CBIZ Insurance Services, Inc.’s Post

Choosing the correct commercial insurance coverage is key to protecting your business and ensuring you will survive when that potential risk becomes the reality. Make sure you have the right limits & coverage in place now...when was the last time you conducted a comprehensive risk audit of your insurance portfolio?

This morning I was happy to have an opportunity to discuss the results from our Risk Survey on Bloomberg Radio. You can learn more about how business owners mitigate their risk and listen to the segment here: https://lnkd.in/eGCqHvVi #RiskManagement

#IBTV: Curious about the latest trends in the builder's risk landscape? Join the construction insurance power panel as they reunite in Q2 to discuss the impact of new projects, nuclear verdicts, and more. Don't miss out on insights from industry experts Danette Beck of USI Insurance Services, Mark Peterson of Aon, Chase Johnson, CPCU, CRIS of Lockton, and Thomas Grandmaison of WTW. Catch the full insights here: https://hubs.la/Q02yb6FP0 #BuildersRisk #ConstructionInsurance #IndustryInsights

As the legal landscape continues to evolve, the phenomenon of “nuclear verdicts” has emerged as a critical concern for businesses and individuals. These verdicts, characterized by exceptionally high monetary awards, are reshaping the dynamics of litigation and insurance. In this video, Lisa Gelles discusses this pivotal issue and strategies for risk management. https://lnkd.in/ezKE8TJ5 #nuclearverdicts #riskmanagement #howardinsurance

RIMS RiskWorld 2024 is hopping! Allen Kirsh, SVP, Claims Judicial and Legislative Affairs for Zurich North America, and Nicholas Sagez, VP, Risk Management for Bowlero Corporation, spoke to a standing-room-only crowd to examine the anatomy of the nuclear verdict and the growing risks associated with social inflation, providing insights into the causes driving the trend and sharing insights into how companies can protect themselves against these potentially devastating verdicts. #RIMS2024 #RISKWORLD

https://lnkd.in/eixVrJmX We provide a constructive response to the recent National Risk Register 2023, highlighting a number of generic issues. These primarily include reflections on the deployed methodology, and its possible biases. We suggest that the National Risk Register should be extended to adopt a whole systems perspective, reasoning that it is unlikely that the acute risks will each occur in an isolated way, and additionally there may be (non-risk) precursor contexts and events which might amplify many acute risks and/or nullify planned responses. We discuss some potential causes of a lack of national resilience; and some possible generic failures in acute risk response. We make a number of recommendations for consideration by HM Government.

What is a Black Swan event? Covid, MS outage, and a nuclear catastrophe could be examples of that, or a sub-prime like banking crisis too. Black Swans are not frequently seen, but that does not mean they do not exist. Many incidents that did not happen till date are no assurance that they will not occur. A Black Swan event is improbable (with chances of occurrence being almost rare) and impactful, having groundbreaking impacts on a large scale. We have witnessed Covid, MS outage, etc. We are at the cusp of more such events as the world is more integrated than ever and critically dependent on key technologies and facilities, with potential for a disproportionate impact on mankind. In the future, such events will not remain 'rare of the rarest' and will happen more frequently due to growing technology dependencies, a more virtual and connected world, rising political extremism, and global disparity and competition. Finding solutions is not straightforward, but it can be addressed by reducing tech-centrality, implementing localized technology, enhancing risk management and response systems, and having more backup planning and resilience processes. Follow for more such discussion Nidhish Singh, FCCA, CISI, Dip-IFRS, M.IoD, PhD Scholar

Great to see NRC moving to a PRA (Probable Risk Assessment) model to provide a more common sense approach and flexibility to the industry

Increasing social inflation is leading to an alarming rise in nuclear verdicts. How can insurers defend themselves against rising inflation? Join Kimberly R. Vaughn, Chief Claims Officer at Amerisure Insurance, as she tackles this topic with Heather H. Wilson, CEO of CLARA Analytics. Details: Can AI Really Help With Rising Litigation? 🗓️ Wednesday, March 27, 2024 🕛 12:00 p.m. EDT This webinar is part of the CLM Alliance (Claims and Litigation Management Alliance) 2024 Webinar Series. Register at the link in the comments. ⬇️ #claimsmanagement #riskmanagement

We're sharing key takeaways from Chief Claims Officer Keith Daly's discussion with Meg Green from Insurance Insider US about the impact of social inflation on the #insurance industry. As Keith emphasized at #RISKWORLD, the surge in nuclear jury verdicts is closely linked to societal shifts characterized by a growing mistrust of corporations, ultimately impacting consumer prices. At Zurich, we're actively addressing social inflation by promoting collaboration among defense lawyers to exchange successful defense strategies. Stay tuned for more insights as Keith's interview becomes available! #SocialInflation #RIMS2024