Public-sector risk managers prepare for a range of disasters | 2012 global insured losses topped the 10-year average, report says | 3 reasons why benefits participation may be lagging
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January 29, 2013
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Risk, Insurance, Claims & Safety
Experts: Disaster-coverage costs are a concern for risk managers
Public-entity risk managers face challenges because of rising disaster-related insurance premiums, but they can overcome complex issues if good insurer-broker relationships and effective loss-prevention initiatives are in place, experts say. "If and when a disaster occurs, an adjuster's time and attention is limited, especially in a regional disaster. Those adjusters and public entities who already know each other can quickly get to work and speed up recovery," said Frank Russo of Aon's global risk consulting unit. Business Insurance (tiered subscription model) (1/27)
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Public-sector risk managers prepare for a range of disasters
Public-entity risk managers can benefit from catastrophe modeling and other software, says Frank Russo of Aon's global risk consulting unit. "While an area's natural disaster profile can be fairly obvious, weather still has the potential to surprise and intensify, as was the case with Sandy, which melded with other storm fronts to become a much more dangerous event," Russo says. Business Insurance (tiered subscription model) (1/27)
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2012 global insured losses topped the 10-year average, report says
Insured losses from natural catastrophes last year were $72 billion worldwide, 36% above the 10-year average but lower than losses posted in 2011, a report from Aon Benfield says. Two-thirds of the insured losses last year were caused by Hurricane Sandy and the drought in the U.S., and the number of global natural disasters increased to 295, the report says. The U.S., however, is experiencing an overall "quiet period" for hurricanes, says Steve Bowen of Aon Benfield's Impact Forecasting. Insurance Networking News (1/24), PropertyCasualty360 (1/24)
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Workplace & Retirement
3 reasons why benefits participation may be lagging
Employees are less likely to sign up for voluntary benefits that are poorly communicated, too generic and that provide little financial benefit, Michael Motyka writes. "Factors such as age, marital status, or family structure affect insurance needs, so offering a wide selection of options ensures there is a plan for everyone," Motyka writes. The Employee Benefits Blog (1/23)
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Wellness expert says best incentive range is $250 to $600
Cash or other incentives are better than penalties in motivating workers to participate in wellness programs, experts said at the Shape Michigan Expo. Kristine Sapak of Priority Health said the "sweet spot" for employee incentives is between $250 and $600 per year, but organizations first must find out what will work with their staff. MiBiz (Michigan) (1/20)
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Poll Question
Moody's: Shooting-related suits pose a credit threat to universities
U.S. universities are facing credit risks because of lawsuits filed by victims of shootings, Moody's Investors Service says. "The lawsuits are credit negative for affected universities because they create financial and reputational risks and divert senior management's efforts away from other operating activities," Moody's says. The Denver Post/Reuters (1/25)
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Officials heighten oversight of Pa. universities' construction
Universities in Pennsylvania's State System of Higher Education that want to begin construction projects must prove that they have $1 million or more available for such work by putting the funds in an account handled by the university system. The rules are an effort to improve oversight of projects after financial concerns surrounded California University of Pennsylvania's convocation center, officials said. Pittsburgh Post-Gazette (1/25)
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Leadership & Management
Leaders must overcome resistance to teams
Although 95% of workers say teams are important, only 24% prefer working in them, and younger workers are even more keen to work alone, according to a University of Phoenix survey. The research shows that leaders need to be more aware of resistant team members and develop an approach that lets them "help the team develop a way to trust one another," says Barry Feierstein, the university's chief business operating officer. USA Today/Gannett News Service (1/27)
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News From Aon
Annual Global Climate and Catastrophe Report: 2012
Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has released its Annual Global Climate and Catastrophe Report, which aggregates and analyzes the natural disaster perils that occurred worldwide during 2012. Read more.
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Comprehensive Absence Management
In this report, Aon Hewitt highlights the risks of lost employee productivity and identifies the benefits of an integrated absence-management approach that unifies analytics, advisory services and administration. Aon Hewitt absence management experts discuss this approach and how it can be utilized to produce successful results. Read more.
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SmartQuote
If fate means you to lose, give him a good fight anyhow."
-- William McFee,
British-American writer
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