Finding the right balance: good risk management means finding the right coverage vehicles and making sure exposures remain limited
Article Abstract:
Risk managers are advised to find the right balance when it comes to risk financing approaches that have lately involved the merging of strategies such as insurance cost curtailment via alternative risk financing practices and loss minimization by way of prevention measures. Insureds are looking into alternative market options that enable the reduction of costs through sharing arrangements while smaller customers seek competitive advantage through aggregation. Risk managers should also familiarize themselves with creative risk financing products.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Stop profit leaks with claims audits
Article Abstract:
Risk managers can improve the financial performance of their employers' insurance portfolio by auditing insurance claims. An independent claims audit is an ideal claims management vehicle for risk managers, third-party administrators and insurance companies as the audit will evaluate the third-party administrators' claims handling process and identify both its strengths and weaknesses. Claims audits have three distinct components: technical components, loss run examinations and financial evaluations.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Fronting for alternative markets can be a tricky process
Article Abstract:
Insurers need to carefully investigate the financial soundness of alternate market partners before fronting for them. Offshore businesses may be relying on undercapitalized reinsurers not subject to US regulations. The fronting insurer can be held liable for claims against the partner in the event of insolvency due to disastrous losses. Reinsurance agreements should be carefully drafted to anticipate future problems. Specific protective measures are discussed.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Honing the competitive edge. Honing the competitive edge: insurers that refine their products and services to meet customer expectations are the ones most likely to sustain competitive advantage
- Abstracts: Insurers rely on bullish stock market; nine-month financial results show that industry conditions remain bleak
- Abstracts: Purchasing health care value. Rethinking your health and welfare benefits strategy. Rethinking your health care strategy
- Abstracts: Rise of the insurance Webmasters. A woman's place: women handle competition differently, view themselves differently and may be better attuned to some changing aspects of insurance
- Abstracts: Underwriting resurgence yields rare profit. Inland marine study: underwriting losses continue in 1994