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.

The Most Influential People in Corporate Governance

Each year, the National Association of Corporate Directors (NACD) publishes the Directorship 100 — a “combination of leading corporate directors, corporate governance practitioners and public policy leaders who are recognized as the most influential people in the boardroom and the corporate governance arena.”

The NACD Directorship surveyed 15,000 public company directors and executives to form the final 100 honorees.

“The esteemed boardroom leaders on the Directorship 100 share a common characteristic as proactive agents of change in the boardroom community, shaping the future of corporate governance at a time when American business looks to restore investor confidence and restore economic growth,” said NACD CEO and President Ken Daly.

Among the top 100 honored are a select group of D&O insurers and governance advisors, including:

  • Robert C. Cox, Chubb Group
  • Mark Lamendola, Travelers
  • Timothy J. O’Donnell, ACE USA
  • Daniel W. Riordan, Zurich Financial Services
  • Michael W. Smith, Chartis
  • Richard A. Bennett, The Corporate Library
  • Gavin Anderson, GovernanceMetrics International
  • Steve Harvey, Martha Carter, Carol Bowie, Patrick S. McGurn, ISS Governance Services
  • Robert McCormick, Glass Lewis & Co.

The association noted that it has seen a shift in the type of leader exerting the most influence on corporate governance. For the first time, professionals in the “regulators and rule makers” category received the most nominations.

Top Ten Disasters of the Past Decade

Zurich has unveiled its list of the “Top Ten Megadisasters” of the past decade. The usual suspects pretty much (listed chronologically — not by their “overall business impact,” which is the basis for the list).

1. 9/11 – 2001
2. SARS – 2003
3. 2003 U.S. / Canada power outage – 2003
4. 2004 Indian Ocean earthquake and tsunami – 2004
5. Hurricanes Katrina, Rita and Wilma – 2005
6. Financial crisis – 2008
7. China earthquake – 2008
8. H1N1 pandemic – 2009
9. Iceland volcano – 2010
10. Floods in Europe and Pakistan – 2010

I have to admit, I would have probably completely forgotten the 2003 blackout if I was playing Family Feud and had to come up with all 10 — and I even wrote a cover story for Risk Management magazine about it.

Obviously, catastrophes that weren’t included like the Haiti earthquake, Cyclone Nargis and Bam earthquake were horrific tragedies, but the insurance penetration in those areas is so minimal that the ghastly human tolls did not have a large affect on the industry.

Let’s all dearly hope that the next decade is tamer.

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Ninth Ward. New Orleans. Post-Katrina.

Distracted Driving on Company Time . . .

. . . A Risk Manager’s Worst Nightmare.

That was the title of the webinar I participated in yesterday, hosted by Risk and Insurance. Speaking on the topic were:

  • Dexter Hamilton, member and general/commercial litigator at Cozen O’Connor
  • Jami McClellan, senior risk engineering consultant at Zurich
  • Paul Bomberger, editor in chief of Risk and Insurance

Without wasting any time, the panel began discussion about various studies published in the recent past that highlight the dangers of distracted driving. Not only is it hazardous to those behind the wheel, but if the driver is talking on a work-issued phone, or about work-related issues, or driving a company-owned vehicle, the company stands liable.

According to webinar, there is no difference in distraction between hand-held and hands-free devices. In not-so-obvious news, distracted driving is one of the top insurance losses — averaging $100,000 per incident.

The panelists highlighted several cases of companies that were required to pay hefty sums for on-the-road accidents caused by their employees.

One such case involved a brokerage firm whose employee was driving his personal vehicle but talking about company business on his cell phone. The driver hit and severely injured a motorcyclist while talking on his phone. His employer was forced to pay $500,000 to settle the case.

“There’s simply going to be no sympathy once an accident happens,” said Hamilton. “And companies must realize that brand destruction is very critical. A high-profile accident can harm the brand everyone worked so hard to maintain and promote.”

For another example we can turn to the case of Tiburzi v Holmes, which involved Jeffrey Knight, who was a driver for Holmes Transport & Logistics, and Mark Tiburzi, who was driving his personal vehicle at the time. Knight caused an accident that injured 15 and killed three in St. Louis, Missouri. One of those injured was Tiburzi, who suffered severe traumatic brain injury. The cause of the accident? Along with excessive speed and driving over the alloted on-duty hours, distraction was blamed — Knight had looked away from the road to check his cell phone. The jury awarded Tiburzi $18 million — to be paid by Knight’s employer.

For more on this topic, check out “Unsafe at Any Speed” in Risk Management magazine.

distracted driving

Risk Management at a Crossroads

In talking to the risk managers, brokers and insurers populating RIMS 2009, there are two themes that run constant. The first is the unique opportunity that last year’s financial meltdown has presented risk managers to raise their profiles within their organizations and prove their value to senior management. Finally, after the onslaught of calamities of the past decade — September 11 then Enron then Katrina — the economic crisis seems to be the final straw in forcing boards of directors to understand the importance of risk management.

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Conversely, however, is the other reality of the economic crisis: Few companies have the resources to devote to non-revenue generating endeavors. So while many risk managers may be getting heard by the board for the first time and receiving the encouragement they have always desired, they are not always getting that support in the form of resources. 

For insurers, the predicament is different — yet similar.

Given the economic climate, there must be a return to underwriting discipline. Earlier today I spoke with Bob Petrelli, who is a managing director in Swiss Re’s insurance division, and he emphasized this need. “Last year’s crisis has shown us that you can’t put all your faith in your investments,” he said. “You need to have that underwriting discipline.”

But, obviously, this is easier said than done, and even though we’re seeing signs of a return to the hard market, many insurers have been unable to actually stick to their guns and practice what they preach. “If everyone would do what they say they are going to do, we would see a hardening market,” said Petrelli’s colleague at Swiss Re, Nikolaj Beck, who is also a managing director on the company’s insurance side.

But more so than simply tightening prices and limiting exposures, both Swiss Re’s executives as well as those I spoke with at Zurich stressed the need for innovation. Given their market footprints and name brands, neither company likely needs to worry about coming out of the economic crisis in good shape. But each seemed hopeful that when the turnaround does occur, they will not only emerge comfortably, but with a distinct competitive advantage in their markets. 

Zurich, for instance, has recently released a new D&O policy it is promoting at RIMS 2009 that it hopes can set a new standard for coverage. By enhancing some aspects of its Side A coverage for individual directors (including retired directors) as well as including an extension for “environmental mismanagement claims” resulting from climate change retaliation claims, the company is hoping that this type of innovation will differentiate it from a marketplace where many of the players are content to just tread water. The goal, according to  Zurich chief innovation officer Ty Sagalow is “raising the bar in D&O.”

And, thus far, the feedback he’s received is encouraging. “One broker’s response was ‘It kicks ass,'” said Sagalow. Sagalow was particularly committed to such forward thinking in the realms of climate change and globalization-related risks still on the horizon — like those supply chain risks that the recent spike in piracy off the Somali coast are illustrating far too often — and is trying to find a good balance between those things that policyholders are asking for and those things that his team has identified as the emerging risks affecting all organizations.

“Whether it’s a soft market or a hard market, it’s always a market for customer-centric innovation,” said Sagalow. “When we go to [our clients] and tell them we’re responding to their needs, they are very receptive.” 

Swiss Re, too, sees a balance between innovation and underwriting discipline as a cornerstone of its strategic future. And as one of the most technically advanced companies in the market, it believes it has the ability to do both. The company executives are hoping risk managers looking for better coverage at better prices in this tough economic climate will come to them with better information about their specific risks to help the underwriters placing the coverage. “We have the technology and expertise to take that information and use it to better understand and price the risks an individual company faces,” said Nikolaj Beck.

Of course, it may seem easier for giant, multi-billion-dollar insurance companies to find opportunities to increase their profile and market value in this current environment than it is for a solitary risk manager to raise organizational awareness about his discipline and get more authority. But those opportunities do exist. Risk managers need to find them and, more importantly, take advantage of them.

For those still struggling to be heard, Bob Petrelli of Swiss Re at least has a few words that may give some inspiration. “The boards of directors know who their risk managers are now.”

That may not sound overwhelmingly encouraging on the surface, but it’s a start.