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Hardening market conditions caused the average total cost of risk (TCOR) among 14 industries to surge by five percent in 2012, shows the 2013 RIMS Benchmark Survey, produced by Advisen Ltd.

Tremendous insured losses from natural catastrophes in 2011 took a toll on pricing across all insurance segments, according to the newly released Risk and Insurance Management Society Benchmark Survey measuring Total Cost of Risk and its impact on 10 industry groups.

Having one of the highest employee-to-client ratios in the insurance industryone servicer for every two accountsmeans KMRD Partners, a winner of NU/AA&Bs 2011 Commercial Agency Awards for Excellence, can provide exceptional attention to every piece of business.

A new report from the Risk and Insurance Management Society (RIMS) said the average total cost of risk per $1,000 of revenue in 2009 fell more than 3 percent due to lower insurance costs and lower risk management administrative costs.

"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 average total cost of risk--made up of insurance premiums, retained losses and risk management administrative costs--fell 9.4 percent per $1,000 of revenue in 2008, according to the annual benchmark survey by the Risk and Insurance Management Society.

With the top concern for risk managers being the impact of the economic slowdown on their organizations, corporate buyers should expect very tight scrutiny of any dollars budgeted for insurance, loss control and support services, one consultant warned.

The average total cost of risk, made up of insurance premiums retained losses and risk management administrative costs, fell 9.4 percent per $1,000 of revenue in 2008, according to a survey.