New Ways for Insurance Buyers to Evaluate Appropriate Limits

January 21, 2016

11:00 am - 12:00 pm ET 

How is Advisen changing the way insurance buyers evaluate and select appropriate limits? Which loss types would exceed your limits? What dollar amount can you attribute to the known losses that exceed your limits? By marrying Insurance Program Benchmarking with Loss Data, you can now point to specific losses that would penetrate any given limit.

On Thursday, January 21 at 11am EST, join Daniel Hobbs & Jeff Cohen to discuss how Advisen upticks the conventional ways that limits are evaluated. Learn how you can use Loss Benchmarking to evaluate how your peer group’s loss experience compares to your current limit and how those events would impact your financial position.

Click here to register for the event: http://www.advisenltd.com/events/webinars/2016/01/21/new-ways-to-evaluate-appropriate-limits/

2016 Predictive Modeling Insights Conference – New York

January 14, 2016

8:00 am - 6:00 pm ET 

New York Law School 

185 West Broadway

New York, NY, 10013

USA

212.431.2100

Our first Predictive Analytics Conference in 2015 looked at empowering decision-makers in insurance organizations to make strategic decisions on using analytics in their business.

In its second year, this conference digs deeper and looks at turning information into insights, getting your data working for you and reaping the rewards of driving your business forward with a data-informed strategy.

Click here for more information about this event: http://www.advisenltd.com/events/conferences/01/14/2016-predictive-modeling-insights-conference-new-york/

Business Interruption Losses Increasing in Frequency, Severity, Allianz Report Finds

Corporate risk managers cite business interruption as the most significant risk they face these days, due to the interconnected nature of systems, industries, and supply chains, according to a new report, “Global Claims Review 2015: Business Interruption In Focus,” from Allianz Global Corporate & Specialty (AGCS).

AGCS found that business interruption losses now account for the majority of nearly all large property insurance claims, at an average of $2.38 million, 36 percent higher than the related average direct property damage loss. In the last five years, BI claims have been a primary loss driver for large losses following fires, storms, floods, and earthquakes, according to AGCS’ review of over 1,800 large BI claims from 68 countries.

Read more at http://www.advisenltd.com/2015/12/10/business-interruption-losses-increasing-in-frequency-severity-allianz-report-finds/

Ayers, Erin. ‘Business interruption losses increasing in frequency, severity, Allianz report finds’. ©2015 Advisen Ltd. 18 December 2015.

Wyndham Agrees to Settle Landmark Legal Battle with FTC over Data Breaches

Wyndham Worldwide Corp. will set up a wide-ranging information security program to protect cardholder data as part of a settlement reached with the US Federal Trade Commission to end a case, filed in 2012, that effectively clarified the commission’s authority to regulate data security practices.

Wyndham is not required to pay any monetary fine but its obligations under the settlement will last for 20 years. The settlement does not apply to any other categories of personally identifiable information

“We chose to defend against this litigation based on our strong belief that we have had reasonable data security in place, and that the FTC’s position could have had a negative impact on the franchise business model,” said Wyndham, in a statement. “This settlement resolves these issues, and sets a standard for what the government considers reasonable data security of payment card information.

Read more at http://www.advisenltd.com/2015/12/10/wyndham-agrees-to-settle-landmark-legal-battle-with-ftc-over-data-breaches/

Hemenway, Chad. ‘Wyndham agrees to settle landmark legal battle with FTC over data breaches’. ©2015 Advisen Ltd. 16 December 2015.

DOJ Collects More than $3.5 Billion in Fraud Settlements in 2015

The U.S. Department of Justice last week announced more than $3.5 billion False Claims Act (FCA) recoveries for fiscal year 2015. According to the department’s fraud statistics, total recoveries exceeded $3.5 billion for the fourth consecutive year, but were the lowest since 2011.

“The False Claims Act has again proven to be the government’s most effective civil tool to ferret out fraud and return billions to taxpayer-funded programs,” said DOJ’s Principal Assistant Attorney General Benjamin C. Mizer, in a December 3, 2015 press release.  “The recoveries announced today help preserve the integrity of vital government programs that provide health care to elderly and low income families, ensure our national security and defense, and enable countless Americans to purchase homes.”

Read more at http://www.advisenltd.com/2015/12/08/doj-collects-more-than-3-5-billion-in-fraud-settlements-in-2015/

Bradford, Josh. ‘DOJ collects more than $3.5 billion in fraud settlements in 2015’. ©2015 Advisen Ltd. 14 December 2015.

Risk Diagnostic Series: Environmental Report

December 2015

Advisen wrote a white paper that examines the environmental risk landscape, the risk management response, and the role of insurance in addressing environment risks. The free, 4-page paper is sponsored by Starr Companies.

Addressing Environmental Risk

Regulations including the Comprehensive Environmental Response Compensation and Liability Act of 1980 (CERCLA or Superfund Act) and the Resource Conservation and Recovery Act of 1976 (RCRA) increasingly expose businesses with operations that could impact the environment to fines and penalties, civil liability, and criminal prosecution. Environmental contamination has been a focus of regulatory enforcement for decades, yet many companies, especially those from industries not traditionally perceived as environmental offenders, may be unaware of their potentially devastating exposure to environmental risks.

Read more at http://www.advisenltd.com/2015/12/01/risk-diagnostic-series-environmental-report/

Download the Risk Diagnostic Series: Environmental Report

A Guide to Emerging Wage & Hour Exposures

December 2015

Advisen wrote a white paper that takes a closer look at the rules and regulations recast by the pro-employee administration, as well as how Wage and Hour policies are responding to these market changes. The free, 10-page paper is sponsored by Allied World.

A Closer Look at the Evolving W&H Landscape

Advisen data show Wage and Hour cases have increased 58 percent from 2013- 2015, with a 28 percent increase in cases in the past year (2014-2015). According to another source, Seyfarth Shaw, W&H claims have risen in each of the last 15 years to 8,066 in 2014. This makes these types of claims the only growth area in workplace litigation.

Read more at http://www.advisenltd.com/2015/12/01/a-guide-to-emerging-wage-hour-exposures/

Download the Wage & Hour White Paper

Risk Diagnostic Series: Energy Report

December 2015

Advisen wrote a white paper that examines the risks faced by companies in the energy sector. It also looks into risk preparedness and the role of insurance in addressing energy risks. The free, 4-page paper is sponsored by Starr Companies

Energy Risk Management Solutions

Energy companies frequently operate in volatile and often politically charged economic and business environments which can result in rapid changes to their risk profiles. Factors such as energy price volatility, changing technology, regulatory scrutiny, and political instability increasingly expose organizations to risk.

Read more at http://www.advisenltd.com/2015/12/02/risk-diagnostic-series-energy-report/

Download the Risk Diagnostic Series: Cyber Report