Magazine article Risk Management

Hindsight

Magazine article Risk Management

Hindsight

Article excerpt

Top 10 Causes of Business Interruption Losses (by total value, 2010-2014)

1. Fire and explosion

2. Storm

3. Machinery breakdown

4. Faulty design/material/manufacturing

5. Strike/riot/vandalism

6. Cast loss (entertainment)

7. Flood

8. Collapse

9. Human error/operating error

10. Power interruption

Source: Alliance Global Corporate & Specialty

"Risk professionals' responsibilities continue to evolve and are growing within their organizations. In addition to mitigating the impact of a risk, practitioners are initiating ideas and developing solutions to not only prevent unwanted risks, but to embrace and enable risk-taking that optimizes business growth. As RIMS' 62nd president, I look forward to helping this society focus on the future, ensuring that we continue to advance and convert Ideas into valuable resources that support the world's risk management community."

-Julie Pemberton, director of enterprise risk and insurance management at Outerwall Inc. and 2016 RIMS president

New Priorities for P/C Insurers

In an ever-changing market increasingly influenced by digital innovation and competitive pressures. EY suggests that U.S. property/ casualty insurance companies focus on the following eight areas in order to remain successful in 2016:

1. Position organizations for digital leadership

2. Prepare for the next wave of M&A activity

3. Create a culture of continuous innovation

4. Shift from a product to a service orientation

5. Build a next-generation distribution platform

6. Improve performance through analytics

7. …

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