Regulators have expressly warned that organizations must be proactive and dedicated to minimizing cyber risk to themselves and their stakeholders. Accordingly, investigations and litigation targeting senior company executives are on the rise. This session at the RIMS 2017 Annual Conference and Exhibition highlighted the importance of directors and officers (D&O) insurance coverage considerations and how it protects senior executives during a potential cyber risk claim. Speakers included:  Joshua Gold, Esq. Shareholder, Anderson Kill P.C. Scott Corzine, Senior Managing Director, Ankura Consulting Group, LLC Current Cyber Landscape Potential exposures for cyber risk include business interruption, regulatory investigations, cyber extortion, third-party liability,
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During a session at the 2017 RIMS annual conference, Brent Reith and Lora Figgat explore the internet of things and its potential impact on governments, businesses and the property and casualty insurance industry. Brent is SVP Team Leader Professional Risk at Aon Solutions and Lora is Risk Manager – Liability at Avaya, Inc.  Here are some statistics regarding IoT growth rates: 10 billion devices were connected to the internet in 2015 34 billion devices connected to internet by 2020 $6 trillion will be spent on IoT solutions over the next 5 years Risks associated with IoT are security, failure to
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At the 2017 Advisen Casualty Insights Conference, a panel of industry executives discussed trends and developments in the casualty insurance industry. The panel included: Tony DeFelice – Managing Director and Casualty Practice Leader, AON (moderator) Keith Wolfe – President U.S. P&C Regional and National, Swiss Re Alexander Baugh – President Liability and Financial Lines, AIG Jonathan Zaffinno – President, Everest Insurance Paul Horgan – Head of North America Commercial Insurance, Zurich Several large casualty carriers posted significant reserve increases in the last couple years. What is the reason for the deterioration of the commercial insurance loss ratios? In the last
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At the 2017 Advisen Casualty Insights Conference, a panel discussed the role of captives in today’s casualty risk marketplace. The panel included: Joseph Peiser – Executive Vice President, Head of Casualty Brokering, Willis Towers Watson (moderator) Mike Serricchino – Senior Vice President, Marsh Jim Barbuti – Senior Vice President Global Risk Management, XL Catlin Soraya Wright – Risk Management Professional Barry Martin – Executive Vice President, Old Republic Risk Management Given the current soft pricing marketplace, why are companies still going through the effort to form and utilize captives? Captives are insurance market proof and recession proof. The number of
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At the 2017 Advisen Casualty Insights Conference, a panel discussed trends in large claims. The panel included: David Bradford – Co Founder and Chief Strategy Officer, Advisen (moderator) John Denton – Managing Director, Marsh Andy Barberis – Global Head of Excess Casualty Claims, AIG Marissa Beyers – Senior Vice President, Trial Behavior Consulting, Inc. When you talk about catastrophic claims in the casualty space, you are talking about very large dollar events. These used to cost $1-5 million dollars and now they routinely exceed $10 million. Catastrophic claims usually involve significant bodily injuries and can emulate from many different lines
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At the 2017 Advisen Casualty Insights Conference, a panel discussed how new technology and the customer-driven revolution is shaping the insurance sector. The panel included: Meredith Bullock – Senior Vice President, Berkshire Hathaway (moderator) Bob Reville – President and CEO, Praedicat Michael Ian Coles – Chairman and CEO, Cedent Shannon Totten – SVP Casualty Insurance Practice Leader Bermuda, Endurance Jim Keating – Founder, Chairman and CEO, Keating Companies The insurance market has not been the quickest adopter of technology, but progress is being made. Personal lines are leading the way as ease of use is a big factor in customer
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At the 2017 Advisen Casualty Insights Conference, a panel of risk managers discussed the disruptors they are seeing in their business and disruptors they would like to see in the insurance marketplace. The panel included: Stephen Kempsey – U.S. Casualty Practice Leader, Marsh (moderator) Jennifer De La Torre – AVP Risk Management, AT&T Roger Hammer – Director Risk Management, American Water Works Service Company, Inc. Jesse Paulson – Executive-Insurance, General Electric Company How is disruption in your industry impacting your business? Disruption can be a great thing when it comes to technology. It can lead to rapid improvement in efficiency.
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At the 2017 WCRI Annual Issues and Research Conference, a panel debated the state of the workers’ compensation “grand bargain” in 2017. The panel was: David Dietz, MD – David Dietz & Associates Dr. David Michaels – Milken Institute School of Public Health of George Washington University Dr. Emily Spieler – Northeastern University School of Law Bruce Wood – American Insurance Association This session was conducted question and answer style: Question: Why now are people so concerned about the “grand bargain” of workers compensation? Answers: The debates today really go back to key policy decisions that were made 20 years
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At the 2017 WCRI Annual Issues and Research Conference a panel presented highlights from numerous WCRI studies of individual state workers’ compensation systems. The panel was: Ramona Tanabe – WCRI Carol Telles – WCRI Will Monnin-Browder – WCRI Rebecca Yang – WCRI The CompScope study states are IN, TX, WI, AR, MI, FL, NJ, MN, KY, MA, VA, CA, IA, IL, PA, LA, NC, GA. The following information is based on the CompScope studies of these states. Hospital Costs Numerous WCRI studies highlight that there is less use of hospital care in workers’ compensation. This follows trends in healthcare with
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At the 2017 WCRI Annual Issues and Research Conference, a panel discussed alternatives to opioids in chronic pain. The panel included: Kathy Fisher – WCRI (moderator) Dean Hashimoto, MD – MA Department of Industrial Accidents Paul Sighinolfi – ME Workers’ Compensation Board Paul Tauriello – CO Division of Workers’ Compensation Dawn Ehde, MD – University of Washington School of Medicine, Dept of Rehabilitation Medicine Marijuana In January 2017, the National Academies of Sciences, Engineering and Health published a comprehensive report of the issue of marijuana as a medical treatment option. They reviewed available evidence regarding the therapeutic value of marijuana
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