Category Archives: Insurance

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Marsh Report Shows Continued Demand for Terrorism Coverage

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As the current Terrorism Risk Insurance Act (TRIA) moves closer to its scheduled expiration date of December 31, 2014, the debate is heating up over whether the federal backstop remains necessary and whether the market demand for terrorism coverage still exists. According to the Marsh 2013 Terrorism Risk Insurance Report, released April 30, demand for coverage has remained both steady and strong. These results only reinforce the need for a long-term extension of the terrorism backstop.

During the first full year of TRIA, only 27% of organizations obtained terrorism coverage as the market was still adjusting to the TRIA program and the fallout from the 9/11 attacks. Since that time, take-up rates have grown steadily. By 2005 the take-up rate for terrorism insurance was 58%. Today the rate is more than 60%—where it has been since 2009. The take-up rates are highest among companies with total insured value (TIV) over $500 million, but even those companies with less than $100 million in TIV obtained terrorism insurance at a 59% rate in 2012.

Take-up rates did vary amongst different industry sectors. Companies within the media, education, financial institutions, health care or nonprofit sectors obtained terrorism coverage at a rate above 70% during 2012, with the media sector leading the way with an 81% take-up rate. The food and beverage, manufacturing, chemical and energy and mining and sectors were at the low end with take-up rates of 50% or lower.

With regard to region, companies located in the Northeast were most likely to obtain terrorism insurance with a take-up rate of 77% in 2012. This is to be expected given the concentration of large metro areas with high population density.

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However, other regions are showing a strong need for coverage as well. Companies located in the South, West and Midwest regions obtained coverage at the rates of 63%, 53%, and 58% respectively in 2012.

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The threat of terrorism is not just a Northeast problem, and companies in regions with a less-perceived threat of terrorism are showing recognition of that fact.

If TRIA is allowed to expire, these numbers could change drastically as capacity would be significantly decreased. Without TRIA, insurers would no longer be required to offer terrorism coverage. The Marsh report shows that terrorism pricing, as a part of property premiums, has remained within the 3-5% range since 2010. Premiums would likely rise, however, without TRIA, and the certainty it provides insurers essentially subsidizes current rates.

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Additionally, companies with a high exposure concentration in central business districts or major metropolitan areas would likely not be able to purchase the necessary amount of coverage, forcing them to self-insure all or part of their terrorism risks.

The Marsh report covers many other issues surrounding the terrorism market that are not discussed here, including: considerations in using captives for terrorism coverage; the terrorism reinsurance market; the standalone terrorism market; and implications on workers compensation and general liability coverage if TRIA were allowed to expire.

Saving Your Company From a Social Media Nightmare

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Facebook has more than 1 billion users worldwide. Twitter processes more than 340 million tweets per day. What is the liability for your company? Are you liable for postings made from employees’ own devices? Can you legally access your employees’ social media sites or base hiring and firing decisions on them?

“Social Media in the Workplace: Litigation Risks and Insurance Coverage” — a RIMS 2013 session — covered these critical issues. Presenting on the topic were:

  • Karen Bachman, director, risk management and privacy for Shire Pharmaceuticals
  • Max Perkins, underwriter, specialty lines for Beazley Group
  • Joann Lytle, partner, McCarter & English, LLP
What is social media? According to Merriam-Webster, it’s:
Forms of electronic communication (as Web sites for social networking and microblogging) through which users create online communities to share information, ideas, personal messages, and other content (as videos)
“It’s basically what we have done for years in terms of networking and interfacing but it’s now in an electronic format that moves at the speed of sound and speed of light,” said Perkins.”It can be scary at times but can also be used to your benefit.”By now, most of us are aware of the reasons why companies use social media, including:
  • marketing
  • customer service
  • market research
  • hiring

But what are the concerns?

  • Privacy “What if someone makes a mistake and mentions a patient’s health history,” asked Perkins. “How is your HR team using social media? Are they able to do that legally?”
  • The speed and ease of communication lead people to make impulsive, ill-considered comments
  • Permanent record

But alas, as the speakers pointed out, there are resources available to organizations that wish to manage the risks of social media? They can:

  • Draft a social media use policy
  • Require employee training
  • Monitor social media use
  • Purchase insurance “It’s not all there right now, it’s still developing,” said Perkins.
Joann Lytle used an interesting, real-world example. A health clinic employee disclosed the contents of a patient’s medical file, including the fact that the patient had a sexually transmitted disease from a sexual partner other than her husband. Another employe created a MySpace page with picture of the patient and disclosed the contents of her medical file, disclosing she has an STD. Though the page was only up for a few days, it was enough for a legal case against Fairview (Yath vs Fairview Clinic).
It seems like it would be a cut and dry case, ending in Yath’s favor.But that’s not what happened.
Fairview had a policy prohibiting the use of social media at work. Technical evidence demonstrated that the MySpace page was not created at the employer’s place of business.
“It really saved Fairview,” said Lytle. “They did the right thing and took the right steps. If any of the factors were different, it could’ve been a huge liability.“
How should a company respond to a potentially damaging post? “This is the kind of thing you should be planning for in advance,” said Bachman
  • Take full responsibility — in social media, it’s impossible to run and hide
  • Make no excuses — stick to clarifying an incident — stick with real data
  • Respond immediately 
  • Do not get into an ongoing conversation with other posters — you’re just going to get deeper and deeper into trouble with no way to dig yourself out

We only need to look at LinkedIn’s Top 5 Corporate Twitter Disasters of 2012 to understand how a simple mistake or an irate employee can cause a media nightmare.Companies can establish a framework to manage risk these risks, however. Aside from monitoring and training, companies can purchase media content liability coverage, including:

  • Defamation, libel, slander, infringement of copyright
  • Infringement of domain name, trademark, trade name, trade dress
  • Plagiarism, piracy, misappropriation of ideas under an implied contract
  • Invasion or interference with an individual’s right to privacy

“One thing to think about is where your culture is within the organization,” said Perkins. “Do you have a cultural awareness of what social media is?”

Countdown to RIMS ’13

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In just two days, the RIMS 2013 Annual Conference & Exhibition will kick off in Los Angeles. Each year this event plays host to inspiring keynote speeches, educational sessions and countless opportunities for networking. And this year is no different — just better.

Some of the highlights of RIMS ’13 include:

  • Keynote speaker Simon Sinek, the author of Start with Why: How Great Leaders Inspire Everyone to Take Action and Ted Talk alumni.
  • Howie Mandel, who will give the crowd a few laughs during the conference finale Wednesday, April 24th at 2:15pm
  • The RIMS Thought Leader Theater, which will deliver more than 20 fast-paced, 25-minute topical presentations not offered at any other time during the conference
  • The RIMS Smart Bar, which will provide a place for attendees to learn about the latest hints and tips for engaging with the global risk community through social media
  • A series of 60-minute “power hours” offering educational sessions designed specifically for the adult learner
And of course, the staff of Risk Management will be on hand to deliver post after post — writing about the various sessions, events and people we will meet. So tune in here and through the various RIMS social media apps to keep up with the RIMS 2013 Annual Conference & Exhibition.
Here we go!

Munich Re: Scientifically Proving Climate Change Affects Thunderstorm Losses

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“It has been possible for the first time to scientifically prove that climatic changes have already influenced U.S. thunderstorm losses.”

That’s the statement Munich Re put forth this week when it issued a report stating the correlation between climate change and severe thunderstorm losses in the United States, findings that were based on a 1970-2009 study produced by Munich Re and the German Aerospace Center.

The study examined hail, tornado, thundersquall and heavy rainfall losses throughout the United States, finding that the increase from thunderstorm losses remained, even after adjustments to take into account socio-economi changes.

“It is therefore clear that the change in losses during the period in question is largely driven by changes in climatological boundary conditions,” said Eberhard Faust, from Munich Re’s Geo Risks Research and co-author of the study. “In particular, the potential energy required in the atmosphere for the formation of severe thunderstorms has increased in the course of time.

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This report comes after a record-setting 2011, a year in which thunderstorms and tornadoes caused more than $25 billion in insured losses with 553 direct fatalities., according to the Insurance Information Institute.

The graph below illustrates U.S. thunderstorm loss trends from 1980 to 2012.

As Dr. Peter Röder, member of Munich Re’s board of management points out, “This scientific study shows, on the one hand, that some regions already need to adapt to changing weather risks. This concerns the insurance industry as risk carrier, first and foremost, but also those in the private and public spheres responsible for deciding on prevention measures.

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