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Businesses paid slightly less in 2014 to cover their total cost of risk than the past three years, the Risk & Insurance Management Society Inc. said Wednesday in its 2014 RIMS Benchmark survey.
As the insurance market continues to remain stable, the cost of insurance, the losses that are retained, and the administrative costs of organizations' risk management departments decreased from $10.90 per $1,000 in 2013 to $10.80 in 2014, according to the report, produced by RIMS with insurance and risk consultant Advisen Ltd.
“The 2014 survey results reflect the overall stability of the U.S. property/casualty market,” New York-based Jim Blinn, executive vice president and global product manager at Advisen, said in a statement. “One notable driver is the increasing role of alternative capital in assisting reinsurers to deal with economic uncertainties. A related factor is the rising importance of predictive models among insurers not only in the area of property, but also for cyber and casualty.”
The reduction came about as management liability, workers compensation, liability, and property costs declined last year. Risk management administration costs also decreased by 5% as costs for both outside services and risk management departments declined, the report said.
Commenting on what the industry expects in the second half of 2015, Mr. Blinn said commercial property/casualty insurers are starting to see a softening market.
“We are looking at a period of rate decreases in insurance premiums owing to rising competition in the market and more than enough available capacity,” he said.
Safety professionals are increasing their focus on statistics and metrics relevant to business executives such as total cost of risk, a new study from Aon Global Risk Consulting, a unit of Aon P.L.C. finds.