Risk & Insurance articles from June 2007

Risk & Insurance archives from June 2007

Going nuts.
June 1, 2007... Maybe you missed Beaumont Vance's risk management column on "risk compensation" in the April 15, 2007, edition. That might sound a bit esoteric, but as Vance wrote, it's part of why seat belts don't save lives. His opinion was based on...

Staying alive in China.(LETTERS TO THE EDITOR)(Letter to the editor)
June 1, 2007... Dear Editor, Peter Rousmaniere's take on occupational risks in China is from my experience too rosy of a picture ("Work Safety Emerges in China," in Risk and Insurance[R], March 2007, Page 20). I have been to China twice since 2004,...

Upcoming events.(Calendar)
June 1, 2007... JUNE 10-13 PRIMA Conference The Public Risk Management Association will hold its 28th Annual Conference with educational sessions covering OSHA, enterprise risk management, employee benefits and leadership. This event will be held...

Quote of the month.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2007... "We believe in staying away from volume." --BRIAN M. STORMS, PRESIDENT AND CEO, MARSH INC., SPEAKING DURING A LUNCHEON PANEL AT THE ANNUAL CONFERENCE OF THE RISK AND INSURANCE MANAGEMENT SOCIETY INC.

Study: workers 'overly confident' in managing retirement risk: four out of five workers say they can cut back on their lifestyle if savings dry up, but it's also an attitude that could get them into trouble.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2007... American workers appear relatively confident about their investment acumen, with 62 percent of them saying people do not need to be "sophisticated investors" to manage their savings in retirement. In addition, 66 percent of workers...

Katrina appeals week: expect a big verdict out of the 5th Circuit Court of Appeals.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2007... On Monday, April 16, the jury for Weiss v. Allstate in the U.S. District Court in New Orleans slapped the carrier with a $2.8 million verdict--big news. But even bigger jurisprudence could result from "Katrina appeals week"--the week of June...

'Green economy' creates demand for surety products: green industries and policies will require new surety guarantees, according to a report.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2007... Should the "green economy" take hold with consumers and local and state governments--in the form of carbon-trading markets that exist in Europe, for example--demand for surety products will rise, a new report found. In Europe,...

Look into the crystal market: hurricane market launches new contracts, could forecast future.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2007... The major hurricane forecasters have released their May seasonal forecasts, but for risk and insurance professionals wanting another gauge on the current cyclone season, started June 1, check out the Chicago Mercantile Exchange's Hurricane...

Takaful market posts solid growth: higher oil prices and a Gulf building boom boost demand for coverage.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2007... Premiums in the Gulf Cooperation Council's Takaful market, a form of mutual profit-sharing insurance acceptable in Islamic, or Sharia, law, reached the equivalent of $167 million in 2005, a 41 percent increase over the $119 million in premiums...

Worth Repeating.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2007... "People can't thank us enough." Emina Burak, wellness coordinator, University of Vermont "Because the markets have not had available for many years these types of risk mitigants, they've been helpless." Felix Carabello, director of...

Dodging bullets: broker and insurer CEOs face off on contingent commissions.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2007... At first, it appeared as if the CEO leadership panel at the annual meeting of the Risk and Insurance Management Society Inc. on May 1 would proceed as a routine luncheon with insurance company and broker CEOs singing their own praises and...

A premier act: entertainment broker makes the world's biggest concerts happen.(BROKERS: People, Ideas and Trends shaping the Brokerage Community)(Interview)
June 1, 2007... Editor's note: Kathryn Dorton is a senior vice president in the sports and entertainment practice at Marsh's Denver office. She is also the insurance broker for one of the world's largest concert promoters, securing coverage for everything from...

Global Willis Group Holding Ltd.(BROKER MOVES)
June 1, 2007... Global Willis Group Holdings Ltd. appointed ADAM CIONGOLI as general counsel. Ciongoli, former law clerk to U,S. Supreme Court Justice Samuel A. Alito Jr., will oversee Willis' legal, compliance and audit functions. Willis also announced the...

Arthur J. Gallagher & Co.(BROKER MOVES)
June 1, 2007... Arthur J. Gallagher & Co. appointed SUSAN MCGRATH as its corporate vice president and chief human resource . officer. Most recently, she served as vice president of human resources at GE Commercial Distribution Finance, providing both domestic...

Marsh Inc.(BROKER MOVES)
June 1, 2007... Marsh Inc. appointed MIKE KELLY as head of its San Francisco office and WARD CHING as west zone growth leader based in San Francisco. Kelly has been with Marsh for 18 years and most recently served as west zone casualty practice leader. Ching,...

Hilb Rogal & Hobbs.(BROKER MOVES)
June 1, 2007... Hilb Rogal & Hobbs named DAVID M. HOFELE president of its San Francisco Bay Area operations. Prior to joining HRH, Hofele served as managing partner, general counsel and secretary of Savannah, Ga.-based insurance brokerage Palmer & Cay Inc.

Kinloch Holdings Inc.(BROKER MOVES)
June 1, 2007... Kinloch Holdings Inc., a recently formed New York-based insurance brokerage holding company, named THOMAS E, O'NEIL as executive vice president. Previously chief operating officer of USI Holdings, he helped take USI public.

U.S. Risk Brokers.(BROKER MOVES)
June 1, 2007... U.S. Risk Brokers, a subsidiary of U.S. Risk Insurance Group, announced JAMES C. DALTON as a senior broker for its Houston office. Former director of corporate liability for Seitlin Property and Casualty of Florida, Dalton will assume...

Integro Ltd.(BROKER MOVES)
June 1, 2007... Insurance broker Integro Ltd. has appointed ROBERT F. X. FEENEY as chief financial officer. Feeney joins Integro from HSBC, where he was managing director and business manager for global markets Americas. Prior to HSBC, Feeney was managing...

The graveyard's where it's at.(ROGER ON RISK)
June 1, 2007... As a former drummer, I know about keeping time. The professional musician that I wasn't good enough to be lives on inside me, however: I work nights. My defense used to be that the phone doesn't ring, the TV programs are even more worthless,...

Will it never go away?(BROKERAGE)
June 1, 2007... Try as you will to turn a page and move on, some stories just won't go away. Don Imus, the powerful radio shock jock, learned that recently when his serial racism finally caught up with him. An especially ugly remark, one of many over many...

Breeds apart.(RISK MANAGEMENT)
June 1, 2007... The way things are going, we will have to scrap the title "Risk Manager" and insert something completely new. Risk managers are in higher demand than ever before, and are being employed in far more ways than one would have imagined 15 years...

Adventures in dangerous dining.(THE LAW)
June 1, 2007... Hepatitis A at Chi-Chi's and O'Charley's. E. coli at Taco Bell, Sizzler and Jack-in-the Box. Salmonella at Golden Corral and in your peanut butter. It used to be, "Where can I get a good bite to eat?" More recently, it's, "Where can I go and...

Fixing comp by fixing errors.(WORKERS' COMP)
June 1, 2007... For four years, the time I have been writing this column, I have failed to address head-on a problem right at the heart of managing workers' comp claims. The problem is the high error rate in decision-making involving medical professionals....

Healing whole: a revolution in the way that employers handle their workers' behavioral issues is underfoot. A holistic approach to healing will empower employees to help themselves, and provide employers of all sizes with the tools to lead them along the way.(Interview)(Cover story)
June 1, 2007... Summary * The tools and services that employers wield to manage employee behavioral risk will become more holistic and effective in the next decade, just as they've progressed in the last decade. * Employers are already benefiting from...

Injecting health care into the workplace: the focus on wellness and reduced absenteeism has prompted some companies to bring wellness clinics on-site to save time, money and perhaps even lives.(HEALTH CARE)
June 1, 2007... Summary * Corporations are setting up on-site wellness clinics to give employees closer access to health care. Early experiments report higher productivity among workers and lower health care costs. * Employers can expect to see a...

All because of a clause: too often, stock clauses are used without attention to their implications, yet there are almost as many variations of E&O clauses as there are parties using them.(REINSURANCE)
June 1, 2007... Summary * Using E&O clauses to rewrite agreements is not equitable rectification. * An E&O clause alone cannot be used to expand the subject matter of a treaty. * Some atypical claims-reporting clauses in treaties contain E&O...

Patchwork silt: mending an existing legacy insurance policy with technology coverage is worth its weight in mud. Such patchwork is insufficient, and only a new approach recognizes the importance of computer systems and networks to the success of the enterprise.(SPECIAL REPORT: TECHNOLOGY)
June 1, 2007... A lot of attention has been focused on computer network liability and technology insurance lately, and with good reason. Rarely a week passes without a report of data loss from a carefully planned network security breach or identity-theft...

Blending compliance with technology: integrating the complex compliance demands of today's regulatory environment with your operational needs into a holistic technology solution could be the answer.(SPECIAL REPORT: TECHNOLOGY)
June 1, 2007... The insurance industry faces compliance challenges in areas such as transparency with the Generally Accepted Accounting Principles; privacy with the Health Insurance Portability and Accountability Act; accountability with the Sarbanes-Oxley...

Guaranty funds are efficient and effective: though imperfect, guaranty funds have met their obligations, to the tune of $21 billion in claims, to policyholders whose carriers have become insolvent.(INSURANCE)
June 1, 2007... Summary * Guaranty funds deliver an essential public service to property/casualty policyholders, and always have. * Alternatives and proposed changes to the insolvency system are largely unproven. * Proposed reforms promise to...

The big deal about not being fully present: workers physically but not mentally present on the job are a big deal, so big that in some cases they may be costing companies more than direct health-care costs and absenteeism combined.(RISK MANAGEMENT)
June 1, 2007... Many workers and even some managers assume that showing up at work is tantamount to getting the job done. But productivity is a continuous variable, and it is apparent that many employees accomplish little or no work for part of many workdays...

Grappling with a climate of change: a warming planet is forcing some carriers and reinsurers to re-examine limits and exclusions to existing policies, and others to rethink some of their products entirely.(INDUSTRY RISK REPORT: WEATHER RISK)
June 1, 2007... In the movie, "The Day After Tomorrow," cities are wiped out by tsunami waves, tomadoes and hurricanes, and much of the planet is transformed into a frozen wasteland as global warming triggers the abrupt onset of a new ice age. Although...

Industry risk report: utilities/energy.
June 1, 2007... INDUSTRY REPORT UTILITIES/ENERGY As one risk manager at an energy/utility company charges, his sector perhaps uses group mutuals and captives better than any other industry out there. Yet all of that cooperation still did not protect...

Directory.(Directory)(Buyers guide)
June 1, 2007... INVESTIGATIVE SERVICES Below are paid listings by vendors offering investigative services. This guide is not intended to be a complete directory but is an overview of some of the packages available. Suppliers themselves have provided...