2017 Risk All Stars

The 2017 Risk All Stars

Creativity, perseverance and passion distinguish the winners of the 2017 Risk All Star award.
By: | September 12, 2017 • 2 min read

Sharp Instincts

Gillian Cummings-Beck: Director, Insurance & Risk Management, Chico’s FAS Inc.

Chico’s risk manager wasn’t afraid to change important relationships.

 

Captives, Writ Larger

Courtney Claflin: Executive Director, captive programs, University of California

The University of California’s Courtney Claflin is putting on a clinic in captive management.

 

Seeking Clarity

Faith Cring: Director, Engineering, Environmental, Safety and Insurance, Growmark Inc.

Faith Cring makes sure she educates underwriters about her agricultural cooperative’s risks. She also insists on complete transparency.

 

The Right Connections

Michelle Bennett: Director of Risk Management, Cable One

Cable One’s Michelle Bennett is very good at forming relationships, both inside and outside of her company.

 

The Right Formula for Claims Closure

Kevin Moss: Director, Casualty Insurance and Risk, Michelin North America Inc.

With diligent prep work and high emotional intelligence, Kevin Moss cut Michelin’s outstanding reserves nearly in half.

 

Seeing Opportunity in Expansion

Steve Richards: Director Claims & Litigation, Coca-Cola Bottling Company Consolidated

Steve Richards masterfully recalibrated Coca-Cola’s workers’ comp program when the company rapidly added 25 locations and thousands of new employees.

 

Risk Management in Memory Care

Frank Russo: Senior Vice President, risk and legal affairs, Silverado Senior Living

Frank Russo integrated risk management throughout his company, building a strong and collaborative risk culture.

 

The Ergonomic Evaluator

Joseph Mazza: Director of Risk Management and ADA Coordinator, MiraCosta College

Joseph J. Mazza has cut repetitive motion workers’ comp claims in half by training in ergonomics.

 

A Friend of the Business

Simon Argent: Senior Vice President, Head of Credit Risk Management, XL Catlin

XL Catlin’s Simon Argent leads a team that is giving insurance business leaders much better insight into their credit and country risks.

 

Persistence Pays Off

Wallace Jones: Director, Global Benefits & Insurance, Ashley Furniture Industries

Wallace Jones achieved double-digit premium reductions for Ashley Furniture by educating senior leaders and implementing changes over a four-year period.

 

Standing Up and Standing Out

Dan Holden: Manager, Corporate Risk & Insurance, Daimler Trucks North America

Daimler Trucks North America’s Dan Holden advocated for a disaster recovery system that is now being implemented internationally.

 

Unbridled Passion

Zach Finn: Director, Davey Risk Management and Insurance program, Butler University

Butler University’s Zach Finn is tackling the risk management talent shortage head-on.

 

Building on the Power of Appreciation

Tim Liberty: Senior Claims Consultant, Baldwin Krystyn Sherman Partners

Leveraging the adage “You catch more flies with honey,” Tim Liberty is giving his growing company a distinct competitive advantage.

The R&I Editorial Team can be reached at [email protected]

More from Risk & Insurance

More from Risk & Insurance

2018 Most Dangerous Emerging Risks

Emerging Multipliers

It’s not that these risks are new; it’s that they’re coming at you at a volume and rate you never imagined before.
By: | April 9, 2018 • 3 min read

Underwriters have plenty to worry about, but there is one word that perhaps rattles them more than any other word. That word is aggregation.

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Aggregation, in the transferred or covered risk usage, represents the multiplying potential of a risk. For examples, we can look back to the asbestos claims that did so much damage to Lloyds’ of London names and syndicates in the mid-1990s.

More recently, underwriters expressed fears about the aggregation of risk from lawsuits by football players at various levels of the sport. Players, from Pee Wee on up to the NFL, claim to have suffered irreversible brain damage from hits to the head.

That risk scenario has yet to fully play out — it will be decades in doing so — but it is already producing claims in the billions.

This year’s edition of our national-award winning coverage of the Most Dangerous Emerging Risks focuses on risks that have always existed. The emergent — and more dangerous — piece to the puzzle is that these risks are now super-charged with risk multipliers.

Take reputational risk, for example. Businesses and individuals that were sharply managed have always protected their reputations fiercely. In days past, a lapse in ethics or morals could be extremely damaging to one’s reputation, but it might take days, weeks, even years of work by newspaper reporters, idle gossips or political enemies to dig it out and make it public.

Brand new technologies, brand new commercial covers. It all works well; until it doesn’t.

These days, the speed at which Internet connectedness and social media can spread information makes reputational risk an existential threat. Information that can stop a glittering career dead in its tracks can be shared by millions with a casual, thoughtless tap or swipe on their smartphones.

Aggregation of uninsured risk is another area of focus of our Most Dangerous Emerging Risks (MDER) coverage.

The beauty of the insurance model is that the business expands to cover personal and commercial risks as the world expands. The more cars on the planet, the more car insurance to sell.

The more people, the more life insurance. Brand new technologies, brand new commercial covers. It all works well; until it doesn’t.

As Risk & Insurance® associate editor Michelle Kerr and her sources point out, growing populations and rising property values, combined with an increase in high-severity catastrophes, threaten to push the insurance coverage gap to critical levels.

This aggregation of uninsured value got a recent proof in CAT-filled 2017. The global tally for natural disaster losses in 2017 was $330 billion; 60 percent of it was uninsured.

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This uninsured gap threatens to place unsustainable pressure on public resources and hamstring society’s ability to respond to natural disasters, which show no sign of slowing down or tempering.

A related threat, the combination of a failing infrastructure and increasing storm severity, marks our third MDER. This MDER looks at the largely uninsurable risk of business interruption that results not from damage to your property or your suppliers’ property, but to publicly maintained infrastructure that provides ingress and egress to your property. It’s a danger coming into shape more and more frequently.

As always, our goal in writing about these threats is not to engage in fear mongering. It’s to initiate and expand a dialogue that can hopefully result in better planning and mitigation, saving the lives and limbs of businesses here and around the world.

2018 Most Dangerous Emerging Risks

Critical Coverage Gap

Growing populations and rising property values, combined with an increase in high-severity catastrophes, are pushing the insurance protection gap to a critical level.

Climate Change as a Business Interruption Multiplier

Crumbling roads and bridges isolate companies and trigger business interruption losses.

 

Reputation’s Existential Threat

Social media — the very tool used to connect people in an instant — can threaten a business’s reputation just as quickly.

 

AI as a Risk Multiplier

AI has potential, but it comes with risks. Mitigating these risks helps insurers and insureds alike, enabling advances in almost every field.

 

Dan Reynolds is editor-in-chief of Risk & Insurance. He can be reached at [email protected]