Compiled by staff from news and wire services.
The term “empowerment” gets
tossed around a lot. And not for the
Victims should feel empowered
to speak out against their oppressors.
Voters should feel empowered to
throw out elected officials who
breach the trust contract.
Risk managers need to be
empowered to make the vital
decisions that save money and keep
companies and their employees safe.
Unfortunately, from our
conversations with brokers and
others, we know many risk managers
are not empowered. They lack
the juice, the connections, the will
perhaps, to take ownership of the risk
mitigation processes they know they
need to implement to save property,
human life and greenbacks.
This issue’s award-winning Risk
All Stars don’t have an empowerment
These risk managers, like Pinnacle
Entertainment’s Jim Cunningham,
are masterful enough to iron out
safety training inconsistencies
company-wide, driving down worker
injuries and saving hundreds of
thousands of dollars
Like Rosa Roya of the Miami-
Dade Public School District, they
are willful and masterful enough
to tackle a systemic problem
— physicians overprescribing
medications — and control it,
implementing measures that not only
save money but also cut down on the
national scourge of opioid addiction.
Like Rebecca Cady of the
Children’s National Medical
Center, they had the will to govern
physicians and educate them on the
fact their actions or inactions have
a direct impact on patient safety —
not to mention professional liability
We call them Risk All Stars. But
there is another good name, too.
These risk managers are risk masters.
SWISS RE PARTNERS WITH SECURITY
FIRST FOR FLOOD COVERAGE
Florida residents will be able to include
water damage in their flood coverage
thanks to a new partnership between
Swiss Re and Security First Insurance.
The partnership stemmed from
a growing risk of flooding and water
damage to properties in the state.
On average, the U.S. experiences
$15 billion in economic losses from
flooding annually. It’s a difficult risk to
price, said Swiss Re’s president of U.S.
P&C, Keith Wolfe, because flooding is
sensitive to specific location. The new
coverage for water damage hopes to
curb expenditures for water damage in
this highly-prone flood area.
Homeowner policy ratings will be
based on Swiss Re’s flood model and
priced according to individual risk
exposure. Security First will handle
distribution, administration and claims
$4.7 BILLION FOR CLAIMS OF TALC
POWDER CAUSING CANCER
A class action brought against skin-and-beauty-care powerhouse Johnson
& Johnson ended with a $4.7 billion
verdict in favor of a group of women
who claimed the company’s talc
products gave them ovarian cancer.
The claim stated that asbestos
found in the products was the culprit
that led to the cancer diagnoses.
The company denied any asbestos
contaminants, but ultimately the
court sided with the plaintiffs. J&J
was charged with knowing there
was asbestos in the products but not
relaying that information to the public.
Experts predict a series of new
suits will come to light now that a jury
Johnson & Johnson came under scrutiny
after asbestos was found in its products.
has determined that asbestos was in
Johnson & Johnson products. Shares
for the company dropped 1.4 percent
after the ruling.
This is the largest jury award in the
U.S. this year, and the sixth-largest
verdict in a product-defect claim in
SAN FRANCISCO SAYS NO TO
The San Francisco Board of
Supervisors is the first municipal body
in the U.S. to push the insurance
industry to stop investing in fossil fuels.
Growing natural disasters and
climate change motivated the City of
San Francisco to screen its potential
insurers for investments in coal and tar
sands. The Board encouraged the city
to cut ties with insurance companies
that insure “dirty” energy projects.
San Francisco is following a trend
already growing in Europe, where
17 of its large insurers have already
divested about $30 billion from coal
companies. Other insurance companies
have stopped or limited insuring coal
altogether, and two insurers stopped
insuring for new tar sands projects
U.S. insurers, on the other hand,
hold a combined investment of $450
billion in coal, oil, gas and electric
STEEL CITY RE NAMES
New research from Steel City Re
has announced the top companies
demonstrating smart reputational
leadership in their industries.
When analyzing these corporate
reputations, Steel City Re found that
companies with good reputations often
had higher margins, revenue growth
and fatter valuations as investors’
expectations rise. This, said Steel
City Re CEO Nir Kossovsky, allows
companies to sell more faster and at
higher rates, while also retaining talent
and obtaining capital at lower costs.
Among the winners are Constellation
Brands, Waste Management, S&P
Global and Public Storage. Companies
such as Rockwell Collins, Becton
Dickinson, Global Payments, Roper
Technologies, Air Products & Chemicals
and NextEra Energy all ranked highly
for reputational value.
HISCOX REPORTS STEADY GROWTH
IN FIRST HALF OF 2018
The Hiscox Group saw continued
growth in the first six months of 2018.
Gross premiums written were up 21
percent in comparison to the first half
of 2017, while profit before taxes saw a
27 percent increase.
In addition, Hiscox was able to move
quickly to capitalize on higher rates after
2017’s onslaught of natural catastrophes.
Reducing these loss estimates drove
an increase in reserve releases to $154
million, according to the report.
“It has been a good start to the
year,” said Bronek Masojada, CEO,
Hiscox Ltd. “Our investment across
the business is driving strong profitable
growth in all segments. We are on
track to exceed one million retail
customers in 2018.”
The company’s chairman noted
that, though the start of 2018 showed
promise for year-end totals, Hiscox
is preparing for the hurricane season,
which is predicted to be as devastating
as last year’s.
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FROM THE EDITOR