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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.

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?