Category Archives: Insurance

Игроки всегда ценят удобный и стабильный доступ к играм. Для этого идеально подходит зеркало Вавады, которое позволяет обходить любые ограничения, обеспечивая доступ ко всем бонусам и слотам.

‘A Christmas Story’ Risks Demystified

Posted on by

Who knew A Christmas Story was so full of dangerous and costly risks? Think about it. A “double dog-dare” could have led to a disasterous school yard injury and we all know what can happen when kids play with BB guns.

Lockton, which recognized the huge risks involved, has published a white paper examining these and other risks in the classic movie. They have even gone a step further, outlining the potential costs of coverage.

buy addyi online meadfamilydental.com/wp-content/uploads/2023/10/jpg/addyi.html no prescription pharmacy

For example, consider this: unsupervised children left to amuse themselves on an icy cold playground.

buy flagyl online meadfamilydental.com/wp-content/uploads/2023/10/jpg/flagyl.html no prescription pharmacy

“Winter is filled with fun, but also dangerous with recess activities like snowball fights and playing tag on icy blacktops. Even with the best of intentions, some injuries are unavoidable and parents are bound to hold the school liable,” according to the report, Ralphie’s Risk Management Story: An Insurance Perspective on the Holiday Classic, “A Christmas Story.” Cost of insurance for this risk? A policy with limits of ,000 for each individual—with a premium cost of 0.

buy robaxin online meadfamilydental.com/wp-content/uploads/2023/10/jpg/robaxin.html no prescription pharmacy

And who could forget the “priceless” leg lamp, won through a newspaper sweepstakes, but broken during a “vacuuming accident?” In this scenario it’s Lloyd’s to the rescue with $1 million in coverage and a premium of $5,000.

But wait, there’s more. The paper looks at exposures including shipment of Ralphie Parker’s pink bunny suit; workers compensation for employees of the Chop Suey Palace—where a worker cuts his finger preparing the Parkers’ Christmas dinner; the Parker home and automobile risks; Santa’s infamous slide at Higbee’s Department Store; and the risks of a Red Ryder BB gun misfire. Now that’s a lot of risk, but fortunately, all manageable.

Happy Holidays!

FIO Releases Insurance Modernization Report

Posted on by

The Federal Insurance Office has released its long awaited report on ways to modernize United States insurance regulation has finally been released. The report, originally due January 21, 2012, was mandated as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

In the report, the FIO calls for a “hybrid approach to insurance regulation that provides a practical, fact-based roadmap to modernize and improve the U.S. system of insurance regulation,” said Michael McRaith, Director of the Federal Insurance Office. “Importantly, this report reflects the dynamic nature of the regulatory system for insurers and provides an explicit path for state and federal regulatory entities to calibrate involvement going forward.”

“Today’s report details strengths and weaknesses of the current insurance regulatory system, considerations for determining where and how to modernize and improve that system, and a way forward to increase the effectiveness of insurance oversight in the United States, said Under Secretary for Domestic Finance Mary Miller. “This is a significant step in understanding and strengthening the current system to better protect American consumers.”

The FIO considered several factors in putting together the report including: systemic risk regulation with respect to insurance, capital standards, consolidated supervision, consumer protection and affordability, the degree of uniformity of state insurance regulation, and international coordination. A look at the costs and benefits of federal regulation over a variety of insurance lines was also required by Dodd-Frank, in addition to issues pertaining to competitiveness. All lines of insurance, excluding health, were examined.

A full copy of the report can be found here.

Executives Explore Strategic Risk

Posted on by

Quickly made business decisions and innovations in technology—such as big data and social media—can throw a curve to a company’s strategic risk management, according to a survey by Deloitte. As a result, risk managers need to be prepared to act quickly to avoid disruptions that can follow.

buy stendra online cphia2023.com/wp-content/uploads/2023/08/jpg/stendra.html no prescription pharmacy

The study, Exploring Strategic Risk: 300 Executives around the World Say Their View of Strategic Risk is Changing, found that 81% of companies surveyed manage strategic risk explicitly, focusing on major risks that could impact the long-term performance of their organization.

Strategic risk management is also more of a board level priority, with 67% saying the CEO and board have oversight in managing strategic risk. They also say reputation risk is now their biggest risk concern.

buy lexapro online cphia2023.com/wp-content/uploads/2023/08/jpg/lexapro.html no prescription pharmacy

Much of this concern is due to the instantaneous aspects of social media globally, which can impact a company’s perception in the marketplace.

While reputation was already the top risk identified by financial services three years ago, and still is today, the energy sector didn’t see reputation as a top-five risk. Today, however, they see it as their number-one risk.

Respondents said they expect human capital and innovation to be the top strategic assets for companies to invest in three years from now, according to the study.

buy isofair online cphia2023.com/wp-content/uploads/2023/08/jpg/isofair.html no prescription pharmacy

Illustrations: Deloitte

TRIA Is Not a Government Bailout

Posted on by

The following is an excerpt from the RIMS executive report “Terrorism Risk Insurance Act: The Commercial Consumer’s Perspective.” The report is available for download here.

Much of the skepticism surrounding the need for the Terrorism Risk Insurance Act (TRIA) stems from nega­tive perceptions of the government bailouts handed out to various finan­cial institutions in 2008-2009 and the view that TRIA is a similar bailout for the insurance companies; TRIA, however, differs significantly in that the government’s role in TRIA is to act as a reinsurer, and not as a major creditor as was the case with the financial institution bailouts.

Reinsurance is a risk management tool that allows the primary insurer to shift certain risks to the reinsurer to reduce volatility, allow coverage of large risks and to free up capacity for the insurer. With TRIA the govern­ment is essentially acting as reinsurer. The government assumes some of the market terrorism risk and agrees to pay a portion of the losses over the $100 million threshold discussed earlier. The ability of the private market to shift some of the risks to the government in the event of a loss frees up capacity for the insurers, which is then made available to the consumer. Without the government acting in a reinsurance capacity, the private market would be forced to assume the entire risk, which would likely lead to little or no capacity at higher prices, particular in high risk areas.

It is important to note that the program only costs the government money in the event that the $100 million + 20% deductible threshold is reached. If losses remain below this level in any given year, then the private market is responsible for the entirety of those losses. Since TRIA’s enactment in 2002 the government has not made any expenditures outside of minimal administrative costs associated with setting up the program.

If the $100 million + 20% deductible threshold is reached, and the gov­ernment begins to pay its share of losses, there is a mechanism in place for the government to recoup those expenditures. In the years follow­ing the federal sharing of losses, but prior to September 30, 2017, the Secretary of the Treasury is required to institute a surcharge on insur­ers to recoup 133% of the claims paid by the government. This man­datory recoupment does not apply if the insurance industry’s aggregate uncompensated losses exceed $27.5 billion; however, the Treasury Secre­tary does retain the authority to apply a surcharge at his/her discretion.