Risk & Insurance articles from January 2003

Risk & Insurance archives from January 2003

Can risk management find its way?
January 1, 2003... There's a new trend for 2003: Many companies are now in the not-so-enviable position of proving themselves to be worthy customers. What was once a pick-and-choose market for insureds has become almost a competition to prove that this risk is...

What does the terrorism insurance law mean? (Up Front).
January 1, 2003... There was much ballyhoo regarding the terrorism risk insurance backstop bill as it struggled to get through both the House and the Senate. Within days of it passing congressional muster, the President signed the bill into law. And so the...

Health care costs climb. (Risk Stats).
January 1, 2003... Unless there is a fundamental change in the way health care is delivered, costs will double in five years. This is a prediction of analysts with Hewitt Associates. For 2003, Hewitt is projecting a 15.4 percent average increase in health care...

ManagedComp succumbs to tough times. (Up Front).
January 1, 2003... The demise of ManagedComp came as a shock in mid-December. The workers' comp firm, led by Nancy Froude, president and CEO, fell victim to the financial instability of one of its major clients, Dallas-based TIG Insurance, which was acquired by...

Employee retention critical in down economy. (Up Front).
January 1, 2003... Are your employees going to bolt when the employment market turns in their favor? Managers at successful companies know that to attract and keep talented employees, managing their work force has to be a priority, regardless of economic...

E-risk exposures increase. (Up Front).
January 1, 2003... Most companies continue to focus on quick technological fixes, such as installing firewalls, to solve digital security. But this underestimates the complexity of security issues, according to a recent report by Zurich North America's Financial...

From the editor. (Up Front).
January 1, 2003... In more than' a half-decade as editor of this magazine, I've overseen' the publication of many articles that touted the virtues and strategic advantages of what is variously known as "enterprise" or "holistic" or "financial" risk management....

Ace Casualty Risk. (News and Notes).
January 1, 2003... Ace Casualty Risk in Philadelphia has created a new unit, Ace Environmental Risk, which will offer environmental liability products and services including premises pollution liability, contractors' pollution liability, remediation cost...

Zurich Financial Services. (News and Notes).
January 1, 2003... Zurich Financial Services in Zurich has restructured its subsidiary, Zurich Capital Markets Inc., concentrating on Zurich Capital Market's core strengths of asset management, customized structured products and client servicing. As part of this...

American International Group. (News and Notes).
January 1, 2003... American International Group in New York has formed a new international retirement savings unit that will leverage AIG's U.S. retirement savings business with its unsurpassed global network.

Axis Specialty Ltd. (News and Notes).
January 1, 2003... Chicago-based Aon Corp. has agreed to sell Sheffield Insurance Corp., a specialty property and casualty insurance subsidiary, to Axis Specialty Ltd.

The Accident Fund Co. (News and Notes).
January 1, 2003... The Accident Fund Co. in Lansing, Mich., has changed its name to Accident Fund Insurance Co. of America to reflect its efforts to expand nationally.

CoreSource Inc. (News and Notes).
January 1, 2003... CoreSource Inc., a TPA in Lake Forest, Ill., has acquired FMH Benefit Services Inc., an Overland Park, Kan.-based TPA.

St. Paul Cos. Inc. (News and Notes).
January 1, 2003... The St. Paul at Lloyd's has launched Syndicate 5000, which will underwrite non-like business at Lloyd's on behalf of the St. Paul Cos. Inc.

Bridium, a software provider in Atlanta. (News and Notes).
January 1, 2003... Bridium, a software provider in Atlanta, has acquired the workers' compensation connectivity business unit of Fair, Isaac.

Aviva Plc., and Royal & SunAlliance Plc. (News and Notes).
January 1, 2003... Aviva Plc., and Royal & SunAlliance Plc. will sell their stakes in Global Aerospace Underwriting Managers Ltd. (GAUM) to reduce their exposure in the avinition insurer. At the same time, Converium Holding Ltd., Zug, announced that it will take...

Exclusive remedy in a nutshell. (Workers Comp).
January 1, 2003... As a general rule, workers' compensation remedies are exclusive of all other remedies for injuries within the coverage of the act suffered by employees against an employer or insurer. This bar also applies to an employee's dependents to the...

Transportation benefits. (Benefits).
January 1, 2003... Employers have their hands full with rising health benefits costs and the steadily increasing level of complaints about managed care from employees. And as employers demand more cost sharing with their employees, workers are also concerned...

It must be the economy. (Property).
January 1, 2003... The economy is down, money is tight and creditors are concerned about the ability of borrowers to repay their debts. What some of them are trying to do should worry risk managers. Lenders are once again asking the businesses that borrow from...

Calendar of upcoming events.
January 1, 2003... January 23, 2003 2002 Insurance Leader of the Year Annual Award Dinner. This benefit evening, hosted annually by The School of Risk Management, Insurance, and Actuarial Science of St. John's University will honor Paul B. Ingrey, Chairman &...

An industry under suspicion: pharmacy benefit managers are under increased scrutiny--and are increasingly the defendants in lawsuits--for practices that some critics say are unfair to employers. (Benefits).
January 1, 2003... Litigation is nothing new for pharmacy benefit managers (PBMs) or pharmaceutical manufacturers. Indeed, in an industry that has been criticized recently for being the leading indicator of healthcare inflation, pharmaceuticals players are no...

Same goals, different directions. (Special Report: Claims Management and TPAS).
January 1, 2003... Risk managers and claims professionals are often at odds. Communication issues and unfamiliarity plague the process. Isn't it time you identified where the disconnect is between you and your claims management team? Just the news risk...

TPAs as collections agents. (Special Report: Claims Management and TPAS).
January 1, 2003... Keeping down the total cost of claims for employers is one of the biggest issues TPAs are facing today. Recoveries-largely through subrogation-are emerging as a major way to reduce those costs. TPAs are not bill collectors. But in many...

Environmental claims processing: locking up runaway costs. (Special Report: Claims Management and TPAS).
January 1, 2003... With asbestos claims choking the environmental claims process the insurance industry is in dire need of a way to minimize claims and reduce claims costs process management is one way to contain out-of-control expenditures. There is no need...

What did you know and when did you know it? (Risk in Focus).
January 1, 2003... A number of state courts are broadly interpreting the fortuity doctrine, an insurance clause that denies coverage when a policyholder should have been aware of likely exposure to losses. A recent anti-policyholder trend in insurance law...

Navigating a challenging market. (Meetings).
January 1, 2003... A tough market condition that continues to impact workers' compensation was a common topic among speakers at the 11th annual national workers' compensation and disability conference in Chicago. With all signs pointing to a continued rise...

Insurers head east. (Insurance Executive).
January 1, 2003... Insurance companies are setting up offices and establishing alliances in China hoping to catch a piece of the world's largest market. But they are finding it a challenge, especially as the Chinese government moves slowly to open the market to...