About Caroline McDonald

Caroline McDonald is a writer and former senior editor of the Risk Management Monitor and Risk Management magazine.
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Risk Management Profession Given an ‘A’ by CNN Money

Risk management is a career that has long flown under the radar. Because it is not a common job choice, a frequent question of risk managers is how they found theirPemberton2 way into the profession. Risk managers say they wouldn’t do anything else. The reasons they list include interesting duties that differ from day to day, opportunities for creative thinking and problem-solving, and collaboration with other areas in their company.

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Now CNN Money has made the job’s advantages official, listing risk management director as the “second best job in America” of the top 100 “careers with big growth, great pay and satisfying work.”

According to CNN Money:

The job has evolved in recent years to be about more than just natural disasters. Directors are now also tasked with identifying, preventing, and planning for all the risks a company might face, from cybersecurity breaches to a stock market collapse.

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Asked why she thinks the job is great, Julie Pemberton, vice president at Diatom Ventures and RIMS 2016 president, told CNN Money:

As they uncover new risks, risk management directors must also advise the company on how to address them. That keeps me totally engaged and gives me the ability to be creative and find solutions for the business. I’m constantly contributing to the business in a meaningful way.

The job as risk management director was given a grade “A” for personal satisfaction, “A” for its benefit to society, “B” for telecommuting and “B” for low stress.

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Top pay for the job was listed as $200,000 with median pay of $131,000.

Business Interruption Seen as Top Risk Globally

A survey of more than 1,200 risk managers and corporate insurance experts in over 50 countries identified business interruption as the top concern for 2017. According to the sixth annual Allianz Risk Barometer of top business risks, this is the fifth successive year that business interruption has been seen as the biggest risk.
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“Companies worldwide are bracing for a year of uncertainty,” Chris Fischer Hirs, CEO of AGCS said in a statement. “They are concerned about rather unpredictable changes in the legal, geopolitical and market environment around the world. A range of new risks are emerging beyond the perennial perils of fire and natural catastrophes and require re-thinking of current monitoring and risk management tools.”

While natural disasters and fires are what businesses fear most, non-damage events such as a cyber incident, terrorism or political violence resulting in denial of access are moving higher up on the scale, according to the report. These types of incidents can cause large loss of income to companies, without actual physical loss.

The second concern, market developments, could result from stagnant markets or M&As, or from digitalization and use of new technologies.

Cyberrisk, third on the list of perils, has jumped up from 15th place in just four years. Cyber was identified as the second concern in the United States and Europe.

According to Allianz:

The results indicate that cyber risk occupies a significant portion of a company’s exposure map. The risk now goes far and beyond the issue of privacy and data breaches. A single incident, be it a technical glitch, human error or an attack, can lead to severe business interruption, loss of market share and cause reputational damage. Of the top 10 global risks in the 2017 Allianz Risk Barometer, a cyber incident could be a potential root cause or trigger for 50% of them. In addition, the toughening of data protection regulation regimes around the world is also contributing to this risk being at the forefront of risk managers’ minds, as penalties for non-compliance are increasingly severe.

Fourth on the list, natural catastrophes added up to $150 billion in total economic losses in 2016—with insured losses accounting for $42 billion of those losses—up from $28 billion in 2015, according to the report. Businesses also are more concerned about the impact of climate change and increasing weather volatility year-on-year.

Trump outlook for 2017

“Opportunities and challenges,” says Ludovic Subran, head of Euler Hermes Economic Research and deputy chief economist of Allianz research. “Companies which are domestic, either a regional multinational or national, will benefit. However, the business environment for large multi-national corporations who do have global, strongly regionally diversified business models will be more challenging. Stronger regional interests will make the lives of companies more complicated as there will be increasing protectionist regulation.”

Act Now to Prevent Frozen Water Pipes

Freezing weather can bring the unexpected, from slippery sidewalks and ice dams to one of the most common problems—frozen water pipes. Knowing what conditions can cause pipes to freeze is the first step to prevention. If pipes do freeze, a quick response can keep them from bursting, avoiding the expense of replacement, possible water damage to walls, floors and electrical systems, or even a business shutdown.

According to the Insurance Institute for Business & Home Safety (IBHS), 37% of all frozen pipe failures occur in a structure’s basement. What’s more, pipe insulation to keep water pipes from freezing in the first place costs much less than the price of repairs.

IBHS recommends these prevention steps for businesses:
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Interstate notes that pipes are most likely to freeze in Connecticut, Maryland, New York, Ohio and Pennsylvania and that a 1/8 inch crack can cause the loss of 250 gallons of water per day and damages from $2,000 to $100,000.

According to Interstate:
frozen-pipes1

If pipes freeze, Interstate recommends:
Do:

  • Turn off the water flow using the main water valve
  • Inspect the pipe carefully for cracks or damage
  • Consult a plumber for advice, if you find cracks or signs of damage (also be sure to consult a professional if you aren’t sure which pipe is frozen and/or you are unable to inspect it)
  • Thaw the pipe gradually using a hair dryer or space heater
  • Confirm the pipe has thawed by turning the main water valve back on and making sure that water flows
  • Take steps to raise the temperature in the area where the pipe froze or insulate the pipe

Don’t:

  • Use a blow torch or open flame to thaw a frozen pipe – open heat sources can cause fires and other safety hazards
  • Stand in water while you are operating an electrical heater, dryer or any appliance—you could be electrocuted

2016 Ends with 1% Average Rate Reduction

The year ended with few surprises in commercial insurance pricing in the United States, after 2016 started out with a composite rate decrease of 4%. In ms-barometerApril, rates began to moderate and continued reductions of 1% to 2% per month. The year closed with a composite rate reduction of 1%, according to MarketScout.

While the soft market has been going for 16 months, that period seems longer because for the first eight months of 2016, the composite rate was flat to plus 1% before dropping into negative territory, MarketScout said.

“We have been tracking commercial property and casualty rates since 2001. Generally, the soft or hard market cycles last at least three years,” Richard Kerr, CEO of MarketScout, said in a statement.

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“We expect more moderate rate reductions for the coming year for all but a few lines of business.” An increase in interest rates could accelerate rate reductions, he added.

By coverage classification, commercial property moderated in December, from down 3% to down 2%. Workers’ compensation rates dropped from down 1% to down 2%.

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EPLI and crime were the only coverages that saw rate increases—both lines of coverage went up by 1% to up 2%. The composite rate for all other coverages was unchanged.
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By account size, there were no changes from November to December 2016.
ms-account-size

By industry classification, contractors adjusted from down 1% to flat. Transportation accounts saw ongoing rate increases across the board, jumping from up 3% in November to up 5% in December.

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