Category Archives: Insurance

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Is the Insurance Industry Improving for Women?

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women in financial services

More than 70% of women in insurance believe the industry is making progress toward gender equality and, for the second year in a row, over two-thirds think their company is working to promote gender diversity, according to a new survey from the Insurance Industry Charitable Foundation.

After the IICF Women in Insurance Global Conference, which brought together 650 insurance professionals, senior executive speakers, and CEOs to discuss how the industry can increase gender diversity in the workplace, the foundation polled attendees on the current reality of gender diversity and its evolution across the insurance industry.

Almost half of attendees agree that their company is working to promote gender diversity with another 19% strongly agreeing, but 24.5% disagreed, and 7.1% disagreed strongly. Biases in advancement (51%) and lack of opportunities for professional advancement (24.6%) remain the biggest barriers for women seeking leadership positions in their companies, respondents said. The industry may be making some progress on those issues, however, as the percentage of women who named “biases in advancement” and “lack of opportunities for professional advancement” as the chief barriers fell to 68% from 76% last year.

“As evidenced by the tremendous turnout of the 2015 Women in Insurance Global Conference and the engaging discussions it created, companies are clearly recognizing the need for a more gender inclusive workplace,” said Betsy Myatt, executive director of IICF’s Northeast Division.

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But the findings make clear that insurance still lags far behind other sectors of the financial services industry in terms of support for women. Those surveyed – who were all there because they work in the insurance industry – said that insurance was the least supportive of advancing women to senior leadership, compared to accounting (47.8%), banking (26.1%) and investment services (14.1%).

“While there is still progress to be made toward achieving gender equality, the vast majority of survey respondents who have found a positive shift in corporate culture is certainly telling of the strides the insurance industry has made thus far,” said Bill Ross, CEO of IICF.

Some of the survey’s key insights include:

Which of the following is the greatest challenge women face in is ascending to positions of leadership within the insurance industry?

  1. Inflexible workplace standards: 7.
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    4%

  2. Women don’t promote themselves enough or effectively: 30.1%
  3. Limited opportunities mobility up the corporate ladder: 39.4%
  4. Lack of C-suite sponsorship: 23.0%

Which of the following financial services sectors is the most supportive of the advancement of women to senior leadership.

  1. Banking: 26.1%
  2. Insurance: 12.0%
  3. Accounting: 47.8%
  4. Investment Services: 14.1%

Which of the following is the biggest barrier to entry (perceived or actual) for women seeking leadership positions in their company.

  1. Lack of opportunities for professional advancement: 24.6%
  2. Lack of desire from company leadership to appoint women to senior leadership roles: 17.0%
  3. Biases in advancement: 51.1%
  4. Desire to start a family: 14.1%

In what way do you believe gender equality has been most improved across the insurance industry?

  1. The establishment of mentorship programs: 14.
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    2%

  2. Sponsoring executive networking opportunities: 24.0%
  3. More active recruitment of a gender-diverse workforce: 26.2%
  4. Shift in corporate culture: 35.6%

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:

Cybersecurity, Product Recall and Drones Top List of Emerging Casualty Risks

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The cybersecurity insurance industry is booming, with demand for this specialty coverage vastly outpacing any other emerging risk line, according to a new survey by London-based broker RKH Specialty. In fact, 70% of the insurance professionals surveyed listed cyber as the top casualty exposure.

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The brokers, agents, insurers and risk managers RKH queried after April’s RIMS 2015 conference said their top casualty concerns after cyber are product recall and drones (11% each), with others including e-cigarettes, autonomous vehicles and telematics totaling only eight percent.

RKH Specialty Study Graph

“Losses stemming from cyber-related attacks and business interruption can be catastrophic for individual businesses,” said Barnaby Rugge-Price, RKH Specialty’s CEO.

“Healthcare and retail have been the major buyers in the cyber space to date but we are seeing an increasing conversion rate across the whole of our portfolio. After a number of years of looking at the offering, clients are increasingly deciding to purchase the cover as the product has improved and the frequency of attacks has continued to increase. There has also been a heightened focus on the business interruption aspect, where cyber attacks can cause whole facilities to shut down. But whether cyber related or not, any interruption to the supply chain can cause a disproportionate loss. The survey highlights the importance of specialist insurance for a whole host of emerging risks.”

Turning specifically to property exposures, supply chain disruption was identified by 61% as the top risk, followed by flood (30%) and tornadoes (9%). The findings reflect a growing recognition of the potential exposures that longer and more complex supply chains introduce, the firm said.

The brokerage also asked insurance professionals what they think clients are and will be most concerned about when evaluating a broker’s service, and in turn, what brokers will need to focus on to stay competitive. They predict:

RKH Specialty broker service

FM Global Teaches Explosive Safety Lessons

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FM Global Fire Hazard Lab

This week, I ventured up to West Glocester, Rhode Island, home of the coolest place any insurance broker, insurance client, or risk management journalist can visit: the FM Global Research Campus.

Hurricane Force Wind Simulation

Because FM Global is intently focused on prevention of loss as the chief means of minimizing claims, the company maintains a 1,600-acre campus dedicated to property loss prevention scientific research. The biggest center of its kind, the research center features some of the most advanced technology to conduct research on fire, natural hazards, electrical hazards, and hydraulics. Here, experts can recreate clients’ warehouse conditions to test whether existing suppression practices would be sufficient in the event of a massive fire, for example.
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Fabricated hail or seven-foot 2x4s are shot from a cannon-like instrument at plywood, windows, or roofing to test whether these materials can withstand debris that goes flying in hurricane-strength winds. Hydraulic, mechanical and environmental tests are conducted on components of fire protection systems, like sprinklers, to ensure effectiveness overall and under the specific conditions clients face. Further, in cases where there were not sufficient loss prevention solutions, the company’s scientists and engineers have even designed and patented new, more effective sprinklers and other loss prevention technology, the rights to which are released so anyone can manufacture these improved safety measures.

Fire is the leading cause of loss in every calendar year, and watching a pile of plastic pallets ignite into a 60-foot fire while you feel the radiant heat through the glass of the lab’s observation deck is a powerful reality check for anyone evaluating risk exposure in their facility. As you watch the pallets melt, forming a plastic pool that also catches fire and spreads, you see the fire double in size every 45 seconds. If your strategy is primarily to rely on the local fire station, the researchers note, a minimal response time, assuming decent proximity, no traffic or inclement weather, and full staffing, would probably be at least five to 10 minutes. It only took seven minutes for their sample fire to reach almost three stories high, flickering around the edges of the massive ceiling-mounted calorimeter (which measures heat and the particles and smoke released).

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One of the most striking demonstrations comes in the form of a dust explosion. Whether released through product manufacturing, a byproduct of processing, or simply lazy housekeeping, a wide variety of dusts can fill the air in many facilities. Flour, sugar, metal dust, wood and resin are all highly flammable and exceptionally common.

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To cause an explosion, you simply need a few conditions: fuel (the dust), oxygen, ignition, suspension (in other words, the dust has not settled, increasing the surface area), and a confined space (ie. inside the facility, the dust stays in the environment). What happens then? Check out the video below for a slow-motion look at the explosion that results from just a hard hat full of phenolic resin.