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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U.S. Sues VW

VW logo

The U.S. Justice Department on Monday sued Volkswagen in federal court in Michigan for illegally installing faulty emission control devices in about 600,000 vehicles. The lawsuit, filed on behalf of the U.S. Environmental Protection Agency (EPA), accuses VW of four counts of violating the U.S. Clean Air Act, including tampering with the emissions control system and failing to report violations.

According to a Reuters review of the U.S. complaint, VW could face fines of up to $37,500 per vehicle for each of two violations of the law, up to $3,750 per “defeat device,” and another $37,500 for each day of violation.

Risk Management magazine reported in December 2015 that the affected EA 189 diesel engines were installed in more than 11 million Volkswagen and Audi vehicles manufactured between 2009 and 2014. The company announced on Oct. 22 that it was also looking into whether the software might be in earlier versions of its latest EA 288 diesel engine, potentially adding millions more to the total.

Regulators across the globe, including in India, South Korea and Germany, are conducting their own investigations, as are attorneys general in all 50 U.S. states. The Justice Department has been seen as the only agency that might hold executives personally accountable, according to The New York Times.

The government is seeking a number of penalties against the company, including fines and further actions to mitigate the emission of harmful pollutants. A federal court will determine what actions the company must take to reduce emissions and a dollar figure for the penalty.

VW (VOWG_p.DE) shares fell as much as 6% to a six-week low on Jan. 5, the biggest drop yet on Germany’s blue-chip DAX index, Reuters said.

Close of 2015 Sees More Rate Reductions

Insurers’ competition and ongoing fight for market share resulted in a composite rate down 4% in December for the U.S. property and casualty market. But while market cycles are here to stay, the current cycles are tame compared to some previous years.Barometer In 2002, there was a mean average rate increase of 30% and, in 2007, a mean average decrease of 13%, according to MarketScout.

“Market cycles are part of our life, be it insurance, real estate, interest rates or the price of oil. Market cycles are going to occur without question. The only questions are when, how much and how long.” MarketScout CEORichard Kerr said in a statement. “While it may seem the insurance industry has already been in a prolonged soft market cycle, we are only four months in.

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The market certainly feels like it has been soft for much longer, because rates bumped along at flat or plus 1% to 1½% from July 2014 to September 2015.” He pointed out that the technical trigger of a soft market occurs when the composite rate drops below par for three consecutive months.

Rate Trend

MarketScout has been tracking the U.S. property and casualty market since July 2001. Kerr pointed out that during that time, the length and veracity of the market cycles has become less volatile in the last five or six years. “Thus, the impact of a hard or soft market in today’s environment may be 5% or 6% up or down,” he said. “Can you imagine how we would react today in a market such as that of July 2002 when the composite rate was up 32%? Or in December 2007 when the composite rate was down 16%? Underwriters today have better tools to price their products and forecast losses. Further, the chances of a rogue underwriter or company are greatly reduced by the industries’ checks and balances. There may be less excitement but there are probably far fewer CEO heart attacks.”

December 2015 rate summary by coverage, industry class and account size:
Coverage1
Industry class2
Account size3

Pemberton Named 2016 RIMS President

RIMS today announced that Julie Pemberton will lead the organization as president for the 2016 term, effective Jan. 1.

Pemberton is director of enterprise risk and insurance management for Outerwall Inc. She has been a member of RIMS for more than 16 years and on its board of directors for six years. Previously, she served as the Society’s vice president and board liaison to RIMS External Affairs Committee. She is also a member of RIMS Chicago chapter.

Pemberton_web“Every invention. Every startup. Every process, guideline, protocol and standard starts with an idea,” Ms. Pemberton said. “Risk professionals’ responsibilities continue to evolve and are growing within their organizations. In addition to mitigating the impact of a risk, practitioners are initiating ideas and developing solutions to not only prevent unwanted risks but to embrace and enable risk-taking that optimizes business growth.”

She continued that, as RIMS’ 62nd president, “I look forward to helping this Society focus on the future, ensuring that we continue to advance and convert ideas into valuable resources that support the world’s risk management community.”

Ex-Officio, Richard J. Roberts Jr., said, “This year has been a spectacular ride and I couldn’t have done it without the support of my fellow Board Directors. You are a talented group of professionals, extraordinary volunteers and have become great friends. Thank you.”

Officers on RIMS 2016 Board of Directors:

  • President: Julie C. Pemberton, ARM; director, enterprise risk and insurance management, Outerwall Inc.
  • Vice President: Nowell R. Seaman, CIP, CRM; director, global risk management, Potash Corporation of Saskatchewan Inc.
  • Treasurer: Jennifer Santiago, ARM; director of insurance, Novartis Corporation
  • Secretary: Steve Pottle, CIP, CRM; director, risk management services, York University.

New Board Members:

  • Emily Cummins, CPA, CPCU, CISSP, ARM, ARE; managing director of tax and risk management, National Rifle Association
  • Barry Dillard; director, claims management, Walt Disney Parks and Resorts U.S.
  • Laura Langone; senior director, global risk management and insurance, PayPal, Inc. Holdings.

Incumbent Board Members:

  • Gordon Adams; risk management, Servco Pacific Inc.
  • Gloria Brosius; corporate risk manager, Pinnacle Agriculture Holdings
  • Robert Cartwright Jr., CRM; safety and health manager, Bridgestone Retail Operations, LLC
  • Richard J. Roberts, Jr., RF, ALCM, ARM, ARME, CPCU; director of risk management and employee benefits, Ensign-Bickford Industries, Inc. (Ex-Officio)
  • Janet Stein; director, risk management & insurance, University of Calgary
  • Robert Zhang; China risk and compliance manager, IKEA (China) Investment Co., Ltd.

For more information about RIMS, visit www.RIMS.org.

Stay Safe: Prevent Holiday Fires

Xmas lights

Each year during the holiday season, hospital emergency rooms in the United States treat about 10,800 people for injuries such as falls, cuts and shocks related to holiday lights, decorations and Christmas trees. There are also 11,000 candle-related fires each year resulting in 150 deaths and 1,200 injuries. Christmas trees are involved in about 600 fires annually, resulting in 50 deaths, 180 injuries and more than $15 million in property loss and damage, according to the Denver Fire Department.

The National Fire Protection Association (NFP) noted that overall, the leading causes of fires in office properties are the result of:

office property damage

The Denver Fire Department urges businesses and citizens to keep the holiday safe from fires. “Decorative lights, combustible decorations, candles, special cooking, home decorating, parties where people drink and smoke and, most of all, the onset of the heating appliance season, all increase the likelihood of a fire,” the department said.

It also urged extra caution when using portable space heaters. According to the NFP, there have been more than 60,000 fires caused by space heaters since 1998. Here are some safety recommendations:

Space heater safety

  • Keep kerosene and electric heaters away from curtains and wall coverings.
  • Keep children away from all heaters.
  • Never use gasoline in a kerosene heater.
  • Make sure your heater is clean and that it carries an F.M. or U.L. listing.
  • Always consult the owner’s manual before using any portable heaters.
  • Never leave heaters unattended.

When decorating

  • Use only U.L.-approved lights.
  • Never use more than three strands linked together.
  • Inspect electric lights for broken or cracked sockets and frayed wires and replace if necessary. Do not use indoor lights outdoors or vice versa.
  • Do not overload extension cords, and do not connect more than three sets of lights to one cord. Outlets should be readily accessible for quick disconnection if necessary.
  • Never use lighted candles near a tree or other decorations.
  • All lights should be securely fastened to the tree.
  • No bulbs should come into contact with needles or branches.
  • Turn off all holiday lights when you leave.
  • Avoid use of extension cords.
  • Never run an electrical cord under carpeting.
  • Use miniature lights, which have cool-burning bulbs.
  • Never use candles, even on artificial trees.
  • Avoid placing small or breakable ornaments on lower branches where children or pets can knock them off. Every year many children are treated for cuts from broken ornaments, or from swallowing broken pieces and small parts.

Interstate Restoration recommendations:

Maintain a safe Christmas tree

  • Assign someone to water live Christmas trees daily and monitor them for signs of drying.
  • Place trees at least several feet from heat sources that could contribute to drying or potentially ignite them.
  • Consider low-voltage lights and decorations.
  • When needles start dropping, remove and recycle the tree.

Remember the off switch
If any portable space heaters are in use, plug them directly into a wall outlet and ask people to always turn off space heaters when they leave a room unattended and especially when they leave for the night or weekend.