Cover Story
ERM - A Status Report -- Jerry A Miccolis
Risk management is a crucial ongoing process of an organization. An observation is that insurance companies are adopting enterprise risk management as a best practice. Organizations are interested in the concept of ERM as they believe it will enhance their competitive advantage and help in addressing several important business concerns. The article discusses ERM and its current status in insurance companies.
© Tillinghast-Towers Perrin. www.tillinghast.com. Reprinted with permission.
EWR and its Implications for Insurance Companies --GRK Murty
Risk management means different things to different people. Its central purpose is to reduce the possibility of future events harming an organization. Its goal is very simple: To avoid risks and to balance positive and negative results over time so that asset base could be increased without increasing risk-levels and avoid project disruptions, undesirable sale of assets due to short-term liquidity needs, etc.
© IUP. All Rights Reserved.
More Opportunity for Risk Managers --John Otrompke
With the rise in contingencies and uncertainties, risk and risk management related issues are becoming important. The increasing emphasis on the need for transparency and good corporate governance has placed risk managers at the center stage. This article comments on the role of risk managers and enterprise risk management in the changing times.
© 2003, Risk & Insurance, www.riskandinsurance.com. Reprinted with permission. Originally published as "New Rules Offer Risk Managers More Opportunity".
Reinsurance
Focusing on what You Do the Best --Paul Delbridge
Faced by poor returns from their traditional business, many reinsurers spent the latter half of the 1990s in a scramble to diversify and speculate in `new' markets. Yet, it is now clear that the apparent rewards may have blinded them to potential risks. Against the background of a continuing hardening of rates, the reinsurance industry is now refocusing on its core business.
© PricewaterhouseCoopers, www.pwcglobal.com. Reprinted with permission.
Understanding Setoffs in Reinsurance --Larry P Schiffer
Setoff is an important and crucial concept in the business of reinsurance. It involves canceling or offsetting mutual debts of the parties involved in the contract of reinsurance. The origin of such a right to set off reinsurance debts, dates back to the 17th century English common law. This article elaborates on the concept and describes the nitty-gritty involved.
© International Risk Management Institute, Inc. www.irmi.com. Reprinted with permission. Originally published as "Who Owes Whom? Understanding Setoffs in Reinsurance".
Regulation
TRIA - A Flood of Paper, a Trickle of Buyers -- Marcus Jensvold
December is the most dreaded month for a surplus lines broker. In addition to all the 12/31 and 1/1 renewals, one must deal with underwriters and employees having the gall to go on vacation, holiday parties, holiday closings and trying to go easy on the stacks of holiday chocolates. All of these occurred in December 2002 on top of a hard market. Then came the news that every one of our existing, new and renewal policies had to have some action taken on them as a result of the new Terrorism Risk Insurance Act of 2002.This article rewinds the clock and reviews how all of this unfolded.
© Insurance Journal. www.insurancejournal.com. Reprinted with permission.
The Fine Print is Eating Up your D&O Coverage -- Jessica Heim Fourneret
The recent spate of corporate turmoils has raised concerns among the Directors and Officers of companies. Developments in the structure of corporate governance like the introduction of Sarbanes-Oxley Act etc have added to the effect. The process of renewal of coverage has become more rigorous and complicated. This article analyzes in detail, the D&O coverage and the claims settlement process.
© Corporate Board Member, March/April 2003. Reprinted with permission.
Technology
Not Just Teamwork But "Teams" Work --John Chivvis
Technology has become an inalienable ingredient of insurance companies. The hard market further emphasizes the need for technological development in the insurance industry. Technology in turn contributes to the improvement of various vital factors such as return on capital, revenue per employee etc. This articles narrates the importance of technology in insurance and various software products being developed for the industry.
© Rough Notes Magazine, April 2003. Reprinted with permission.
Management
Business Continuity Management - A New Approach to BII -- Latha S
As the world moves on from the industrial age to the information age, businesses have increased their dependence on digital systems. Because of this dependency, businesses are under numerous and complex threats now than they were in the past. Also, a number of unpredicted events that have occurred in recent past, such as the September 11 terrorist attacks on US, cases of virus attacks, collapse of big corporations and recent hackers breaking into wellestablished corporate systems have massively affected businesses.
© IUP. All Rights Reserved.
Business Environment
Fixed Annuities: Guaranteed Gains --JC O'Neill
These days, most prospects prefer guaranteed gains, however small, to the potential for big loss. Many insurance producers and financial planners talk themselves out of fixed annuity sales when the sales of these products could be at an all-time high. They talk themselves out of sales because they believe that given the economic environment, now is not the right time to sell fixed annuities. Their beliefs are similar to common objections that keep certain investors from buying these products. This article attempts to answer a few vital questions pertaining to fixed annuities.
© 2003, Pfingsten Publishing, LLC. www.lifeinsuranceselling.com. Reprinted with permission.
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