2016 NWCDC

Increasing Children’s Chances

Kids’ Chance organizations have provided about $16 million in scholarships since their inception.
By: | November 30, 2016 • 2 min read

Helping the children of workers who were injured or killed on the job was the brainchild of Robert Clyatt, a workers’ compensation attorney in Georgia.

Having witnessed the devastating impact of workers’ injuries on their families, he created the first nonprofit Kids’ Chance organization in 1988 and began raising money to provide educational scholarships to the children of injured Georgia workers.

It spurred a national movement, said Vicki Burkhart, executive director of Kids’ Chance of America.

kidschancelogoThere are now Kids’ Chance organizations in about 40 states, she said. The national organization helps with fundraising and provides best practices. It also created a database so prospective scholarship recipients are entered into the system, regardless of age.

“The families are so impacted by these really serious workers’ compensation injuries,” she said. “Life as they knew it ceased to continue to exist and in many cases, they were left without a lot of support.”

That’s where Kids’ Choice comes in.

Kaitlyn, who is now a fifth grade reading and social studies teacher, credits Kids’ Chance of Maryland with helping her attend Towson University.

Her father, she said in a videotaped testimonial on the Kids’ Chance website, was a lumberjack at a sawmill who was accidentally sprayed with a chemical. After suffering for several years, he died. This happened when she was only 5.

“Kids’ Chance of Maryland was the biggest savior I could ask for,” she said. “They helped me pay for school and it took off some of the stress of how we were going to manage.”

Among the many testimonials on the site is one from the three daughters of a Tucson police officer, who offered their thanks to Kids’ Chance of Arizona for scholarship assistance after their father was permanently disabled in the line of duty.

Another is from Pedro, a student at Rutgers University in New Jersey, whose father was left fully disabled after a truck accident at work.

“Not only has it been an emotional burden seeing my father battle the pain of his injuries these past three years, but a huge financial burden every time the term bill is due for school,” he wrote, praising the help of Kids’ Chance of New Jersey.

Since its inception, Kids’ Chance organizations awarded more than 5,600 scholarships totaling about $16 million.

For more information, visit http://www.kidschance.org. &

Anne Freedman is managing editor of Risk & Insurance. She 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]