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  • RIMS' Risk Management Magazine Honored for Design and Content

    For the third year in a row, Risk Management magazine, the official publication of RIMS, was presented with Azbee Awards of Excellence by the American Society of Business Publications Editors (ASBPE) for the magazine’s art layout, design and editorial content. ASBPE is the professional association for full-time and freelance editors, writers, art directors and designers employed in the business, trade and specialty press.

     

    ASBPE presented the following awards to Risk Management magazine for front cover and article design: 

    ·         National Gold Award and Northeast Regional Gold Award – Front Cover Design – “The Year in Risk,” published December 2017;

    ·         Northeast Regional Silver Award – Front Cover Design – “Arson Dogs,” published in April 2017;

    ·         National Bronze Award and Northeast Regional Silver Award – Article Design – “Worked to Death: The Fatal Consequences of Japan’s Overtime Culture,” published May 2017;

     

    The following awards were presented for editorial content:

    ·         National Gold Award and Northeast Regional Gold Award, “Arson Dogs” published April 2017;

    ·         Northeast Regional Gold Award, “Ransomware Ready” published July/August 2017.

     

    “With each issue of Risk Management magazine, we remain focused on delivering highly informative content that is complimented by thought provoking design,” said RIMS Director of Publications Morgan O’Rourke. “It is truly rewarding to have our work recognized by ASBPE, affirming our mission to provide RIMS’ audience with the ultimate reading experience.”

     

    ASBPE’s Azbee Awards of Excellence program is one of the most competitive honors for business-to-business, trade, association and professional publications. The awards recognize outstanding work by magazines, newsletters and digital media — website, e-newsletters, digital magazines and blogs. The competition is open to all U.S.-based publications.

     

    Risk Management is the premier publication of analysis, insight and news for risk managers. Since 1954, Risk Management has explored the emerging techniques and concepts used by those tasked with protecting the physical, financial, human and intellectual assets of their organizations. Risk Management is published 10 times annually by RIMS, the risk management society™ and can be viewed at www.rmmagazine.com.

  • RIMS/Advisen: TCOR Declines for Fourth Year Amid a Highly Competitive Market

    Despite record-setting natural catastrophes and an ever-evolving risk environment, the average total cost of risk (TCOR) trended lower for the fourth year in a row – a 3 percent decrease. According to the newly released 2018 RIMS Benchmark Survey, TCOR decreased from $10.07 per $1,000 of revenue in 2016 to $9.75 per $1,000 of revenue in 2017.

    The marginal decline was driven by decreases in property, liability, workers compensation, management liability, and professional liability costs, as well as overall risk management administration costs.

    The annual RIMS survey, produced with Advisen Ltd., is a single source of benchmark statistics with industry data for thousands of insurance programs from hundreds of organizations – including the programs of hundreds of Fortune 500 companies. It tracks changes in insurance policy renewal prices as reported by North American corporate risk managers.

    As the insurance market becomes increasingly competitive, risk managers are turning to TCOR benchmarking as an important strategy to design and evaluate their organizations’ risk financing programs. For more than two decades, the RIMS Benchmark Survey has been offering insurance professionals a wealth of statistical information that allows them to compare their program to similar companies.

    The Key Findings of the 2018 RIMS Benchmark Survey are:

    ·         Total cost of risk per $1,000 of revenue fell 3 percent in 2017 as compared to 2016.

    ·         TCOR fell despite record high natural catastrophe losses.

    ·         A significant driver of lower TCOR was an 8 percent drop in liability costs.

    ·         While TCOR per $1,000 of revenue fell for most industries, four – Healthcare, Government & Nonprofit, Information Technology, and Consumer Staples – saw rising TCOR in 2017.

    ·         The percentage of companies buying cyber insurance has increased from 35 percent in 2011 to 65 percent in 2017.

     

    David Bradford, Co-founder and Chief Strategy Officer, Advisen, commented: “Market conditions are favorable for insurance buyers. A competitive insurance market resulting from a chronic overabundance of risk capital strongly contributed to TCOR decreasing steadily since 2013. Not even record catastrophe losses in 2017 could derail the downward trend.”

     

    Bradford added that the traditional cycle of insurance price increases and decreases seems broken. “For many decades the property/casualty insurance industry followed a relatively predictable cycle of price increases and decreases. However, for more than a decade, the overall trend has been downward. Rate levels have fluctuated over the years, but the last genuine hard market was in the early years of the 21st century.”

    Bradford noted that the traditional insurance pricing cycle may seem broken, but ‘broken’ is more likely a new normal resulting from a more efficient insurance market. “The factors contributing to this more efficient market are varied and complex, but the upshot is that a hard market like that last seen in 2001-2002, when commercial insurance rates shot up 50 percent, may simply never occur again. Prices may rise, but most likely they will be quickly beaten down by fresh capital flowing into the market. That is good news for risk managers.”

    “As the tools, resources and technologies that facilitate the exchange of ideas and experiences continue to improve, risk management professionals have become better equipped to strengthen their risk financing programs and apply cutting-edge, cost-cutting strategies,” said RIMS CEO Mary Roth. “The year-over-year data available in the RIMS Benchmark Survey allows professionals to accurately set expectations, and achieve goals while designing competitive but fair insurance programs for their organizations.”

    To order a copy of the 2018 RIMS Benchmark Survey, visit www.advisenltd.com/media/reports/rims-benchmark-survey/ or www.RIMS.org/book.

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