he started the program—and the benefits it is already delivering.

Reinsurers Leading The Way On ERM Adoption

By Caroline McDonald, PropertyCasualty360.com

Implementation of enterprise risk management within the insurance industry—driven by ratings agencies and anxious boards—is moving steadily forward, with large global reinsurers at the head of the adoption curve. In fact, these reinsurance giants are not only leading the way on ERM within the insurance industry itself—but are so advanced...

Major New Reg. Initiative—‘ORSA’—Turns Tables On Insurers

Insurance regulators in the U.S. have begun signing up with their international peers to push a new ERM approach called “ORSA”—Own Risk and Solvency Assessment, says Dave Ingram, executive vice president of Willis Re.

Lack Of Standard Approach, High Costs Can Complicate ERM Initiatives

Implementing ERM can be challenging because the discipline itself “has not achieved a consistent, standard approach,” says Stefan Holzberger, vice president of rating criteria and regulatory-policy development at A.M. Best.

BP’s Massive New Safety Program Now Operational

By Caroline McDonald, PropertyCasualty360.com

BP’s Safety & Operational Risk program, whose safety and risk unit reports directly to BP's chief executive officer, has been fully operational since earlier this year.

How Disney Deals With Risk

By Caroline McDonald, PropertyCasualty360.com

Mega Merger Creates Potent Combination

In mid-June Allied World Assurance Co. Holdings AG and Transatlantic Holdings Inc. announced a $3.2 billion merger deal, creating a global specialty insurer and reinsurer operating in 18 countries and on six continents.

Ex-Marsh Execs File Complaint Saying Firm Made Them ‘Scapegoats’

By Mark E. Ruquet, PropertyCasualty360.com

Two ex-Marsh executives are accusing their former employer of making them “scapegoats,” saying Marsh tried to avoid criminal prosecution by colluding with the N.Y. attorney general to have the two men indicted over allegations they engaged in an improper kickback scheme.

Banks May Proceed With Case Against MBIA

By Mark E. Ruquet, PropertyCasualty360.com

The New York Court of Appeals ruled that a group of banks can go ahead with their lawsuit against MBIA, which questions the validity of the break-up of the insurer.

J.D. Power: Customer Satisfaction Among Bundlers ‘Diluted’

By Chad Hemenway, PropertyCasualty360.com

For the first time, customer satisfaction with price is higher with those who have separate auto and homeowners’ insurance policies versus customers with both policies under the same insurer.

Consumer Groups Question Role Of Industry-Employed Actuaries On FACI

By Arthur D. Postal, PropertyCasualty360.com

Consumer advocates are questioning whether the Treasury Department should include an actuary as a member of the proposed Federal Advisory Committee on Insurance (FACI), citing a potential conflict of interest, among other concerns.

NFIP: WYO Comes Under Fire At Senate Hearing

By Arthur D. Postal, PropertyCasualty360.com

As Congress works under imminent deadline to deal with the future of the critical National Flood Insurance Program (NFIP), it is getting conflicting advice as to how it should move to shore up the program, with the Write-Your-Own (WYO) program getting particular attention.

Second-Quarter Cat Loss Estimates Roll In

By Phil Gusman, PropertyCasualty360.com, Mark E. Ruquet, PropertyCasualty360.com

Companies continue to report the impact of second-quarter catastrophes, with Bermuda-based Arch Capital Group Ltd. saying it expects losses of between $90 million and $110 million, of which 15 percent is updated first-quarter loss estimates.

Let’s Play Pin The Buyer On The Reinsurer

By Susanne Sclafane, PropertyCasualty360.com

As I was finishing a feature about merger-and-acquisition activity in the insurance industry last month, a Bloomberg news item caught my eye.

Woodall Nominated For FSOC, But Prompt Confirmation No Sure Bet

By Arthur D. Postal, PropertyCasualty360.com

Roy Woodall’s nomination as the independent member with insurance expertise on the Financial Stability Oversight Council (FSOC) is being welcomed by the insurance industry—but don’t expect him to immediately be able to play a role there.

Don’t Forget Fire In Property-Protection Plans

By David Hague

Although the incidence of fire has shown a steady decrease over the last 30 years, the average cost-of-fire loss has increased, according to the National Fire Protection Association (NFPA) (see chart). Agents, brokers and insurers can help risk managers keep fire safety a top priority throughout the year by identifying...