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Sound risk management breeds bigger savings

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Even in today's relatively soft property insurance market, risk managers can make their business more attractive to underwriters, insurers say.

Information and risk improvement are key factors, and improving a company's risk profile shouldn't depend on the current state of the market, underwriters say.

“Risk improvement should be agnostic to market cycles,” said Mike Turner, executive vice president of FM Global in Johnston, Rhode Island. “Underwriters like to see consistency” in a company's performance, he said.

“If a client is going to focus on risk improvement and good dialogue with their underwriters on what it takes to improve their profile, the great risk managers really facilitate that kind of dialogue with underwriters,” he said.

The quality of data provided to the underwriter also should not depend on market cycles.

“It's not unique as to where we are in the market now,” said Derek Talbot, Chubb Ltd.'s Philadelphia-based division chairman of North America property.

“It's just being as transparent” as possible.

“The more complete the data is, typically the better the result will be” for renewing business, Mr. Talbot said.

“Risk improvement and strong communication is probably the winning formula for clients throughout market cycles,” Mr. Turner said.