Risk & Insurance articles from July 2008

Risk & Insurance archives from July 2008

Finally, a female voice.
July 1, 2008... Well it's about time! ... about time this publication features a female columnist. We at Risk & Insurance[R] magazine are pleased to introduce Joanna Makomaski, this publication's latest columnist. Makomaski, based in Ontario, Canada,...

Column fires up readers.(LETTERS TO THE EDITOR)(Letter to the editor)(Column)
July 1, 2008... Dear Editor: I respect your right to have and express your opinion regarding workplace safety in Oklahoma. ("Okla. Gun Law is not OK," Counterpoint column, Risk & Insurance[R], May 2008, Page 42.) However, your editorial did nothing at all...

Your passport to protecting traveling employees.(THE OLYMPICS)
July 1, 2008... Have employees traveling to the Beijing Olympic Games? Or anywhere for that matter?. You might want to add business travel accident insurance to your list of expenses picked up for your road warriors. It is pretty standard for most...

Olympics security: volunteers, enlist here.(THE OLYMPICS)
July 1, 2008... The Chinese government has a lot at stake with the Olympic Games and is taking tough measures to make sure they go according to plan. The specifics of one of the largest security operations in Olympics history remain closely guarded, but the...

Will this be the quake everyone hears?(THE OLYMPICS)
July 1, 2008... The Magnitude 7.9 earthquake in Sichuan, China, has opened the eyes of engineers, adjusters and other insurance industry experts. Get on-the-ground observations. Hear the lessons of the shutdown businesses and the collapsed infrastructure. And...

The environmental insurance market: soft or hard?(ENVIRONMENTAL)
July 1, 2008... Certain products in the environmental insurance market couldn't come any cheaper at the moment. Others, meanwhile, are hard to come by, and if you can get the one or two carders writing them to cough up capacity, don't expect the terms you...

Why you can patent business decisions.(INTELLECTUAL PROPERTY)
July 1, 2008... Business methods used to not be patentable. At least that's what people thought before the 1998 State Street Decision. The court case, State Street Bank v. Signature Financial Group Inc., opened the floodgates to the patenting of business...

Accounting for underwriting in 2008.(UNDERWRITING)
July 1, 2008... Will underwriters turn a profit in 2008? We rounded up some of the industry's leading head underwriters and invariably this line of questioning came up. Here's a hint to what they said: There are no easy answers. To read the rest of this...

Quote of the month.
July 1, 2008... "New construction technology often will have unintended consequences."--STEVE BUSHNELL, PRODUCT DIRECTOR, FIREMAN'S FUND

Listening to the sound of tumblin' dice: carriers and brokers see their profits pinched in the first quarter.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
July 1, 2008... [ILLUSTRATION OMITTED] For much of the past year, securities brokerages and banks had been bearing the brunt of the financial mess caused by the subprime market meltdown. Now the insurance sector is feeling some pain as the industry's...

Liability improving for long-term care: nursing home claims costs are stable.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
July 1, 2008... The frequency and severity of liability claims for the long-term-care industry are stable nationally, according to the "Long Term Care: 2008 General Liability and Professional Liability Actuarial Analysis" from Aon Global Risk Consulting. This...

Ratcheting up the pressure, paying the price: U.S.-style lawsuits invade Europe and underwriters blame the litigation for increasing the price of coverage.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
July 1, 2008... European companies are getting hit with an ugly legal stick as more companies engage in U.S.-style litigation, a new survey shows. The disputes rarely come cheap, and the costs are showing up in the form of higher premiums for commercial...

Agent charged in death of N.C. insurance investigator: Dilworth Agency founder Michael Arthur Howell held in connection with death of state sleuth.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
July 1, 2008... The tension between regulators and insurance brokers can be nettlesome at times, but few events in recent memory approach in venom those that transpired in North Carolina in May. For the first time in the memory of the North Carolina...

Urge to merge: seasoned mom-and-pop MGAs are merging more frequently now, and industry leaders are sharpening their focus on recruitment and retention.(BROKERS: People, Ideas and Trends shaping the Brokerage Community)
July 1, 2008... [ILLUSTRATIONS OMITTED] To merge or not to merge? That is the question. The wholesale insurance industry like other sectors is experiencing a soft market, though certainly not for the first time. One by-product is increasing...

Agency Specialty Product Network Insurance Services Inc.(BROKER MOVES)
July 1, 2008... [ILLUSTRATION OMITTED] PETER BREITSTONE has been named president and CEO of Agency Specialty Product Network Insurance Services Inc., a subsidiary of Aon. Breitstone, a Risk & Insurance[R] Power Broker in the Environmental sector, will be...

Willis of New York Inc.(BROKER MOVES)
July 1, 2008... [ILLUSTRATION OMITTED] NEIL GETTER has joined the Willis Aerospace Leadership team as executive vice president, Willis of New York Inc. Getter will be responsible for further developing the aviation business in the United States, including...

Hilb Rogal & Hobbs Co.(BROKER MOVES)
July 1, 2008... [ILLUSTRATION OMITTED] Hilb Rogal & Hobbs Co. has appointed DONALD W. WRIGHT JR. as managing director and casualty practice leader for the metro northeast region, which encompasses New York, New Jersey and southern Connecticut. Prior to...

The Denver office of Lockton Cos. has acquired Schwander Insurance Services, a Centennial, Colo.-based firm specializing in directors' and officers' liability, fiduciary liability and employment practices liability.(BROKER MOVES)
July 1, 2008... [ILLUSTRATION OMITTED] The Denver office of Lockton Cos. has acquired Schwander Insurance Services, a Centennial, Colo.-based firm specializing in directors' and officers' liability, fiduciary liability and employment practices liability....

Arthur J. Gallagher & Co.(BROKER MOVES)
July 1, 2008... [ILLUSTRATIONS OMITTED] Arthur J. Gallagher & Co. has appointed DOUGLAS B. BROWN and MICHAEL HENTHORN as corporate vice presidents. Brown, who joined the company in 2002, is northeast regional manager of Gallagher's retail...

Marsh & McLennan Cos. Inc.(BROKER MOVES)
July 1, 2008... Marsh & McLennan Cos. Inc. has appointed DAVID R. FREDIANI as senior vice president, international and client development. Frediani will lead MMC's activities to leverage its geographic footprint around the world. He has been with MMC for more...

An honorable system no more.(WORKERS' COMP)
July 1, 2008... Lynn Szymoniak, a former executive for the National Council on Compensation Insurance, has developed a legal specialty in rooting out abuses by both employers and insurers. Speaking to an audience in South Carolina, in the throes of debate...

The end of suffering?(BROKERAGE)
July 1, 2008... With all of the human misery in the world, my heart really goes out to one long-suffering individual: the combination surplus lines broker-Chicago Cubs fan. Every spring, hope springs eternal as visions of a championship flag flying over...

Rock heads rule!(ROGER ON RISK)
July 1, 2008... What a joy it must be to be a banker these days. The phrase "laughing all the way to the bank" comes to mind. Following the actions of cowardly governments on both sides of the Atlantic this year, bankers have been relieved of...

Building muscle.(RISK MANAGEMENT)
July 1, 2008... We have all been there--working out at the gym following yet another overindulgent Christmas buffet, vowing to ourselves that this year we will work out every day. We will wake up early every morning, exercise for an hour and maintain a healthy...

Supremes' pro-business beat.(THE LAW)
July 1, 2008... As Sonny and Cher sang it, "The beat goes on." And the business beat certainly goes on in the Roberts Supreme Court, which continues to render important antitrust and securities decisions and others favorable to business defendants. Case in...

Flying on autonomous pilot: New York City does not insure for most risks, and its risk management model would hardly pass muster in a rigorous enterprise risk management review. But it works, so what's it to you?(Cover story)
July 1, 2008... Summary * New York City buys little if any insurance for the most part. * Various risk management functions (claims, contractual, loss control, emergency preparedness) are spread across various departments without one central figure or...

The green question mark: green building is taking off in the construction, design and real estate development worlds, and for good reasons. But with green reward comes unique green risk.(ENVIRONMENTAL)
July 1, 2008... Summary * Green buildings tend to be better, safer, and worth more in the short and long term--yet they do have their own particular risks. * Commercial property developers are demanding insurance products and discounts that account...

No more patent copycats: the effects of patent protection could usher in a new era in the development of insurance industry patents.(RISK MANAGEMENT)
July 1, 2008... Summary * There's been an increase in the rate of patenting in all areas of the industry, including the property-casualty sector. * A 1998 federal appeals court decision opening the floodgates to patenting business methods is under...

A test of wills, a test of walks: the soft market is testing the pricing limits of underwriters, and how far they are willing to draw the line before walking away from business.(SPECIAL REPORT: UNDERWRITING)(Reprint)
July 1, 2008... Summary * The soft market is testing the ability of underwriters to monitor and measure just how profitably they can price their business. * Underwriters suggest acting like a consultant, and having an "eyeball-to-eyeball" meeting with...

On the hunt for 'brains and guts': the global markets in which insurance carriers compete today require new recruits into the industry ranks to be far broader in their outlook than was required of fresh talent 20 years ago.(SPECIAL REPORT: UNDERWRITING)(Reprint)
July 1, 2008... Summary * Veteran underwriters say they want new recruits to demonstrate the ability to juggle multiple tasks, and to show an aptitude to make course corrections on the fly. * The insurance industry has done a better job of making...

Protecting an Olympic stake: welcomed on the world's most important athletic stage, at long last, Beijing cannot afford a misstep in hosting the biggest international event ever held on Chinese soil.(INDUSTRY RISK REPORT: OLYMPICS)
July 1, 2008... Summary * The Olympic Games in Beijing next month are vulnerable to cancellation due to political unrest, natural disasters and terrorism. * The International Olympic Committee has bought insurance coverage for the Summer Olympics, but...

Industry risk report: sports and leisure.
July 1, 2008... INDUSTRY RISK REPORT SPORTS AND LEISURE From half-ton thoroughbred horses thundering around a dirt track with men weighing 100 pounds or less on their backs to gasoline-powered race cars jockeying for position at 170 mph within a hundred...

Directory: insurance company software.(Directory)
July 1, 2008... DIRECTORY INSURANCE COMPANY SOFTWARE 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...

RTW: injury reporting best served by the Internet: the advent of online forms improves the Internet channel's ability to provide quick and nimble claims service.(POINT)
July 1, 2008... Studies show that if workers' compensation claims are received early, that discipline alone can result in significant cost savings. Many organizations have tried to implement a strict policy of prompt reporting of injuries, but paper-based,...

RTW: injury reporting best served by call centers: a nurse call center enables timely reporting of injuries, appropriate medical care and improved RTW outcomes.(COUNTERPOINT)
July 1, 2008... The workers' compensation injury reporting process faces many challenges: injuries are reported late; claims contain incomplete information; and lags in communication lead to less than optimal financial, medical and return-to-work results. ...