Category Archives: Insurance

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Spencer Gala Raises $1.14 Million for Risk Management Education

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Spencer Educational Fund Gala

Spencer Scholar DeAnna Young (Photo: Joe Zwielich)

NEW YORK—The Spencer Education Foundation raised more than $1.14 million for scholarships and insurance industry education at last night’s gala dinner at the Waldorf Astoria. Attended by more than 750 industry executives, the 2015 gala set records for both fundraising and number of attendees.

Proceeds from the event will fund scholarships for students and professionals studying risk management and insurance and will also finance the foundation’s grant programs. Last year’s gala raised $1.06 million.

Dean Klisura, managing director of global industry specialties and placement leader for Marsh, and Chris Maleno, senior vice president at ACE Group and division president at ACE USA, were honored for their contributions to the advancement of risk management and insurance educational opportunities.

“These individuals are role models for the next generation of industry leaders, and their companies are, and continue to be, dedicated supporters of the foundation and advocates for industry education,” said Brion Callori, chairman of the Spencer Educational Foundation.

Dean Klisura and Christopher Maleno

Dean Klisura and Christopher Maleno

The gala also featured remarks from three Spencer scholars:

▪ Angela Addo—master’s degree student at Niagara University and recipient of the Anita Benedetti Memorial Scholarship, awarded to the female graduate student with the highest grade point average.

▪ Michael Beneventano—senior at St. John’s University and recipient of the Dante Petrizzo Memorial Scholarship, sponsored by the RIMS NY Chapter.

▪ DeAnna Young—senior at St. John’s University and recipient of the William J. Clagnaz Memorial Scholarship, sponsored by ACE Group.

Discussing the significance of the Spencer Educational Foundation’s scholarship program, Maleno told the Risk Management Monitor, “It’s no secret to anybody—it’s been in the news as currently as this week—that there is a trillion dollars in student debt. A college education costs a significant amount of money, but there is also no doubt that a college education really can change people’s lives. It becomes a gateway to careers and opportunity.”

He noted the importance of Spencer’s core mission to help fund education for people who are interested in risk management and the insurance industry. “We definitely are going to need more fresh minds in this business and we have to get people prepared for that,” he said. “Spencer is not only helping to fund people interested in our industry, but they also work closely with the universities to help create and structure programs in and around risk management.”

Maleno, who has worked with Spencer since 2002, said that there are currently about a dozen young professionals at ACE who are Spencer award recipients.

Klisura told the Monitor that Marsh has employed 28 scholarship recipients over the years and currently has nine former scholars working for the company. “I think we would all agree, as executives and leaders, that we don’t have enough great, young talent coming into the industry. This is a way to identify talent and for them to build their networks and credibility.” He added, “Scholarships provide a financial bridge to ease the way to graduation before they can join the industry and find permanent jobs.”

Spencer announced in May that it has named a record number of full-time scholarship recipients, with 63 undergraduate, graduate and pre-dissertation scholars sharing more than $342,000 in merit-based scholarship awards. Since 1979, more than $5.6 million has been awarded to 820 scholars, Spencer reported.

“In industry conferences and seminars, bringing competent talent into the industry remains one of the major topics of discussion,” Callori said. “Because of the industry’s continued support, we have been able to award a record number of undergraduate and graduate scholarships to some of the best and brightest students desiring to come into the industry.”

Facts about this year’s scholarship class include:

  • Fifty-seven students received undergraduate scholarships of $5,000; six graduate students, including one pre-dissertation Ph.D. student, received $10,000 scholarships.
    • Undergraduate Leah Lupu, a junior at Olivet College, received the $7,500 Doug Barlow Scholarship, recognizing the student with the highest grade point average.
    • Angela Addo, a graduate student at Niagara University, received the Anita Benedetti Memorial Scholarship, given to the female graduate student with the highest GPA.
  • This year’s class of Spencer Scholars represents 27 schools in the U.S. and Canada.
  • For the 58 undergraduate scholars, the average overall GPA is 3.76.
  • Seventy-five percent of the scholars are majoring in risk management & insurance, 29% are studying finance, and 22% are majoring in actuarial studies.
  • Of those undergraduates pursuing minors, information systems was most popular at 29%.

In addition to 25 general undergraduate scholarships, the foundation awarded 33 named undergraduate scholarships.

August P&C Rates Flatten in U.S.

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The August 2015 composite rate for property and casualty insurance placements in the United States were flat or showed no change compared to the July 2015 composite rate, Aug-Market Scoutwhich was up 1%, according to MarketScout.

“Thus far, 2015 is proving to be a steady year.

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Rates were up very slightly in February and July but all other months were flat,” said Richard Kerr, chief executive officer of MarketScout.

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“Again, it appears soft markets are not as soft as they once were and hard markets aren’t as hard. The cycles are moderating, probably because underwriters have so many tools to assure pricing is appropriate. These tools and increased board level oversight keep the cowboys in check—at least most of the time.”

All accounts with premiums under $1,000,000 were flat. Insureds with premiums in excess of $1,000,000 paid 3% less than in the same period last year. “Clearly, large insurance buyers are getting preferential pricing from insurers,” MarketScout said.

Rates by coverage classification were flat except for commercial auto, which was up 2%, and commercial property, which was up 1%.

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By industry classification, all rates were flat except manufacturing, which was down 1%, and transportation, which was up 2%.

Summary of August 2015 rates by coverage, industry class and account size:

Coverage-1

Account-2Industry-3

3 Strategies to Protect Your Organization from Political Risk

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From the Middle East to Eurasia to Eastern Europe, events and potential events that translate into political risk fill the news.

Political risk is instability that damages or threatens to damage an existing or potential asset, or significantly disrupt a business operation. Examples include sustained political and labor unrest, terrorism and violent conflict. This risk is increasingly regional in nature, as the Arab Spring and sudden spread of Islamic State control demonstrate.

According to the new Clements Worldwide Risk Index, political unrest is the number one concern among top global managers at multinational corporations and global aid and development organizations.

Risk managers in these organizations responded in the Worldwide Risk Index survey that political risk and instability—including cyber attacks—are real and growing. Twenty-eight percent of top managers surveyed stated political unrest was their top concern, while 25% cited kidnapping, and nearly 10% cited terrorism.

When it comes to terrorism, the Worldwide Risk Index results align with the data. The U.S. State Department’s Annual Country Report on Terrorism released recently indicates that the number of terrorist attacks worldwide in 2014 increased 35%, while total fatalities from terrorism activities grew by 81%, compared to 2013.

But as violence and unrest have increased, readiness for it trails far behind. Twenty-one percent of respondents admitted being “not prepared at all” for a terrorist attack, while 11% considered themselves “very prepared;” 17% said they were “very prepared” for the ramifications of a disease outbreak, while 10% they were “not prepared at all” for that threat; and 21% said they were “not prepared at all” for a cyberattack.

Perhaps most troubling, these concerns and lack of preparedness are impacting business decisions. Twenty-one percent of Worldwide Risk Index respondents had delayed plans to expand into new countries due to rising international risks.

So what can executives do to bring their organizations’ preparedness in line with growing risks around the world?

First, they can invest more in risk management overall. This means emergency planning, training, security and other techniques to manage and reduce risk. An important element is also testing the plan, which typically highlights gaps. Forty-four percent of Worldwide Risk Index respondents increased spending on this activity. While not a majority, it is still a significant percentage of organizations investing more in basic risk management.

Next, corporate executives should consider retaining the services of the growing number of political risk, insurance and security consultancies that provide political intelligence. While the quality of these firms vary and they are not a substitute for direct experience, these companies provide useful insights into potential risks one might encounter, especially when starting operations in a new location. Risk managers can also personally monitor catalysts to political unrest, such as elections, which are often linked to demonstrations and disturbances in developing countries, particularly with the rise of social media. Elections and other catalysts have caused disruptions in surprising places around the globe, such as Thailand. Corporate executives, including risk managers, need to understand that no country is absolutely “safe” anymore.

Finally, organizations need to consider increasing their spending on international insurance. Fifty-seven percent of the respondents to the Worldwide Risk Index report doing just that. There are more options than ever before for political violence and risk, kidnap and ransom (K&R), evacuation and related policies. Organizations can work with individual carriers, or with brokers who can help tailor policies to specific risk profiles. The best organizations link their brokers or insurance carriers to their overall risk management strategy and ensure their plans include which broker to contact in case of which emergency, as it may differ for a medical versus a property event.

The global economy is more integrated than ever, with more markets opening every year. Yet global supply lines and other business operations and investments are more dependent on particular political factors than at any time in modern history. Political unrest, instability and even conflict are “normal” realities that drive business decisions in evermore areas of the world. This risk can be managed. To do it, executives need to get serious about bringing their risk management strategies into line with the new “facts on the ground.”

Hurricane Katrina Recovery By the Numbers

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In anticipation of the 10th anniversary of Hurricane Katrina next week, the Insurance Information Institute collated data on the range of damage it caused, including insurance claims by coverage and state, National Flood Insurance Program losses, and other sources of recovery funds. The costliest hurricane in U.S. history, Katrina killed 1,800 people and cost $125 billion in total economic losses. Such catastrophic losses do not just demonstrate the impact of megadisasters, however.

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As the III points out, while “awareness of flooding due to coastal storms rises, so too does the population of coastal communities.

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Check out the infographic below for a look at Hurricane Katrina’s total toll and key takeaways:

hurricane katrina damage infographic