Risk Management News

Large Claims Becoming More Expensive, Complex & Global: Allianz

Large liability claims are becoming more expensive, complex and international, with activity increasing outside the United States, according a report published by Allianz Global Corporate & Specialty (AGCS). “Although recent years have seen a noticeable rise in large environmental liability …

Texas Stamping Office: ‘Industrial Insured’ Bill Passed by House

The Texas House of Representatives has approved House Bill 1559, which creates an exemption for entities classified as an “industrial insured,” the Surplus Lines Stamping Office of Texas reported. The measure has been referred to the Senate Administration Committee. If …

Future Tech to Create Lower Claims Frequency, New Threats: Allianz Report

Technology is expected to be a major driver of liability claims in the years ahead – cutting frequency and increasing new threats such as cyber, product liability and recall risk, according a report published by Allianz Global Corporate & Specialty …

Sompo International Taps QBE’s Sordillo as Sr. VP, Loss Control Leader

Sompo International, the Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced that Victor Sordillo has joined the company as senior vice president, loss control leader. Sordillo is responsible for directing the company’s loss control team in the …

Cyber Breaches Permanently Hit Share Prices, Especially Financials: Study

Cyber security breaches erode companies’ share prices permanently, with financials the worst hit, a study issued by IT consultant CGI and Oxford Economics has found. Severe cyber security breaches, such as those having legal or regulatory consequences, involve the loss of hundreds of …

Hanover Stone Practice Aims to Control Workers’ Comp Costs

Hanover Stone Partners, a risk management services firm, has established a dedicated, national practice group to help employers manage workers’ compensation costs. Barry E. Thompson, who has more than 30 years of experience in all areas of workers’ compensation cost …

Top 3 Causes of Global Liability Claims = 60% of Value: Allianz Report

Defective product/work quality issues, crashes and human error are listed as the top causes of liability loss for businesses, according to a report published by Allianz Global Corporate Specialty (AGCS). Collectively, these top three causes of loss for businesses account …

FM Global Creates Global Flood Map to Help Businesses Manage Flood Risk

With flooding on the rise around the world, Johnston, R.I.-based FM Global said it has created an interactive Global Flood Map to help companies manage this increasing and potentially costly risk. The Global Flood Map provides business executives with a strategic planning tool, while …

Canada’s OutsideIQ & SAP Ariba Partner to Assess Risk, Compliance

OutsideIQ, a Canadian startup which uses cognitive computing to analyze data, is partnering with the world’s largest business commerce network, SAP Ariba , to help corporations quickly screen vendors for risk and regulatory compliance, they said. Companies spend a significant …

Confusing, Costly Cyber Policies Create Obstacles to Market Growth: Deloitte

Despite the rising profile of cyber risks, buyers have failed to widely embrace cyber coverage. At the same time, insurers generally have remained cautious about writing the coverage on a large scale basis. A recent report published by accounting and …