Category: Risk Management

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Ironshore Environmental Spills program expands to provide asset protection for site pollution risk

By ILSTV Staff on Sep 07, 2010 in Company News, Risk Management

Ironshore Environmental has expanded its suite of asset-class specific SPILLS programs to provide comprehensive environmental coverage to the Hospitality Sector. Ironshore’s Environmental Hospitality program offers asset protection against a broad range of site pollution exposures, including Mold, Legionella, Contingent Business Interruption, Norovirus and Recreational Water Illnesses (RWI), as well as other facility-borne infectious viruses and/or [...]

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Kidnapping and online predators rank as biggest concerns for parents of school-age children

By ILSTV Staff on Aug 23, 2010 in Company News, Risk Management

According to a survey of 654 parents of school-age children by the Chubb Group of Insurance Companies, more than two-thirds (67%) agree that today’s kids are exposed to more risks than they encountered during their own childhoods. In particular, older students (from middle school to college) face a mix of emerging and traditional risks that [...]

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Oliver Wyman / Financial Times survey finds risk management practices still inadequate

By ILSTV Staff on Aug 23, 2010 in Risk Management, Trends

The second Oliver Wyman / Financial Times Global Emerging Risks Survey of 650 senior executives at global companies with revenues of more than $1 billion finds that most executives consider their firms’ risk management practices to be inadequate. Despite significant investments in improving their risk management capabilities since the financial crisis first started, over 60% [...]

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Risk management is an increasing priority for corporations

By ILSTV Staff on Aug 20, 2010 in Risk Management, Trends

A Korn/Ferry Executive Quiz survey released today reveals that corporate leadership attention to risk management has significantly increased as a result of the global downturn and the many high profile risk management failures in the financial services industry. From a July 2010 survey of senior executives and board members from across the globe, it was [...]

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Toronto, Montreal added to RMS’ terrorism risk model

By ILSTV Staff on Aug 16, 2010 in Risk Management

Risk Management Solutions (RMS) announced major enhancements to its terrorism risk solution, enabling more detailed modeling of international cities of interest to the insurance industry and incorporating the latest insights into terrorism interdiction modeling. The updated model – released with the latest version of RMS’ risk management software platform, RiskLink 10.0 – also includes higher [...]

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Helping Clients Identify Risk

By ILSTV Staff on Aug 12, 2010 in Featured, Risk Management

View the video here on your mobile device. Ryan Pratt, a Senior Manager with Ernst & Young, explains how they help their clients in identifying risk. Ryan Pratt: What we do with our clients in terms of identifying risk and what could happen, and what are the potential risks that they face, is we encourage [...]

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Ontario extends farming Risk Management Program

By ILSTV Staff on Aug 09, 2010 in Agriculture, Canadian Government, Risk Management

The province of Ontario has announced that it is supporting its grain and oilseed producers by temporarily extending the sectors’ Risk Management Program (RMP) pilot for the 2010 crop year. The program helps farmers offset losses caused by low grain and oilseed commodity prices. In 2010, prices for grain and oilseed have dropped more than [...]

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Aon Benfield launches new real-time catastrophe risk management tool

By ILSTV Staff on Jul 30, 2010 in Company News, Risk Management

Reinsurer and capital advisor Aon Benfield has launched ImpactOnDemand, a new generation of its risk management tools which allow insurers to visualize, quantify and connect their exposures to catastrophic events.  Insurers can upload their most current portfolios for viewing and analysis at any time. ImpactOnDemand combines the functionality of Aon Benfield’s ExposureView and CatPortal solutions [...]

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Marsh launches new benchmark reporting service

By ILSTV Staff on Jul 28, 2010 in Risk Management

Marsh has unveiled a new real-time, on-demand benchmark reporting service, available for clients and prospect. Marsh says the service compliments the industry environment as risk managers strive to maintain effective and competitively-priced insurance programs. Available through Marsh’s Global Benchmarking Portal, the service provides clients with real-time benchmarking analytics on purchasing and pricing trends in the [...]

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Controlling cost of claims seen as critical

By ILSTV Staff on Jul 20, 2010 in Risk Management

Corporate risk and finance managers, faced with the lingering effects of a global financial crisis, dramatically downsized staffs and reduced budgets are becoming increasingly concerned about managing those expenditures as part of their total cost of risk, according to a survey conducted by Towers Watson. Sixty-four percent of respondents said the cost of claims with [...]

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Regulatory uncertainty a challenge for financial execs

By ILSTV Staff on Jul 20, 2010 in Risk Management

According to the latest Ernst & Young survey, 72% of global banking executives cite regulatory uncertainty as the top challenge their organizations face around risk management. As global regulators and legislators tighten regulatory oversight in response to the financial crisis, banks are bracing for the new rules to affect fundamental aspects of their business. Ernst [...]

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Average total cost of risk dropped 3.1%

By ILSTV Staff on Jul 16, 2010 in Risk Management

The Risk and Insurance Management Society (RIMS) has released its 2010 RIMS Benchmark Survey which shows that the combined impact of lower insurance costs and lower risk management administrative costs led to a 3.1 percent drop in average total cost of risk (TCOR) per $1,000 of revenue in 2009. Other major conclusions drawn from the [...]

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Strong risk management means stable earnings

By ILSTV Staff on Jul 07, 2010 in Risk Management

Businesses with stronger risk management practices than their peers enjoy more stable financial performance over the long term, including much lower earnings volatility, according to the findings of a new study of more than 500 large multinational companies. Commissioned by commercial property insurer FM Global and conducted by Oxford Metrica, an independent strategic advisor to [...]

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Business interruption in the global corporate world

By ILSTV Staff on Jul 05, 2010 in Featured, Risk Management

View the video here on your mobile device. Jason Trahan, a senior manager with Ernst & Young, discusses business interruption in today’s global corporate structure. Jason Trahan: I think what’s changing business interruption is really the complexities of businesses themselves. As they get more and more global their supply chain is stretched out across the globe and [...]

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Liquidity risk a concern for asset managers

By ILSTV Staff on Jul 02, 2010 in Risk Management

RBC Dexia said that calls for greater transparency and increased disclosure from investors are making it more important to accurately measure liquidity risk. A report released by RBC Dexia in partnership with RiskMetrics Group, entitled ‘The Value of Liquidity’, introduces a new framework for valuing and measuring liquidity, while reflecting the specific liquidity needs of [...]

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