We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
It should come as no surprise that a disruption to the supply chain of any company offering its goods to the public could have disastrous effects. From not being able to stock shelves, to a possible loss in labor force, to unrealized sales, to reputational harm, there is a multitude of things that could go wrong if a company cannot produce the goods it operates to sell.
As the world is ever changing, so are the way insurers interpret the natural disasters and how they will respond to cover these terrible events. Over the years, the U.S. has seen an increase in earthquakes, tornadoes, hurricanes, blizzards and more. The insurance industry now has created a stricter view of how they will cover these events. In particular, as we have seen with Hurricane Katrina and Hurricane Sandy, the insurance industry has developed a new terminology and deductible related, specifically, to “named storm/named windstorm.”
It’s been, roughly, a quarter-century since widespread asbestos installation in the United States came to an end, but the ramifications of its use are still being felt today. While the US has not banned the use of asbestos completely, it is no longer used as a form of insulation in construction projects. The shift away from the use of asbestos came at the turn of the 1990s. Of particular interest is the fact that, many of the buildings constructed during that time are now being demolished or renovated, which exposes workers to the air-borne particles that can cause ailments such as lung cancer and mesothelioma.
Yesterday, January 12, 2015, President Obama officially signed the legislation needed to reauthorize The Terrorism Reinsurance Act (TRIA). Passage of the bill returns stability to insurers, policyholders and lenders after Congress adjourned and allowed the federal terrorism insurance backstop to expire. The executed legislation does modify terms of the prior act.
On December 18 ACE Private Risk Services announced that they were acquiring the personal insurance business of Fireman’s Fund from Allianz SE. While this does not rise to the notoriety of Sony and North Korea, it is of particular interest to those who are written in the so called “high-net-worth” market category. Fireman’s Fund and ACE have two (now one) of the best personal lines programs out there. Other notable carriers are AIG Private Client Group, Chubb and PURE. All are vying for a share of the $1M+ dwelling homeowners market.
Everybody has heard of the “famous” traffic delays in Los Angeles. The recent Wall Street Journal article, “A New Traffic Jam Hits L.A.”, describes a new type of delay hitting the city – shipping. This has impacted many of businesses due to the challenge of getting products in and out of the port of Long Beach. It has now stalled the delivery of goods and caused some shippers to redirect their ships to other ports. That, combined with the fact that there are few ports that can handle the larger cargo ships, can impact an organization’s bottom line by increasing its cost of doing business. This article drives home the
The global outbreak of the Ebola virus not only has long term social ramifications but economic ones as well. Recently, this issue has become more and more prevalent on construction projects in developing nations. When a local government considers a substantial construction project it is expecting certain economic outcomes to follow. In light of the Ebola crisis, risk managers of construction companies and material supply companies must now factor into their budgets the real likelihood of a project being delayed or shut down even after a substantial amount of funds have been expended. A recent WSJ article, “Mining Projects Take Hit From Ebola Crisis”, spoke about how major mining efforts
Construction accidents occur far too frequently, often due to inadequate safety measures. Earlier this month, an independent contractor was fatally struck by a falling tape measure at a new Jersey City high- rise. As reported here, by NJ.com, both OSHA and the building department of Jersey City will now be conducting investigations into the matter. Given the high rate of pedestrian foot traffic in the area, the parties involved should consider themselves lucky that it was not a bystander that was hurt.
Every facet of a business’ operations poses a potential risk – including the marketing operations. However, most marketers aren’t trained to view their work in terms of risk, which poses a risk in and of itself. This article from Yahoo! Small Business Advisor discusses the risks associated with social media marketing. While the list provided is by no means exhaustive, these risks can be applied across the spectrum of marketing activities, not just to social media: A public relations crisis A security breach Offending your audience Sticky-fingered competition Legal implications I encourage risk managers to include your marketing operations, and all other areas of your organization, in your overall risk
As organizations increase their operations abroad, their supply chain risk also increases. A risk in doing business abroad is the reality that overseas supply chains are increasingly vulnerable to political uncertainties. According to a study reviewed by Zurich® Insurance, supply chain disruptions can cause an average 25 percent reduction in share price over two years. Can your company afford that risk? Other studies show that the stronger a company’s risk management practices, the more robust its growth. Those companies with “emerging risk practices” were less profitable, according to Zurich®. According to the American Quality and Productivity Center in a recent survey of 196 companies, 77 percent of the respondents experienced
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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
