Category Archives: Property/Casualty

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P&C Insurers’ Profitability Up in First Half of 2015

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Low catastrophe losses contributed to a rise in net income for property/casualty insurers in the first half of this year, to $31 billion from $26 billion in the first half of 2014, according to ISO, a Verisk Analytics business, and the Property Casualty Insurers Association of America (PCI). Insurers’ overall profitability, measured by their rate of return on average policyholders’ surplus, grew to 9.2% from 7.8%.

“While Old Man Winter did his best to disrupt things in the Northeast during the first half of 2015, insurers overall incurred lower domestic catastrophe losses than they did during the first half of last year due to a relatively quiet tornado season and the slow start to hurricane season,” Robert Gordon, PCI’s senior vice president for policy development and research, said in a statement. “Insurers’ combined ratio and rate of return all improved in the first half of 2015, while premium growth and investment income remained relatively stable.”

Beth Fitzgerald, president of ISO Solutions noted, “Still, it’s important to note than U.S. catastrophe losses during the first half of 2015 were only slightly lower than the 10-year average. As the devastation caused by meteorological conditions associated with Hurricane Joaquin highlights, it’s crucial for insurers to remain disciplined in their underwriting and look at analytics to be ready not only for weather disasters but also for other major challenges the future may hold.”

According to the report, insurers’ combined ratio improved to 97.6% for first-half 2015 from 98.9% for first-half 2014, and net underwriting gains went to $3.39 billion from $237 million. Net written premium growth remained unchanged at 4.1 percent for the first half of 2014 and 2015.

Also in first-half 2015, earned premiums grew 4.0% to $247.5 billion, while losses and loss adjustment expenses (LLAE) rose just 1.8% to $171.3 billion. Other underwriting expenses rose 4.7% to $71.8 billion, and policyholders’ dividends were mostly unchanged at $1.0 billion. Net underwriting gains increased to $3.4 billion from $0.2 billion.

In second quarter, consolidated net income after taxes for the P&C industry rose to $12.8 billion from $12.1 billion in second-quarter 2014.

P-C_1Q results

P&C insurers’ annualized rate of return on average surplus increased to 7.6% in second-quarter 2015 from 7.3% a year earlier.

Net written premiums rose $5.5 billion, or 4.4%, to $130.6 billion in second-quarter 2015 from $125.1 billion in second-quarter 2014.

Risk Managers’ Role in Addressing Climate Change

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QUEBEC CITY, CANADA—Salutations de la ville de Québec! At the first day of this year’s RIMS Canada Conference, climate change quickly emerged as one of the key challenges facing risk managers—and an area with tremendous potential for risk professionals to effect change.

Government clearly has a role to play, but the slower pace and greater number of obstacles they face lessen some of the possible impact. According to Tim East, director of risk management at the Walt Disney Company, that is where businesses come in. Every one of the Dow 30 companies has created environmental and sustainability initiatives, but only 12% of companies have a C-suite or other top-level executive charged with leading action on this front. The clear trend of embracing corporate responsibility stems from a moral obligation businesses all have, and corporations must take initiative in changing how people think, East said.

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Addressing sustainability and other climate change concerns cannot be done in a silo, and efforts must focus on building resilience in all of the assets a business has: facilities, systems and people.

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Risk managers should be taking a leadership role, using their perspective of corporate objectives and performance to help identify and execute the most impactful change.

Risk professionals can particularly help drive this objective to boost awareness within the organization and in the broader community, while also ensuring the business itself is performing in line with sustainability goals. “Risk managers can help become part of the solution by helping to close the gap between the desires and intentions of our organizations and the performance and impact they have,” East said. “This is part of our moral obligation to reduce our impact on the environment.”

Why should companies act? “Not just because it’s good business—although it is, and not just because it’s profitable—although I think it is, but because it’s the right thing to do in the world and for the communities they serve,” East said.

To maximize the impact of these initiatives, East urges risk managers to set and pursue to reduction targets, otherwise they stand little chance of truly achieving change.

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Then, he advises they commit to a process of assessing, identifying opportunities, and measuring impact annually.

On the organizational level, changing mindsets extends beyond having employees recycle or monitoring water use. Business continuity planning is a critical task at Disney, East said, and they were always good at crisis management, addressing urgent problems over the course of a couple of days. Now, however, they are devoting more focus to planning for longer events.

To that end, the company is working to delink events from their consequences—rather than focusing on discrete emergency situations, it is focusing on how the business will be impacted by the conditions that could stem from any of these specific scenarios, he explained.

Getting started and shifting to a long-term focus seem daunting, and the slow rate of observable change often means adaptation and mitigation are not top of mind for businesses, said Lou Gritzo, vice president of research at FM Global. But risk professionals cannot wait for the next disaster or policy change to prompt a more serious evaluation of exposure and strategy.

Getting started on—or further investing in—mitigation efforts may be best focused on one of the main changes we are already seeing: flooding. Existing data shows a clear increase in flooding, and due to sea level risk and increased rainfall and intensity of rainfall, there will only be more, Gritzo said. To manage this growing risk, he recommends risk managers take four key steps:

  1. Know your flood exposure
  2. Be above the water level, and ensure any new construction is as far above it as possible
  3. Have and exercise a plan for flood emergencies
  4. Keep water out – in the wake of Hurricane Sandy, a number of physical protection measures have been certified and made commercial available to guard against up to a meter of water

Building a Better Continuity Plan for Hurricane Season

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According to the Federal Emergency Management Agency, 40% of businesses do not reopen after a disaster and another 25% fail within one year. As September is not only the beginning of hurricane season, but also National Preparedness Month, the Insurance Information Institute and the Insurance Institute for Business & Home Safety have released a new infographic highlighting some of the crucial steps businesses should be taking to fortify against natural disasters.

“Businesses that plan for a disaster have the best chance of surviving, and that starts with identifying the potential risks,” said Loretta Worters, a vice president with the I.I.I. “Large businesses have risk managers, but small business owners have to be their own risk managers and, working with their insurance professional, determine the right type and amount of insurance to be able to recover from a disaster.”

“It is also critical for small business owners to create and/or update their business continuity plan and work with employees so they are prepared for the potential effects of a disaster,” said Gail Moraton, business resiliency manager at IBHS. “Taking time to do this now will save money and time later.”

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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.