As the new year approaches, the aftermath of Superstorm Sandy, the potential for a hardening insurance market, and rising workers compensation costs top the list of concerns for risk managers in 2013.

Additionally, recent catastrophic events coupled with a fragile economic outlook present risk managers with potential opportunities to directly interact with senior leaders at their organizations in 2013, risk managers and industry experts say.

The unpredictability of superstorms and their widespread devastation have risk managers re-evaluating their exposures for catastrophe-exposed properties, said Carolyn Snow, director of risk management at Humana Inc. in Louisville, Ky.

“I know I'm going to be asking myself what's the potential impact on our property because we have a big schedule and ... with acquisitions, the schedule gets bigger,” she said. “The question that I'm going to be asking internally is, "Are we making the best use of our property deductible reimbursement program?' We're going to be re-evaluating what we do in that area.”

The size of Superstorm Sandy, which caused tremendous losses in the New York City/New Jersey region, may prompt significant changes in Congress with the introduction of new bills, said Howard Mills, chief adviser at Deloitte L.L.P.'s insurance industry group in New York and a former superintendent of the New York State Insurance Department.

“So all this could affect the pricing and the availability of types of coverages that are available to be purchased,” Mr. Mills said. “This could also lead to finally a bit of hardening in the market. I think the pricing is going to be impacted” across property/casualty commercial and personal lines but “obviously more focused on things exposed to catastrophes,” he said.

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Joe C. Underwood, principal at Albert Risk Management Consultants Inc. in Needham, Mass., also said Superstorm Sandy will be the focus of many risk managers because rates may increase in 2013.

“I was hearing some discussion of a re-softening of property rates, but I think Sandy put an end to that,” Mr. Underwood said.

“I think we will see rate increases in 2013 — nothing extreme, but I don't think we're looking at a re-softening any longer,” Mr. Underwood said, predicting single-digit increases and greater underwriter scrutiny on flood risks with sublimits potentially being pulled back.

Potential rate increases are an important focus and a potential concern for risk managers in 2013.

“Due to the economy, our business is very sensitive to pricing, and because of that I'm concerned about what I budgeted the prior year (compared with) now, with 2013 costs rolling in,” said Patty Grass, senior risk manager at Brunswick Corp. in Lake Forest, Ill.

A combination of the effects of Superstorm Sandy and insurers' adjusting their underwriting practices has caused Ms. Grass to go to market with some of her insurance programs, she said.

“By all means, it's absolutely going to be changing policy form for 2013 on property policies across the board,” Ms. Grass said. “Just from my individual experience, I know I've seen a little bit of the hardening in the markets on both casualty and the property side. As a result of that, I know my 2013 budgets are not looking favorable.”

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While Humana's Ms. Snow has not seen signs of a hardening market, she is focusing on workers compensation issues next year, she said.

And one of the biggest challenges in the insurance industry is workers comp, said Chicago-based Tom Fitzgerald, CEO of Aon Risk Solutions' U.S. retail operations.

“It's certainly claim-driven as a result of a challenging environment around medical costs and the like,” he said. “Workers comp seems to be the most challenging line of insurance for virtually the entire market.”

“For us, should we be looking at it at a higher workers comp deductible? Is it time for us to do that?” Ms. Snow said, noting that such questions are part of the focus next year for Humana, which has made a number of large acquisitions, increasing its headcount.

Risk managers also are focusing on spending much more time with senior leaders within their organizations in 2013, where “board interaction with the risk managers is at an all-time high,” Mr. Fitzgerald said.

“Those individuals are far more interested today than they have been historically in understanding how their insurance programs work and, ultimately, how losses will be covered,” he said.

“This is a byproduct of significant situations that we've seen around the globe,” Mr. Fitzgerald said, noting such events as Sandy and last year's floods in Thailand.

Such interactions with senior leaders at their organizations present risk managers with opportunities next year to add value through enterprise and strategic risk management, said San Francisco-based Deborah M. Luthi, enterprise risk manager of the San Francisco Public Utilities Commission and 2012 president of the Risk & Insurance Management Society Inc.

“Organizations are looking to (risk managers) to not only protect the value of the organization ... but to help with the creation of value,” Ms. Luthi said. “I think that really is where risk management and risk managers are going.”