Category Archives: Industry Awards & Events

P/C Joint Industry Forum

The 16th annual Property/Casualty Insurance Joint Industry Forum #JIF2012 will be held today at the Waldorf-Astoria Hotel in New York City.

The Forum, sponsored by 16 leading property/casualty insurance trade associations, was created to provide p/c insurance and reinsurance company leaders with an opportunity to meet and discuss topics of general interest.

Michael McRaith, director of the new Federal Insurance Office, will be the featured speaker at the event.

A panel of experts will first discuss the insurance industry from the perspective of those who regulate, analyze and write about the business.

This will be followed by the CEO panel where industry leaders will discuss general trends in industry services.

Check back later this week for coverage of the event. In the mean time, follow the Insurance Information Institute’s live Twitter feed.

Fortune’s 40 Under 40

As I was sitting in the doctor’s waiting room the other day leafing through the latest issue of Fortune magazine, I couldn’t help but notice Fortune’s 40 under 40.

This annual ranking highlights the hottest young stars in business across the globe. Think technology – Facebook’s Mark Zuckerberg tops the list, while Twitter’s Jack Dorsey is ranked eighth – movies, music, athletic wear, oh, and finance.

Coming in at number 10 and leaping off the page to this insurance blogger is 34-year-old Sid Sankaran, chief risk officer at AIG.

Here’s what Fortune has to say:

The financial crisis proved that AIG had no clothes – or at least no controls. Now it’s up to Sankaran, a Canadian math hotshot (his degree from the University of Waterloo was in actuarial sciences) and former partner at consultancy Oliver Wyman, to make sure it doesn’t happen again. Sankaran declined AIG at first; today, as chief risk officer, he oversees the billions flowing among disparate insurance operations and reports to CEO Robert Benmosche if something suspicious rears its head.†

Just being mentioned in the same breath as Facebook and Twitter is impressive, and it doesn’t hurt to raise the insurance industry’s coolness factor a notch.

So here’s a shout out and congrats to Fortune’s number 10 under 40.

IICF Volunteer Week 2011

Disaster preparedness, education, the environment, housing, senior issues, women’s issues, and youth and children are some of the local community projects that teams of insurance industry volunteers will be donating their time to next week.

Volunteer Week, the Insurance Industry Charitable Foundation’s (IICF) eight-day event, kicks off this Saturday on both the East and West coasts.

During the week, teams of insurance volunteers will donate three or more hours of service at neighborhood and community nonprofit organizations. The IICF provides online signup for volunteer teams and coordinates contact with the charities for which volunteers work.

Betsy Myatt, executive director of IICF’s New York/Northeast division, says:

Volunteer Week feeds insurance industry employees’ strong desire to give back to their local communities, and supports companies that want to be active players in their communities.

In the first year in the New York-New Jersey-Connecticut tri-state area, we expected about 1,000 volunteers – and saw double that.†

Last year, the tri-state area saw more than 2,000 participants give more than 13,000 hours in nearly 200 different projects.

Since it started in 1997, Volunteer Week has contributed more than 140,000 hours of community service.

It’s not too late to be part of Volunteer Week 2011. To register go to: http://Volunteer.IICF.org

Top 50 Blogs Nomination

Blogging about insurance, or on any subject come to that, takes time and commitment from both the writer and the reader.

So we’re honored to announce that Terms + Conditions has received a nomination to be considered one of the LexisNexis Insurance Law Community’s Top 50 Insurance Blogs for 2011.

Each year, LexisNexis honors a select group of blogs that set the online standard for a given industry. The Top Blogs campaign on the LexisNexis Insurance Law Community starts with a comment period that runs through September 30.

An initial list of nominees for this year’s Top 50 includes some of our favorites such as the excellent Tim Dodge’s Ask Tim, Guy Carpenter’s GCCapitalIdeas.com, InsureReinsure published by Edwards, Angell, Palmer & Dodge, the Lloyd’s blog, Risk Management Monitor published by RIMS, and The D&O Diary published by Kevin LaCroix.

To talk up or nominate your favorite insurance blog, just register and log in as a community member at this link.

Lights! Camera! Risk control!

Oscar night creeps ever closer – it’s Sunday – so the drama builds for the magic moment when the envelope opens and we find out which movie is Best Picture.

In the insurance version, though, the drama is over – Fireman’s Fund earlier this month named Salt the riskiest movie of 2010. The Fund insures 80 percent of Hollywood productions, notes the Wall Street Journal, so can be considered an authority on the topic.

Salt tells the story of a CIA agent -Angelina Jolie – who goes on the run after being accused of being a Russian spy. But this is Hollywood, so when she goes on the run, she does a lot more than run – lots of chases, crashes, fights and general femme fatale-ing.

And here’s why it was so risky: Ms. Jolie, reportedly paid more than $20 million for the role, did her own stunts. To get an idea, here’s the action-packed trailer:

So what you see the character Salt do, Ms. Jolie, a daredevil mother of six, actually did:

  • She jumps off a highway overpass! (at 1:19 of the trailer)
  • She leaps from a moving subway! (1:28)
  • She dyes her own hair! (1:25)

And had she, say, broken a leg, it would have been a bigger deal than your typical workers comp claim. Production itself could slow down or stop, but production costs would roll on.

Companies insure against actors’ injuries by purchasing cast coverage, which basically pays for production costs if an important artist is hurt or killed. Other typical coverages protect against loss of props, damage to property while on location, and – my favorite – negative coverage, which involves faulty filming materials, not tabloid stories.

The riskiest scene – not in the trailer – involved filming the actress on a building ledge on a gloomy, windy day. The Fund’s Paul Holehouse (a senior risk specialist) told us: The wire work and climbing outside of the New York building required a massive rigging effort to protect the historical buildings and create a safe catch area with proper flying harnesses.

For fights and scenes with weapons, extra care has to be taken to protect the actor’s face. One unducked punch could close up shop.

On tricky shoots, underwriters work with the creative types to minimize risk while achieving the director’s artistic vision.

P/C Joint Industry Forum

The 15th annual Property/Casualty Insurance Joint Industry Forum (#JIF2011) will be held next Tuesday January 11 at the Waldorf-Astoria Hotel in New York City.

The Forum, sponsored by 16 leading property/casualty insurance trade associations, was created to provide p/c insurance and reinsurance company leaders with an opportunity to meet and discuss topics of general interest.

A panel of experts will first discuss the insurance industry from the perspective of those who regulate, analyze and write about the business.

This will be followed by  the CEO  panel where industry leaders will discuss general trends in industry services.

A reception and dinner that evening will feature an address by Ari Fleischer, former White House Press Secretary for George W. Bush and president, Ari Fleischer Communications Inc.

Media interested in attending the Forum should contact Loretta Worters at the I.I.I. on 212-346-5545.

A View To Building Better

The grand opening of the Institute for Business & Home Safety (IBHS) Research Center yesterday demonstrates insurers’ ongoing commitment to reduce and prevent damages and losses caused by natural disasters.

This unique, state-of-the-art, multi-risk applied research and training facility on a 90-acre parcel of land in Chester County, South Carolina, will significantly advance building science by enabling researchers to more fully and accurately evaluate various residential and commercial construction materials and systems.

At yesterday’s opening USA Today reports  that researchers used more than 100 giant fans to create hurricane-force winds in an experiment that  destroyed a home built with conventional construction materials and standards within minutes, but left a home  built with fortified materials standing at its side.

Check out this IBHS video on YouTube to see the results for yourself:

Fundraising Dinner Features Sporting Greats

Major League baseball great Ken Griffey Jr. and hockey legend Mark Messier will be the featured speakers at the Insurance Industry Charitable Foundation (IICF) 2010 benefit dinner on December 8 at the Waldorf-Astoria Hotel in New York City.

This year’s dinner chair  is Greg Case, president and chief executive officer of Aon Corp. Case  commented:

“Aon is a strong supporter of the work of IICF, which pools our industry resources to provide grants, volunteer service, and leadership to the communities where we live and work. It is my pleasure to serve as dinner chair and to assist the foundation in raising funds for life-changing community grants.†

The IICF also said it will present Maurice R. “Hank† Greenberg, chairman and chief executive officer of C.V. Starr & Co with the 2010 Double I award for influence in the industry and impact in the community.

For gala information, including ticket sales, please contact the IICF Benefit Office at (212) 763-8597 or iicf@cmevents.net. The event raises funds for charities in the New York tri-state area.

Top 50 Blog Nomination

We often link to other insurance blogs from this site, so it’s an honor for Terms + Conditions to receive a nomination to be considered one of the LexisNexis Insurance Law Community’s Top 50 Insurance Blogs for 2009. Announcing the awards nomination, ILC says:

As many of you know, there are blogs, and then there are blogs. When we consider a blog for membership in ILC’s annual Top 50, we look for frequent posts, timely topics, and quality writing. Only the best may gain admission. Our readers have come to expect nothing less, and we wouldn’t have it any other way.†

An initial list of nominees for ILC’s Top 50 includes such notables as Sam Friedman’s A View From the Press Box, Tim Dodge’s Ask Tim, Guy Carpenter’s GCCapitalIdeas, InsureReinsure published by Edwards, Angell, Palmer & Dodge, Joe Paduda’s Managed Care Matters,  and The D&O Diary published by Kevin LaCroix.

There are many more excellent insurance blogs on the list (in fact it’s a great resource on blogs in our industry). If you would like to back your favorite insurance blog or add to the list of nominees, the ILC asks that you comment at this link. The comment period for nominations will close this Friday July 9.

Catastrophe Activity Review

Catastrophes outside the U.S. this year are costing insurers a lot more than domestic disasters – at least so far – with overseas carriers absorbing losses from Chile’s earthquake and the Deepwater Horizon oil spill, according to a Bloomberg report.

The article quotes Insurance Information Institute (I.I.I.) president Dr. Robert Hartwig saying:

“More years than not it’s the U.S. that has the greatest insured catastrophe loss. Global losses dwarfed U.S. losses this year.†

The Deepwater Horizon oil spill has been the defining event for man-made disasters so far in 2010.

Earthquakes in Haiti, Chile and the U.S., winter storms in Europe and the U.S., and severe floods in Eastern Europe are just a few of the events that have defined a very active first six months for natural catastrophes, according to Munich Re.

An overview of U.S. and global natural catastrophe activity for the first six months of 2010 will be jointly presented by Munich Re and the I.I.I. in a webinar to be held Friday July 7.

Munich Re puts insured losses for global catastrophes in the first six months of 2010 at $23 billion – the highest on record for the same time period since 1994, and exceeding the 10-year average of $11 billion.

In contrast, in the U.S., insured losses for the first six months totaled $6.5 billion, in line with the 10-year average of $6.6 billion.

Register here to participate in next week’s webinar.