Category Archives: Property/Casualty

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Pemberton Named 2016 RIMS President

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RIMS today announced that Julie Pemberton will lead the organization as president for the 2016 term, effective Jan. 1.

Pemberton is director of enterprise risk and insurance management for Outerwall Inc. She has been a member of RIMS for more than 16 years and on its board of directors for six years. Previously, she served as the Society’s vice president and board liaison to RIMS External Affairs Committee. She is also a member of RIMS Chicago chapter.

Pemberton_web“Every invention. Every startup. Every process, guideline, protocol and standard starts with an idea,” Ms. Pemberton said. “Risk professionals’ responsibilities continue to evolve and are growing within their organizations. In addition to mitigating the impact of a risk, practitioners are initiating ideas and developing solutions to not only prevent unwanted risks but to embrace and enable risk-taking that optimizes business growth.”

She continued that, as RIMS’ 62nd president, “I look forward to helping this Society focus on the future, ensuring that we continue to advance and convert ideas into valuable resources that support the world’s risk management community.”

Ex-Officio, Richard J. Roberts Jr., said, “This year has been a spectacular ride and I couldn’t have done it without the support of my fellow Board Directors. You are a talented group of professionals, extraordinary volunteers and have become great friends. Thank you.”

Officers on RIMS 2016 Board of Directors:

  • President: Julie C. Pemberton, ARM; director, enterprise risk and insurance management, Outerwall Inc.
  • Vice President: Nowell R. Seaman, CIP, CRM; director, global risk management, Potash Corporation of Saskatchewan Inc.
  • Treasurer: Jennifer Santiago, ARM; director of insurance, Novartis Corporation
  • Secretary: Steve Pottle, CIP, CRM; director, risk management services, York University.

New Board Members:

  • Emily Cummins, CPA, CPCU, CISSP, ARM, ARE; managing director of tax and risk management, National Rifle Association
  • Barry Dillard; director, claims management, Walt Disney Parks and Resorts U.S.
  • Laura Langone; senior director, global risk management and insurance, PayPal, Inc. Holdings.

Incumbent Board Members:

  • Gordon Adams; risk management, Servco Pacific Inc.
  • Gloria Brosius; corporate risk manager, Pinnacle Agriculture Holdings
  • Robert Cartwright Jr., CRM; safety and health manager, Bridgestone Retail Operations, LLC
  • Richard J. Roberts, Jr., RF, ALCM, ARM, ARME, CPCU; director of risk management and employee benefits, Ensign-Bickford Industries, Inc. (Ex-Officio)
  • Janet Stein; director, risk management & insurance, University of Calgary
  • Robert Zhang; China risk and compliance manager, IKEA (China) Investment Co., Ltd.

For more information about RIMS, visit www.RIMS.org.

U.S. P&C Rates Continue to Decline

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As 2015 draws to a close, U.S. property and casualty insurers continue to adjust rates downward. The composite rate index for all P/C business placed in the UnitedM Scout-1 States was down 3% in November 2015, compared to down 2% in October, according to MarketScout.

“There are very few signs of rate increases. The only coverage with seemingly steady rate increases is cyber liability,” Richard Kerr, CEO of MarketScout said in a statement. “Underwriters don’t have a lot of data to use for pricing cyber so we expect pricing to be inconsistent in the near term.”

By coverage classification, property, business interruption, business owners’, inland marine, auto, umbrella, and crime coverages all adjusted down an additional 1% from the prior month. General liability and workers compensation were down an additional 2% compared to last month.

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By account size, jumbo (more than million) and large (0,001- million) accounts were the most competitively priced and were down an additional 2% from the preceding month.

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Medium ($25,001-$250,000) and small (up to $25,000) accounts were down an additional 1% from October, MarketScout said.

Manufacturing and service industries were down an additional 2% from the prior month. Habitational, contracting, public entity and energy were down 1% from last month. Transportation was unchanged.

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

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Annualized year-on-year rate adjustments from November 2014 to November 2015:

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2015 Extreme Weather Events in Review

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From hurricanes to hail to droughts to tornadoes, 2015 was a busy year for extreme weather events.

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Drought in California continued to worsen, increasing the risk of wildfires.

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While record rainfall in Texas and Oklahoma alleviated drought, it caused severe flash flooding in Texas. There have been 25 Category 4-5 northern hemisphere tropical cyclones—the most on record to date, breaking the old record of 18 set in 1997 and 2004.

The Insurance Information Institute reported that insured losses from natural disasters in the United States in just the first half of 2015 totaled $12.6 billion—well above the $11.2 billion average in the first halves of 2000 to 2014.

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Interstate Restoration provides a look at 2015 weather events:

storms_2015_infographic2

Climate Change’s Impact on Cities and Businesses

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Growing populations around the globe have created larger cities, as well as greater concentrations of risk. It is projected that a rise in sea levels and increased intensity of events will amplify the impact of hurricanes, tornadoes, heat waves, floods and droughts. Because of this, climate change is seen as one of the biggest threats to cities and businesses and could account for an estimated 20% of the global GDP by the end of this century, according to “Business Unusual: Why the climate is changing the rules for our cities and SMEs” by AXA.

While some cities have worked to put resilience plans in place to reduce the impact of flooding and other disasters, there is much to be done and businesses are vulnerable, especially small- to medium-sized enterprises (SMEs). Only 26% of SMEs have taken action to protect themselves, yet 54% are worried about the impact climate change could have on their business, and the number rises to 75% in emerging markets, the study found.

AXA-SME impact

“These disasters would be magnified by the fact that populations and assets have never been so concentrated in disaster-prone areas,” Henri de Castries, chairman and CEO of AXA Group said in the report. “Half of the world’s population now resides in cities, often along coastlines, and this proportion is due to rise to nearly two-thirds by the middle of the century, representing some 6.4 billion people. It comes as little surprise, then, that 80% of the climate change adaptation costs for 2010-2050 would be borne by urban areas.”

According to the report, these are common elements of resilience planning:

  • Risk assessments to identify key vulnerabilities.
  • Adaptation of essential infrastructure to withstand changes to the environment.
  • Development of flood defenses to protect inhabited areas from flooding caused by extreme weather events and increased rainfall.
  • Urban planning and relocation of buildings, including adapting to future developments that allow greater resilience to the consequences of climate change.
  • Development of emergency warning and response plans—emergency response planning is a core pillar of resilience strategy.
  • Community engagement and awareness-raising activities.

Additional findings:

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