We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
When business owners shop commercial insurance coverage, the solvency rating of the proposed insurance company is one critical factor they consider. However, savvy commercial insurance buyers should consider another vital factor — how will the proposed insurer handle your claims?
Many mid-market employers are becoming increasingly concerned regarding the rising costs of workers compensation coverage in the hardening insurance market. These cost increases combined with uncertainty over the magnitude of cost increases related to implementation of the Patient Portability and Affordable Care Act (aka Obamacare) have employers scrambling to identify alternatives to reduce cost going forward.
I read an interesting article in this month’s Claims Management magazine about claim letter templates. The article was fairly lengthy and discussed how to improve and organize templates to add to claims efficiency (for the carrier). Makes sense, right? Well, maybe…
New York City construction activity has seen a re-birth with the city accounting for nearly half of the country’s commercial construction activity. A major part of that is the World Trade Center construction but there are other major projects being undertaken such as the renovation of Madison Square Garden and the 10 and 20 year capital construction programs of Columbia University and NYU.
Businesses today face many challenges managing their risk; one area of increasing concern is the risks associated with cross-border transactions, which seem to be at an all time high. The procedures and steps organizations face when conducting business internationally are continually becoming more complex. An article by Country Risk Solutions, Managing Political Risk in the New Normal, shows how the rules of engagement for conducting international business have changed.
As most insurance and risk management professionals are aware, Worker’s Compensation market conditions have been relatively soft over the past few years. A recent article in Business Insurance predicts Workers Compensation will be one of the coverages that will go up in price along with most primary and excess policy layers for 2013; most impacted will be the Worker’s Compensation insurance. Looking toward the future and what 2013 holds is going to have a strategic impact on a company’s overall budget as well as the options they will have at renewal time. Companies have been able to supplement their low premiums by purchasing a higher retention policy and relying heavily
We have just emerged from one of the longest soft markets in recent history where premiums were low and insurers were actively competing for business. Many companies took full advantage of the insurer’s oversupply of capacity and their aggressive pricing strategies by saving thousands in insurance costs. However, market conditions are beginning to deteriorate as commercial insurance rates continue to climb and catastrophic losses become a daily occurrence.
Enterprise Risk Management is meant to consider any and all risks that could affect your organization. One risk that can affect your company that is rarely considered in an Enterprise Risk Management platform is Political Risk. With the recent election and battle over the fiscal cliff, it is apparent that these effects can not only affect the way your company is taxed, but also how the company can meet its strategic goals. The political environment of any given country or state you operate in can impact your company’s Revenue, Property, Reputational or Strategic Risk in a variety of ways. The question becomes: if a major political event were to occur,
The Risk and Insurance Management Society has been discussing the benefits of Enterprise Risk Management (ERM) for over 10 years now. In addition, they have developed the discipline of Strategic Risk Management (SRM) within the courses and material they publish. To them, ERM seeks to dial down the volatility in the operations of any organization, while SRM is meant to evaluate whether the company’s business strategy on risk is appropriate and provides long term sustainability of the company’s profits. Thus, if implemented correctly, ERM allows SRM to take a critical and impartial view on the way the company does business and mitigates risk.
Enterprise Risk Management, despite being on the tip of the risk and insurance world’s tongue, is still struggling to gain a foothold in most organizations. The question that consistently emerges is whether or not implementing an Enterprise Risk Management Framework can truly add value to a company’s strategic development. The key to a successful ERM Framework is to instill the philosophies of Enterprise Risk Management throughout the organization so the company as a whole is fostering a risk-aware culture.
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At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information: [email protected]
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information : [email protected]
New Jersey
175 Main St
Woodbridge, NJ 07095
Tel: +1-732-395-4250
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
