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Those who manage and underwrite risks for manufacturers are facing familiar risks with some challenging new twists.
Last year served as a wake-up call for manufacturers on the fragility of their supply chains. Catastrophes in 2011—including massive floods in Thailand that disrupted electronic- and auto-parts manufacturers—caused record totals of $105 billion of insured losses and $380 billion of total economic damages worldwide, according to Munich Reinsurance America.
Kennametal Inc., a Fortune 1000 company that manufactures metal-product solutions for various industries, was not materially affected by the catastrophe in Japan, nor would a catastrophe elsewhere around the globe likely impair its operations extensively, says Michael Murphy, the company’s manager of global P&C insurance.
Any company involved in food production saw its Product Recall risk greatly magnified last year with the enactment of the U.S. Food Safety Modernization Act (FSMA), says Louis Lubrano, New York-based senior vice president of global crisis management for Liberty International Underwriters (LIU).
The National Council on Compensation Insurance Inc. (NCCI) reports that medical services now represent 60 percent of Workers’ Comp claim costs. In the past, indemnity costs made up the biggest part of the Workers’ Comp claim.
Three rising young talents in risk management talk with NU about their responsibilities, what attracted them to the field and the evolution of their business.
All three young risk managers who spoke with NU cited a common influence on their careers: a mentor who helped to show them the ropes.
Although the Nonadmitted and Reinsurance Reform Act (NRRA) went into effect in July of last year, states are continuing to debate which, if any, tax-sharing option to adopt.
Net income at Liberty Mutual Insurance fell nearly 51 percent in 2011’s fourth quarter and about 78 percent for the year on catastrophe losses and reserve strengthening.
Alan Kaufman, president and CEO of wholesale brokerage Burns & Wilcox, says the “economy is still very rough.”
Commercial property and Workers’ Compensation continue to lead rate increases in MarketScout’s latest survey on market conditions.
Project CAP (Consumer Agent Portal) has released several technology offerings to assist independent producers in building an online and social-media presence in order to better compete against direct-writer and captive-agent carriers.
Premium volume for Combined Agents of America LLC, an Austin, Texas-based agency-cluster group, grew by 21 percent in 2011 with the addition of three new members and increased organic growth.
SeaPass Solutions Inc., a provider of Web-based insurance-distribution solutions to the P&C industry, has introduced a pair of insurance portals—the SeaPass E&S Carrier Portal and the Distribution Portal.
Underwriters of property coverage for mining operations identify business interruption as one of their biggest challenges—because severe fluctuations in commodity pricing can make it difficult to accurately gauge the ultimate exposure.
Travelers has rolled out Intelli-Drive Fleet Safety Solutions, which uses telematics technology to implement fleet-safety programs.
I spent half a day last week meeting with executives from various divisions of Verisk Analytics, parent company of such well-known industry brands as ISO and AIR Worldwide (Verisk has so many P&C-focused business units under its umbrella that I would have needed half a month to meet with leaders...
Oh, the ironies of insurance and disposable-diaper material. An FC&S Online subscriber recently contacted us about a claim in which a truckload of the absorbent material used to make disposable diapers was ruined by, of all things, “wetness.” The very thing the material was meant to absorb became its demise...
After writing recently about the predictive modeling now being done by Pitney Bowes Software and Anchor Point Group for the emerging risk of wildfires in this country, I was amused to see the following headline in the Orange County Register: “Residents worry new fire maps mean higher insurance rates.”
In the wake of tragedies such as Hurricanes Katrina, Ike, Wilma and Irene, as well as the devastation wrought by the Japanese earthquake and unprecedented levels of wind events across the United States, experts have begun to consider the issues of urban resiliency—specifically concentrating on unique characteristics that either reduce...
It's all about location, a federal district court said, finding that a rental truck was principally garaged in Virginia, not Maryland, increasing insurance coverage to $2 million from $75,000.