Author Archives: Caroline McDonald

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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Aerospace Market Premiums Continue to Fall

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Favorable loss records and low claims in the aerospace industry has led to steadily falling premiums of about 5% for the past eight years and jumping to 8% in 2014, according a report by Aon Risk Solutions.

Aon’s Aerospace Insurance Market Report 2015 found that the industry’s improved risk profile is the result of enhancements in technology and security as well as better working practices. Claims have averaged about $200 million, while annual premium is more than $700 million, which could suggest “that despite the price of lead premium falling for eight consecutive years, there is still a long way for the sector to fall,” Aon said, noting that the reality is that the premium level reflects the potential for massive, exceptionally complicated claims. “As a result, while the price of premium could continue to decline gradually in the absence of major claims, the soft market conditions are unlikely to accelerate.”

While an improved risk profile plays an important role, another major factor is that the insurance industry “has become a haven for global investment capital, offering enhanced returns in comparison with other financial markets,” according to the study. This has increased capacity in the market and created competition that has driven down prices. “This could mean that current levels of competition in the market for aerospace business will decline and the pace of reduction in the aerospace insurance markets will slow. There is little evidence that this process is taking place at this stage, but it is a factor that could change during the next couple of years,” the study said.

According to Aon:

Smaller Companies At Higher Risk of Employee Theft

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While every organization is at risk of employee theft–with the typical company losing 5% of revenue to fraud each year–smaller organizations with less than 500 employees (72%) were the most targeted.

According to The 2015 Hiscox Embezzlement Watchlist: A Snapshot of Employee Theft in the U.S., of the smaller companies targeted, four out of five had less than 100 employees and more than half had fewer than 25 employees. Smaller organizations also had the largest losses, according to the survey. Financial services companies were most at risk (21%), followed by non-profits, labor unions and municipalities.

Hiscox noted steps organizations can take to minimize employee theft, adding that this is most important for small- to medium-sized businesses, which can be more impacted by theft. In fact, the survey found that 58% showed no recovery of their losses.

Perpetrators of crime include tellers, bookkeepers and office managers. There is also a wide variety of schemes that have been used. 

U.S. Rates Continue Holding Pattern

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Insurance renewals in May showed premiums in the U.S. to be steady except when there were changes in the exposure base, according to MarketWatch. Rates are stable and most commercial accounts are securing renewal terms as they expire.

“A lot of business renewed in May 2015. Overall, rates largely continue in a holding pattern. It seems both insureds and insurers are content to move forward with little to no changes,” Richard Kerr, CEO of MarketScout said in a statement. “The only notable exception is transportation where the auto portion of these accounts is driving an average 2% increase.”

Business Owners Policies (BOP) were up from flat to plus 1% in May as compared to April 2015. EPLI coverage was down from plus 1% to flat, or 0% increase, MatketWatch said. By account size, rates matched April. Jumbo accounts (more than $1 million premium) continue to show the greatest reductions at minus 2%. Small (up to $25,000 premium) and medium ($25,001 to $250,000 premium) accounts were up 1%.

Contracting was the only industry classification to change from April to May 2015. Contracting was up 1%.

MarketScout, an insurance distribution and underwriting company headquartered in Dallas, compiles the Commercial and Personal Lines Market Barometers. The firm owns and operates the MarketScout Exchange at marketscout.com as well as more than 40 other online and traditional underwriting and distribution venues.

The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout’s analysis of market conditions.

May 2015 rates by coverage, account size and industry class:

 

 

 

 

Quest Data Shows Rise in Positive Test Rates for Workplace Illicit Drugs

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Organizations in the United States that tested employees for drugs saw a 9.3% jump in the number of positive drug tests for illicit drugs in the general workforce, to 4.7% in 2014 from 4.3% in 2013, according to data from Quest Diagnostics. These results may mark a rising trend, as 2013 was the first year since 2003 in which the overall positivity rate for about 1.1 million tests increased in the general U.S. workforce. The analysis shows a potential reversal of a decades-long decline in the abuse of illicit drugs in the U.S. workforce, Quest said.

“American workers are increasingly testing positive for workforce drug use across almost all workforce categories and drug test specimen types. In the past, we have noted increases in prescription drug positivity rates, but now it seems illicit drug use may be on the rise, according to our data,” Dr. Barry Sample, director of science and technology at Quest Diagnostics Employer Solutions, said in a statement.

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“These findings are especially concerning because they suggest that the recent focus on illicit marijuana use may be too narrow, and that other dangerous drugs are potentially making a comeback.”

While marijuana continues to be the most commonly detected illicit drug, others include cocaine, methamphetamine and heroin, Quest reported, noting that across all specimen types, the positivity rate for amphetamines is now at the highest levels on record and the positivity rate for methamphetamine is at its highest level since 2007. Amphetamines make up the category that includes both prescription amphetamine drugs like Adderall as well as methamphetamine. The positivity rate for 6-acetylmorphine, or 6-AM, a specific marker for heroin, doubled in the general U.S. workforce between 2011 and 2014, According to Quest.

In urine drug test data from two states with recreational marijuana-use laws, Colorado and Washington, the marijuana positivity rate increased 14% and 16%, respectively, in the general U.S. workforce between 2013 and 2014. This roughly paralleled the national average of 14.

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3%. By comparison, between 2012 and 2013, the marijuana positivity rate increased 20% and 23% in Colorado and Washington, respectively, compared to the national average of 5%, Quest said.

“We were surprised that marijuana positivity increased at about the same rate in Colorado and Washington as the rest of the United States in 2014, particularly given the sharp increases in the marijuana positivity rate in both of these states in the prior year,” Dr. Sample said. “It’s unclear if this data suggest a leveling off in marijuana use in these particular states or if some other factor is at work. We also find it notable that the national marijuana positivity rate increased as much as it did in 2014, and question if this means that people are more accepting and therefore more likely to use marijuana recreationally or for therapeutic purposes than in the past even in states where marijuana’s use is not clearly sanctioned by state laws. This will be an important area of continued analysis given the national debate about the legality and health impacts of recreational and medicinal marijuana use.”