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‘A Christmas Story’ Risks Demystified

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.

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

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“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.

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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!

Construction Fraud Costs An Estimated $860 Billion

Infrastructure Construction

Fraud in the construction business is “commonplace and in some cases endemic across Australia, Canada, India, the UK and the US,” according to a new report from Grant Thornton, amassing a global price tag of up to $860 billion today—between 5% and 10% of total revenues. The accounting and advisory group projects that annual fraud cost in the sector could rise to .

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5 trillion by 2025.

“The greatest threat of fraud comes from within—from employees and senior management,” said David Malamed, fraud expert at Grant Thornton Canada.

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While the risk of insider fraud is highest, the odds of fraud in a construction project increase drastically with the number of stakeholders.

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The primary sources of major frauds in the sector include billing fraud, bid rigging, money laundering or tax avoidance, theft or substitution of materials, bribery or corruption, false representation (of documents, figures, certificates), change order manipulation and fictitious vendors, LiveMint reported.

“Individuals and organizations need to invest the time and money to put a fraud prevention and detection plan into action before they become a victim,” said Bo Mocherniak, Grant Thornton’s national leader for construction, real estate and hospitality. “The push for fraud prevention requires strong governance and leadership, and must start at the very top of the organization.”

But one of the primary nations at risk offered promising news for public risk managers this month on the efficacy of anti-corruption efforts in the sector. In Canada, the Quebec government announced a $240-million savings on road contracts alone for the first 10 months of the year. According to the Globe and Mail, Minister of Transportation Sylvain Gaudreault said the building and maintenance of roads and bridges in the province has dropped 16% below the estimated costs projected for 2013, crediting the battle against corruption and collusion for forcing builders and engineering firms to play by a tougher set of rules.

Gaudreault’s administration has focused on more rigorous oversight and enforcement to minimize graft losses over the past year. Moves are currently on hold in the formation of a formal transportation agency tasked with approving and monitoring road construction and maintenance contracts, but the minister has hired 321 employees – including 118 engineers – to “reinforce” the expertise in his department. The local government has also promised legislation in the coming weeks aimed at recovering at least part of the money obtained by construction and engineering firms through collusion and fraud, the Globe and Mail reported.

TRIA’s Impact on Workers Comp

Because of the significant financial impact of the Sept. 11, 2001 terrorist attacks, Congress created the Federal Terrorism Risk Insurance Act (TRIA). Its purpose is to provide a financial backstop to the insurance industry that would cap losses in the event of another large-scale terrorist event. TRIA was initially set to expire at the end of 2005, but it has been extended twice and is now set to expire Dec. 31, 2014.

When most people think of TRIA, they think of property insurance. Without TRIA, many high-profile properties would be difficult to insure in the commercial marketplace. However, TRIA also plays an important role in workers’ compensation coverage, and its pending expiration is already impacting some renewals.

Workers’ compensation insurers are particularly concerned about large accumulations of employees in small areas, also known as employee concentrations.

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When carriers model employee accumulations, they not only look at a single employer’s concentrations, but also their aggregate accumulation exposure for all their policyholders in a particular zip code or city and in some cases across multiple correlated lines of business. Because workers’ compensation underwriters are required to provide terrorism coverage by law, the only way to limit their exposure is to reduce the amount of capacity they offer.

If TRIA is allowed to expire or is modified significantly, employers in certain cities and industries with large employee concentrations will likely experience capacity shortages.

In fact, the uncertainty around TRIA’s reauthorization is already leading some workers’ compensation carriers to decline or non-renew risks in certain geographical areas, or ask for large rate increases.

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The healthcare, public entity, higher education, and financial sectors are particularly affected by employee concentration issues at the moment.

To mitigate the impact of TRIA’s uncertainty, employers should differentiate their risk. Since both insurers and reinsurers use catastrophic models to estimate their loss potentials, it is critical that employers provide the highest quality of exposure data to help distinguish their risk profiles from their peers.

Additionally, companies with multiple shifts or those that operate in a campus setting should make sure to report both the total number of employees and the number of employees working during peak shifts—as well as the actual buildings where the employees are located. The number of employees working during peak shifts is the actual exposure to a terrorist event, not the total number of employees.

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Also, companies with a large percentage of their workforce in the field or telecommuting, rather than in the office where their payroll is assigned, should give this information to insurers. Providing very detailed information can help overcome some potential pitfalls of the catastrophic models and better reflect an employer’s exposure to catastrophic losses.

Employers with a large concentration of workers, especially those in major metropolitan areas, should be prepared to provide the following information to underwriters:

  • Employee marital or dependency status, including dates of birth for dependents.
  • Employee telecommuting/hospitality practices and impact on concentration.
  • Physical security of the building, including information about guards, surveillance cameras, parking areas, and HVAC protections.
  • How access to the building is controlled.
  • Construction of the building and location of the offices.
  • Management policies around workplace violence, weapons, and employment screening.
  • Employee security procedures.
  • Emergency response/crisis management plans and procedures.
  • Fire/life safety program.
  • A list of security staff.

As we move into 2014 without Congressional action on TRIA, the reaction of the marketplace is expected to become more pronounced. It is imperative that employers prepare to address the concentration issues with their carriers. This will help lessen the impact of these concerns and position employers to receive optimal terms on their risk management programs.

New Preliminary Cybersecurity Framework Champions Risk Management

Cybersecurity

In February, President Obama issued an executive order instructing the Commerce Department to lead a task force of security experts and industry insiders to develop a voluntary framework to reduce cyberrisk. Last week, the National Institute of Standards and Technology officially released an initial draft of the cybersecurity framework and announced a 45-day open comment period for public input.

The full Preliminary Cybersecurity Framework can be viewed here on the NIST website. After the review period and subsequent revisions, a more complete version will be released in February.

Risk management is a primary focus of the new framework, from the language used to analyze potential exposure to express endorsements in the policy itself. According to a press release, “The Preliminary Framework outlines a set of steps that can be customized to various sectors and adapted by both large and small organizations while providing a consistent approach to cybersecurity. It offers a common language and mechanism for organizations to determine and describe their current cybersecurity posture, as well as their target state for cybersecurity. The framework will help them to identify and prioritize opportunities for improvement within the context of risk management and to assess progress toward their goals.”

Under Secretary of Commerce for Standards and Technology and NIST Director Patrick Gallagher, who was tasked with overseeing development of the framework, emphasized the risk management as a critical component of strengthening national infrastructure in line with the president’s executive order. “We want to turn today’s best practices into common practices, and better equip organizations to understand that good cybersecurity risk management is good business,” Gallagher said.

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“The framework will be a living document that allows for continuous improvement as technologies and threats evolve. Industry now has the opportunity to create a more secure world by taking ownership of the framework and including cyber risks in overall risk management strategies.

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The framework outlines key functions that should organize cybersecurity activities: Identify, Protect, Detect, Respond and Recover. These functions are designed to aid the risk manager in evaluating, communicating and fortifying against cyberrisks. The document even suggests itself as a potential opportunity for risk managers to seize the opportunity to get involved in proactive cyberrisk strategy. It reads, “The functions also align with existing methodologies for incident management, and can be used to help show the impact of investments in cybersecurity.”

Authors also added the following visual to highlight the critical role of risk management at every level of suggested implementation:

Risk Management in Cybersecurity Framework

In a blog post, the White House encouraged businesses to evaluate the initial framework and their current cyberrisk position, and to consider their cyber risk appetite in the form of a projected target state for cybersecurity.