Risk & Insurance back issues from June 2008:
A boomer's advice.(LETTERS TO THE EDITOR)
Jun 01, 2008; ... Dear Editor: Being both an aging boomer, and intimately involved with a workforce of equally aging boomers, I would like to add a few pieces of information that Peter Rousmaniere did not mention (in "Aging Matters," Risk & Insurance[R], March 2008, Page 16). First, ...
Banks beat insurers.(LETTERS TO THE EDITOR)
Jun 01, 2008; ... Dear Editor, Great article, Roger! ("Marveling at Losing a Billion," April 15, 2008, page 14). I applaud your candor and accurate depiction of the travesties that one must endure in the industry sector as a result of these infrequent catastrophic, albeit not cataclysmic ...
Exposing the triple-A game.
Jun 01, 2008; ... In the playoffs, basketball stars are expected to bring their Agame to the court. In the bond ratings game, corporations are desperate to bring their A-game, their triple-A game in fact, before umpires named Moody's, Standard & Poor's and Fitch ... and what a sordid game it is. ...
The damage from 'Super Tuesday'.(WEATHER RISK)
Jun 01, 2008 ... Last winter, the Southern states were ravaged by a record number of February tornadoes from a single U.S. storm system. After the event, dubbed the Super Tuesday Tornado Outbreak, the National Oceanic and Atmospheric Administration's National Weather Service Storm Prediction Center ...
Ask the expert: Maddy Bowling.(WORKERS' COMP)
Jun 01, 2008 ... As the workers' compensation industry becomes more reliant on technology, some experts believe this trend alienates workers and leads to more claims. However, Maddy Bowling, a Chicago-based consultant, said technology may still hold the ...
What self-insured employers should know.(BENEFITS POWER BROKERS)
Jun 01, 2008 ... The Self-Insurance Institute of America Inc. provides us with its outlook of the biggest trends and issues confronting those employers that self-insure for ...
A mandate for change.(BENEFITS POWER BROKERS)
Jun 01, 2008 ... It's practically a fact of life that Americans get health coverage through work unless they're elderly, poor or unemployed. But this employee benefit is under attack as never before as ...
EMPAQ 2.0.(BENEFITS POWER BROKERS)
Jun 01, 2008 ... While "EMPAQ 1.0" has produced a great deal of vital information; the mission of "EMPAQ 2.0" is to make the data "come alive" as an integral part of the benefits development and administration ...
The pitfalls of being a TPA customer.(CLAIMS)
Jun 01, 2008 ... A litigator with Anderson Kill's Insurance Recovery Group uncovers the pitfalls encountered by companies with self-funded health plans in their dealings with TPAs (including stop-loss insurers). ...
Cayman and Bermuda not the only ACE place: political currents force ACE to redomesticate from Caribbean locations to Zurich, the commercial center of a landlocked nation. Others could be in line to do the same.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Later this summer, the Bermuda insurance market will shrink significantly. It will be the first time that this has happened in 60 years. Few jobs will be lost, no business written from Bermuda will be written elsewhere, at least initially, but ...
Quote of the month.(UPFRONT: News, Updates and Other Emerging Strategies from Award the World)
Jun 01, 2008; ... "Anything that alerts the public to the need to monitor their TPAs and the fact that there may ...
Report calls for rethinking strategies to solving risks in the megacat age: innovations would include a national database and pricing premiums to reflect the risk.(UPFRONT: News, Updates and Other Emerging Strategies from Award the World)(Report)
Jun 01, 2008; ... New solutions to cover future catastrophic losses would include a mix of public-private partnerships and greater uses of alternative risk transfer mechanisms, according to a new report by the Wharton Risk Management and Decision Process Center. The center is part of the highly regarded ...
Reinsurance prices in the first quarter continue to slide: prices fall by as much as 15 percent to 20 percent in some markets.(UPFRONT: News, Updates and Other Emerging Strategies from Award the World)
Jun 01, 2008; ... Pricing declines continued to affect the reinsurance industry in the first quarter of 2008, as soft pricing and the lack of big, expensive catastrophes meant few large claims, according to a quarterly survey of reinsurance buyers done by Willis Group. "Closing out the first ...
Quality service: smaller brokerage firms outperform the juggernauts in survey of risk managers at large corporations.(BROKERS: People, Ideas and Trends shaping the Brokerage Community)
Jun 01, 2008; ... Watch out big brokers. Recently released research results indicate risk managers at large corporations rate smaller brokerage firms better than their global counterparts in terms of their overall quality of client service. Marsh, Aon and Willis all received average scores, ...
Quote of the month.(BROKERS: People, Ideas and Trends shaping the Brokerage Community)
Jun 01, 2008; ... "The risk manager increasingly is looking for proof that is visible in the public domain that ...
Aon Corp.(BROKER MOVES)
Jun 01, 2008 ... [ILLUSTRATION OMITTED] Aon Corp. has announced four new hires in Aon's Honolulu office. MARCUS KIM was named senior vice president, focusing on healthcare systems, long-term care, physician groups and large property portfolios. Prior to joining Aon, Kim spent 13 years at Marsh ...
Beecher Carlson.(BROKER MOVES)
Jun 01, 2008 ... [ILLUSTRATION OMITTED] Beecher Carlson has appointed TONI JOHNSON as senior vice president in its National Construction and Real Estate practice. Prior to joining Beecher Carlson, Johnson ...
The Council of Insurance Agents & Brokers.(BROKER MOVES)
Jun 01, 2008 ... [ILLUSTRATION OMITTED] GEORGE A. STEADMAN III was named the 2008 chairman of The Council of Insurance Agents & Brokers. Steadman is the president and chief operating officer of ...
New edition, new controversy.(WORKERS' COMP)
Jun 01, 2008; ... Tens of billions of dollars are tied up in workers' compensation claims for which a physician makes a formal determination of permanent impairment. A new edition of the publication that guides impairment examiners is a big event. The 2008 edition--the first since 2000--has triggered a ...
Offshore's sinking feeling.(ROGER ON RISK)
Jun 01, 2008; ... Offshore is sinking. It has been done in by guys with names like Osama, Karl-Heinz and Rupert--and Obama, Hillary and Evan. What was offshore? A philosophy that didn't buy bloated bureaucracies serving only themselves, taxes that kill initiative and laws piled upon laws ....
New captain boards USS Marsh.(BROKERAGE)
Jun 01, 2008; ... As the agent-broker world well knows, veteran insurance executive Brian Duperreault is the new man at the helm of the troubled Marsh & McLennan Cos., to the delight of analysts who were critical of his predecessor, Michael Cherkasky, who was consequently tossed overboard. Cherkasky ...
Yearning for risk.(THE LAW)
Jun 01, 2008; ... This column has nothing to do with the law but everything to do with the pictures on my office walls. Americans, on the whole, work too hard. And lawyers are particularly hard-working people, in my experience. In my 30 years as a trial lawyer, 60-hour weeks were the minimum, ...
Sorting out prerogatives.(RISK MANAGEMENT)
Jun 01, 2008; ... Now playing on the floor of the U.S. House of Representatives is that feel-good legislative proposal of the year known as NARAB II. While most Roman-numeraled sequels fail to satisfy fans of the original, NARAB II solves this dilemma because there was never really a NARAB I to pale with in ...
Rigged for risk: Travelers Oil & Gas has a potent weapon in Brian Krause, a career oil well firefighter who is extinguishing risk for clients all over the world.(Cover story)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * Brian Krause worked with the oil well control industry's most recognizable leader, Red Adair. * His defining moment was controlling 36 wells after the Piper Alpha disaster in the North Sea in 1988, during which 168 people ...
Brokers battle benefits blues: rising medical costs and retirement fears beset those seeking best and brightest. Wellness plans are key to new health era.(BENEFIT POWER BROKERS)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * Recent surveys suggest that employees' confidence about their ability to adequately save for retirement has dropped sharply in the pest year. * Coordinating company long-term benefits with those offered by Social Security ...
Benefit power brokers: health.
Jun 01, 2008 ... [ILLUSTRATION OMITTED] Aaron M. Wells Employee Benefits Director Hilb Rogal & Hobbs Wichita, Kan. When a television company acquired stations from a worldwide media conglomerate, it created the arduous task of switching 2,100 ...
Benefit power brokers: disability.(Company overview)
Jun 01, 2008 ... [ILLUSTRATION OMITTED] Charles Cotter, CLU, ChFC Principal Barney & Barney, LLC San Diego Three years ago Chuck Cotter began working on an idea to help employers in the small to mid-market keep healthcare costs under control through ...
Benefit power brokers: retirement.
Jun 01, 2008 ... [ILLUSTRATION OMITTED] Alex LeBlanc Senior Vice President, Market Leader Aon Consulting Inc. Baltimore/Washington, D.C. Alex LeBlanc may be without peer among retirement benefits consultants when it comes to driving data; and even ...
Benefit power brokers: life.
Jun 01, 2008 ... [ILLUSTRATION OMITTED] W. Scott Gantt, RHU, GBA, CEBS President Benefit Controls of the Carolinas Inc. Charlotte, N.C. As president of Benefit Controls of the Carolinas, W. Scott Gantt wears many hats. He is involved in ...
Benefit power brokers: dental.
Jun 01, 2008 ... [ILLUSTRATION OMITTED] Chris E. Vick Vice President Wachovia Insurance Services, Inc. Savannah, Ga. Companies have to weigh a number of different factors when deciding on a voluntary dental program. Each plan's network allowances, ...
Supplying answers: it's impossible to eliminate every risk in the global supply chain but it is possible to minimize them. Supply strategies for managing the top five supply chain risks.(RISK MANAGEMENT)(Company overview)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * How a company manages its warranty process can affect its reputation for years to come. * The Holy Grail of supply chain management is to match supply with demand. * Manufacturing "postponement," that is, ...
Weathering the commodities crisis: agriculture dominates the world's headlines, with news of rising prices and extreme weather sowing concern among farmers, governments and consumers almost daily. New weather risk management tools provide a ray of sunshine.(ALTERNATIVE RISK)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * The agricultural sector is learning the value of weather risk management tools. * The best products for ag producers are over-the-counter contracts designed to meet their specific needs. * Newer tools can help ...
Speeding ahead with more auto claims data: Event Data Recorders promise a revolution in automobile collision claims handling.(TECHNOLOGY)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * Within two years, Event Data Recorders will be used to shed light on nearly every accident on the road. * Data collected by the devices has held up in court. * Admissibility of EDR data varies from state to state ...
Has comp profit peaked? California losses and premium show decline as earlier reforms take hold, but a backlash in the state house is now feared.(WORKERS' COMP)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * California insurance reforms have put an end to "doctor shopping," according to one healthcare expert. * A pending legal challenge in Florida is awaiting action by the court to decide on the validity of capping attorney ...
Sifting through the alphabet soup of designations: various insurance industry educational designations have sprung up over the years, but their perceived value to gain advancement in the industry has ebbed and flowed.(IN-DEPTH)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] SUMMARY * Enterprise risk management, although a hot concept, has yet to gain a lot of traction as an industry certificate or designation. * The combination of an MBA and a Chartered Property Casualty Underwriter designation is ...
A violation of trust: a California verdict drives home the cost of TPA mismanagement of a workers' compensation contract and perhaps reveals a more widespread problem.(SPECIAL REPORT: CLAIMS)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * A California jury returned a $4.66 million breach of contract and negligence verdict against Philadelphia-based ESIS Inc, in February, only to see the award reduced to $2.9 million in April. * Executives with other TPAs say ...
A case in context: despite the strict standards written into many TPA contracts, the various legal avenues available should the relationship sour, and the sometimes uneasy relationships between public insurance pools and their TPA, it's still the insurance pool risk manager who is responsible for minding the store.(SPECIAL REPORT: CLAIMS)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * Because arbitration clauses are written into most public entity/TPA contracts, the number of lawsuits stemming from such contracts shouldn't be high, according to experts. * Most public sector-TPA contracts have strict ...
Enveloped in the fog of maritime risk: crimes on the high seas are rarely prosecuted, if at all, but payouts by carriers for cruise ship liabilities are about to increase tenfold.(INDUSTRY RISK REPORT: MARINE SHIPPING)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * Federal legislation is under consideration that would require oceangoing cruise lines to do a better job of reporting onboard incidents, but it faces a presidential veto. * A few high-profile incidents in recent years, as ...
Industry risk report: shipping and marine.
Jun 01, 2008; ... In addition to hull coverage to protect vessels against loss from storms at sea, shipping and cruise line companies have to navigate a patchwork of international taxation and maritime laws, protect themselves against rising fuel costs, and even defend themselves from alleged violations of ...
Technology.(Directory)
Jun 01, 2008 ... Below are paid listings of specialty software packages for the 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 provided this data. To obtain more ...
The secret weapon for ERM implementation: training team members in risk management is not enough. The successful risk officer takes on the role of coach: building the right team and passionately exhorting members to do their utmost.(RISK MANAGEMENT)
Jun 01, 2008; ... [ILLUSTRATION OMITTED] Summary * Valuable input in creating and implementing a risk management program can sometimes come from employees or managers most staunchly opposed to implementing the program. * The key to becoming a great coach of risk management ...
Lockton Cos.(EXECUTIVE MOVES)
Jun 01, 2008 ... [ILLUSTRATION OMITTED] RUSTY LAMB joined Lockton Cos. in Atlanta as vice president of retirement services, Lamb, 49, will lead the firm's launch into retirement plan consulting ...
Agency Specialty Product Network Insurance Services Inc.(EXECUTIVE MOVES)
Jun 01, 2008 ... [ILLUSTRATION OMITTED] PETER BREITSTONE was named president and CEO of Agency Specialty Product Network Insurance Services Inc., a subsidiary of Aon. Breitstone will be responsible for growing and developing the ASPN platform, which is a distribution system to ...
F. Marshall Turner.(EXECUTIVE MOVES)
Jun 01, 2008 ... F. MARSHALL TURNER was named president and CEO of Maxum Indemnity Co. and Maxum Casualty Insurance Co., as well as head of management for the Maxum Specialty Insurance Group, effective May 5. Turner will also serve as director of both Maxum ...
AIR Worldwide Corp.(EXECUTIVE MOVES)
Jun 01, 2008 ... [ILLUSTRATION OMITTED] DENNIS FASKING and JIN ZHANG joined AIR Worldwide Corp.'s expanding Consulting and Client Services Group. Fasking has been involved in the insurance industry in a variety of capacities for 38 years, working for State Farm ...
Upcoming events.(Calendar)
Jun 01, 2008 ... JUNE 8-11 IMCA Meeting The Insurance Marketing Communications Association hosts its annual meeting, the nation's leading forum for insurance marketing and communications professionals. This event is held at the Hilton Cincinnati. For more ...
Plotting a tighter course: tougher economic times and competitive market conditions call for improving the focus of professional education.(VIEWPOINT)
Jun 01, 2008; ... The economy is tanking. The insurance market is soft. Revenue is off. "Let's just cut education spending for now to help balance things out." How many times have insurance business leaders uttered--or at least thought--these words? Too often, such cuts are merely indicative of the ...