Risk & Insurance articles from July 2005

Risk & Insurance archives from July 2005

Casting doubt.
July 1, 2005... Hear the A-list actors of the broker stage, disavowing contingents all the rage. Whom are we to believe, if not Aon's Patty G. (Ryan) nor Mike G. Cherkasky? "'tween broker and buyer we step aside," crow many chiefs, espousing the...

Occupational safety.(LETTERS TO THE EDITOR)(Letter to the Editor)
July 1, 2005... Dear Editor: I read your article on lobster fishing (Risk & Insurance[R], March 2005, page 27.) I am not involved in lobster fishing, however I do know a little about it and a lot about the Jones Act. The first item I would like to...

Health care for the rich.(LETTERS TO THE EDITOR)(Letter to the Editor)
July 1, 2005... Dear Editor: It seems that you have failed to digest the difference between what we in Washington call "access-fee practices" and "retainer-fee practices." (Risk & Insurance, March 2005, page 20.) Access-fee practices charge for special...

Upcoming events.(Calendar)
July 1, 2005... JULY 31-8.3 DMEC Natl. Disability and Absence Mgmt. Conference This year's program, "Integration Magic: Incorporating the Human Element," will feature speakers of major U.S. firms. The conference will be held at the Omni Orlando...

Analysts: the IT checkbook opens a little wider--but for existing systems: the choice facing IT departments is whether to replace the entire policy administration system, or only a component part.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
July 1, 2005... The C-suite is somewhat more receptive to IT projects and more willing to spend money on them than a few years ago, insurance technology industry analysts say, and many IT departments are focusing their attention on policy administration...

Threat of 'gobbler risk' fades: 15-year trend data show people more likely to be injured by playing volleyball than hunting turkeys.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
July 1, 2005... The number of turkey-hunting related incidents has dropped from 8.1 incidents per 100,000 hunters in 1991 to 2.95 incidents per 100,000 hunters last year, according to the National Wild Turkey Federation. "Turkey hunting is actually one of...

A billion here, a billion there: an analysis of property/casualty insurance industry income in 2003.(RISK STATS)
July 1, 2005... $405.9 B * Written premiums 9.8% Percent change (from previous year) $388.1 B Earned premiums $239.7 B Losses incurred $50.1 B Loss adjustment expenses incurred $101.1B Other underwriting...

Moving on up: climbing the corporate ladder, it turns out, requires careful doses of contradictory ingredients.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
July 1, 2005... You don't necessarily have to have three letters behind your name to do well at risk management. What you really need is to know how to communicate and how to apply yourself, executive recruiters say. Most important, you need a healthy dose of...

Behind the pages of Risk & Insurance[R].(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
July 1, 2005... The new publisher of Risk & Insurance[R] is Matthew Kahn, who handled marketing and sales in his previous jobs with the magazine. Kahn joined LAP Publications, the parent company of Risk & Insurance[R], in January 2002, after stints with two...

Correction.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)(Correction Notice)
July 1, 2005... In the May 1, 2005, issue of Risk & Insurance[R], Aon was incorrectly listed in the Industry Risk Report as the broker for Bellevue, Wash.-based Paccar. Paccar's broker is Willis.

Worth repeating.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
July 1, 2005... "Some of the transparency we might want to do in the United States I'm told would be a problem in Colombia and I'm not going to have a problem with Colombians I'm telling you." Michael G. Cherkasky, CEO, Marsh Inc. "Thank God he's a...

Ratings vs. reality.(ALTERNATIVE RISK)
July 1, 2005... Fitch downgraded its outlook on Berkshire Hathaway earlier this year to negative, despite the company having $40 billion in cash. Yup, $40 billion. Fitch cited the auteur theory of insurance: because Warren Buffett is an older man, it's...

From silicosis to 'litigosis'.(THE LAW)
July 1, 2005... Like swirling dust, growing numbers of silica claims are stirring up the concern of businesses and their insurers, and raising the specter of fraud. Congress and many state legislatures, already poised to act on asbestos lawsuits, are now...

Pain drugs: are we addicted?(WORKERS' COMP)
July 1, 2005... All of our efforts to solve tough problems in drug management will earn us an Olympic medal if we tame the beast of pain medication. We have a long way to go. As it is, we may be living out the teenage athlete's nightmare of scoring against our...

Pushing a revolutionary agenda: legislation in California has opened the door for a new paradigm in the workers' compensation medical model. But to inspire this change, we need to ask some hard questions about our current discount-provider networks.(Cover Story)
July 1, 2005... Workers' compensation medical costs continue to rise at double-digit rates, reaching such sky-high levels that they all but wipe out the reduction in the frequency of workers' comp medical claims. Why? Fundamentally, it's because the...

Rx costs out of control: a new study finds that employers are overpaying millions of dollars for drugs in workers' comp cases. The reason they are doing so is due to the shocking number of errors in filling prescriptions. How did such a system spin so far out of control and what needs to be done?(WORKERS' COMP)
July 1, 2005... A team of analysts reports that claims payers overpay tens of millions of dollars for prescription drugs in workers' comp claims. The data, drawn from one large insurer and four other claims firms, suggest that a significant number of...

Opportunity knocks for independents: it's fat city for independent brokers today--and not just because of Eliot Spitzer's investigation, which has companies wondering just who exactly their broking bedmates are.(AGENT/BROKER)
July 1, 2005... To be sure, New York Attorney General Eliot Spitzer's probe has companies of all sizes reaching out to the independent or regional brokers, in many cases for the first time. "There's no doubt about it: Spitzer's probe is an opportunity for us,"...

Zero Zealot: for Engelhard Corp.'s Richard Sarnie, loss is a four-letter word and deserves a four-letter answer: zero.(RISK MANAGEMENT)
July 1, 2005... Rich Sarnie doesn't spend much time thinking about the highfalutin concept of "enterprise risk management" being touted eagerly by management consultants nationwide, and for that he makes no apologies. Why should he? In the seven years he...

Lurking beneath the surface: depression as a secondary health issue affects many employees who are out of work due to illness or injury, if not treated, it can undermine the recovery and delay his or her return to work. Worse still, it may aggravate the problem to the point that the employee is unable to come back to work at all.(DISABILITY MANAGEMENT)
July 1, 2005... When an employee is off work due to illness or injury, the focus is usually on the primary reason for the absence. It may be an on-the-job injury covered by workers' compensation, or an employee may be on short-term disability due to a serious...

Band of RIMS brothers: cheesesteaks finally digested, writer Roger Crombie reflects on RIMS 2005, Philadelphia, gambling losses, giant rabbits, trumpeting Marines, Hunter Thompson, a whale named Helis, a painted lady and schizophrenia. Honolulu may have dazzling sunsets, but it can't match that unique Philly charm.(RISK MANAGEMENT)
July 1, 2005... The Loews Hotel in Philadelphia's business district was full of Marines on the Saturday night before RIMS 2005 got underway. Dozens of spit-polished military men handled parking and roamed the halls with guns and musical instruments. It was as...

A good plan gone awry: finite risk covers started out as a good idea--a product that filled a gap in the traditional marketplace, particularly for certain kinds of unusual risks, such as terrorism. Problems have arisen, however, because some have elected to use--or rather, abuse--finite covers in order to smooth earnings without really transferring any risk.(SPECIAL REPORT: REINSURANCE)
July 1, 2005... It wasn't all that long ago that finite risk covers looked like a savvy way of handling some difficult risk and balance-sheet problems. Finite risk covers provided companies with an elegant way to manage exotic risks, shed unwanted...

The two worlds of European renewals: reinsurance company managers paint a rosy picture of a soft marketplace welcoming buyers with stable or slightly lower prices. Buyers of reinsurance contracts, however, fret over price hikes, terms and security.(SPECIAL REPORT: REINSURANCE)
July 1, 2005... Two reports by analysts with Benfield Group on the state of European reinsurance renewals in 2005 indicate buyers and sellers don't exactly see eye to eye. Go figure. Yet another lover's spat between buyers and sellers of...

Pointing fingers at employees, customers and suppliers: last March, a diner claimed she found part of a severed finger in her chili at a Wendy's International Restaurant in San Jose, Calif. The incident is the latest to highlight the risks facing risk executives like Joe Kovalcik.(INDUSTRY RISK REPORT: RESTAURANTS)
July 1, 2005... On March 22, a diner at a Wendy's restaurant in San Jose made a claim that Joe Kovalcik, vice president of risk management of Wendy's International, will not soon forget. The customer, Anna Ayala, claims she bit down on a severed finger while...

Industry risk report: restaurants.
July 1, 2005... INDUSTRY RISK REPORT RESTAURANTS For risk managers in the restaurant industry, playing with their food is never a good idea. CROs like Wendy's Joe Kovalcik face the tough task of fanning the flames in the kitchen while making sure that...

Directory: insurance company software directory.(Directory)
July 1, 2005... Below are paid listings of specialty software packages for insurance companies, risk managers and brokers. This guide is not intended to be a complete directory but is an overview of some of the packages available. Suppliers themselves have...

Willis Group Holdings.(EXECUTIVE MOVES)
July 1, 2005... Willis Group Holdings has announced the appointment of PAUL GIBBS as CEO of Southern California operations and DAVID FUHRMAN as CEO of the Los Angeles office. Both Gibbs and Fuhrman bring many years of proven performance in leading and growing...

Venture Insurance Programs Inc.(EXECUTIVE MOVES)
July 1, 2005... Venture Insurance Programs Inc. announced that SUSAN KEARNEY was appointed vice president of Venture Hospitality. She will be responsible for sales, marketing, underwriting and financial operation of the program. Kearney has almost 15 years of...

Venture Technology and Venture Life Science.(EXECUTIVE MOVES)
July 1, 2005... The company also announced that JIM SHAFFER was appointed vice president of Venture Technology and Venture Life Science and will be responsible for sales, marketing, underwriting and financial operation of the two programs. Prior to joining...

MarketScout.(EXECUTIVE MOVES)
July 1, 2005... RALPH BROWN, formerly vice president of XL's primary domestic and international casualty division, has aligned with MarketScout. Brown will become part of MarketScout's growing underwriting and brokerage operation, focusing on energy,...

Progressive Medical, Inc.(EXECUTIVE MOVES)
July 1, 2005... ELEANOR BIDDULPH has been promoted to vice president of service delivery for Progressive Medical, Inc. Biddulph is responsible for directing and leading the service delivery departments and accounts receivable departments at Progressive...