Magazine article Risk Management

Zurich Welcomes You to RIMS

Magazine article Risk Management

Zurich Welcomes You to RIMS

Article excerpt

Welcome to Honolulu and the RIMS 2006 Annual Conference & Exhibition. Zurich looks forward to exploring the important issues facing insurers and risk managers and how we can work together to develop solutions that efficiently address your specific risk management needs

The catastrophes that occurred in North America and around the world since we met in Philadelphia remind us that risk management plays an important role in preparing for and responding to such events. Natural catastrophes caused nearly $225 billion in damages worldwide in 2005, with insured losses reaching a record $80 billion. It is not surprising, then, that lessons learned from the global catastrophes are important topics in Honolulu.

Risk complexity is increasing, notably the "interconnectedness" we are seeing after events such as Hurricane Katrina. Assumptions about risk and risk management are being re-evaluated at all levels--the potential for loss and how this affects insurers' risk appetites; the insurability of certain types of risk within the framework of traditional markets; and the need for governments, businesses, insurers and other stakeholders to work together to plan for and respond to catastrophes.

Important questions regarding current and future boundaries of insurability, as defined by traditional contracts, are beginning to be discussed. For insurers, contract certainty is vitally important. Our underwriting decisions must be made based on a stable interpretation of what constitutes an insurance contract. …

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