Loss Control

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 greater focus on service has led to overall improvement in claims performance, but emerging risks will challenge the insurance industry over the next decade.

The U.S. Consumer Product Safety Commission gets some 400 product reports a year, says CPSC spokesman Alex Filip. The reports come in through the CPSCs Safer Products website, www.saferproducts.gov, which it set up a year ago as an information portal for consumers.

Death and injuries force recall.

In 2010, McDonalds Corp. set the bar for product-liability response when it managed to recall some 12 million Shrek Forever After 3-D collectible drinking glasses manufactured by ARC International of Millville, N.J.

Competition in the product-recall arena is heating up, and not because the economy is encouraging consumption. Rather, increased product scrutiny across markets is giving headaches to nearly every industry but insurance.

The marine-underwriting industry has grown frustrated with the Federal Bureau of Investigations cargo theft data collection efforts, according to a June 11 letter sent to the FBI by industry representatives.

The marine-underwriting industry has grown frustrated with the Federal Bureau of Investigations cargo theft data collection efforts, according to a June 11 letter sent to the FBI by industry representatives.