IRMI Insights
New in 2008, the IRMI Insights column consists of white papers written by
industry experts on various risk management and industry topics. In PDF form,
we encourage readers to share the IRMI Insights link with others.
Learn about new articles with IRMI Update, a free,
twice-monthly e-mail newsletter containing article links, risk tips, and other
news. The IRMI Insights articles are listed below.
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Explore the risk management process and its ramifications in a detailed case
study, written by Dr. George Head, a highly respected pioneer of risk
management education. This 72-page primer supposes that a fire in an
apartment complex garage results not only in the collapse of the garage and
the demolition of the apartment building, but in the death of the resident
who accidentally caused the fire. Dr. Head explains the risk management
process and illustrates how properly managing risk could have prevented the
fire, death, and implosion. Further, assuming the accident could not be
completely avoided, Dr. Head shows the steps that could be taken to minimize
the damage and ensure a financial recovery by the owners. IRMI is pleased to
provide this to the industry at no charge; feel free to share this
publication with your colleagues, clients, and others.
This white paper discusses the talent crisis in the insurance industry
caused by impending baby boomer retirements. It offers compelling reasons
for recruiting new talent from universities with proven risk management and
insurance undergraduate educational programs, explains how to evaluate the
quality of a program, and provides strategies for ensuring the best hires.
It also builds a case for providing financial support to these risk and
insurance educational programs as a way to help attract new talent into the
industry in the future. The author is Brenda Wells, an associate professor
of risk management and insurance, licensed agent, and industry consultant.
Provided as a complement to "The Insurance Industry Talent Crisis:
Investing in Risk Management and Insurance Graduates," this directory
provides snapshot overviews of schools with a risk management and insurance
educational program that places major emphasis on RMI studies. It includes
information to help you evaluate a program and determine whether to pursue
its students. Contact information for the risk management and insurance
department heads and web site links are also provided.
Brent Winans, a Florida insurance agent and consultant, discusses
Florida’s use of a hurricane catastrophe fund to cover the risk of costal
storm losses, the inherent risks to taxpayers, and some of the facts that
lawmakers might consider when dealing with the situation. Like other risk
professionals, he expresses concern that the current system will collapse if
“the big one” hits. Mr. Winans concludes with the hope that legislators will
seriously consider the 13 recommendations made by the chair of the House
Committee on Insurance.
William S. (Sandy) Rodgers, AIC, has spent over 40 years in the insurance
industry. In this article, he provides a historical review on the evolution
of the claims professional away from seasoned practitioners to the least experienced
and poorest paid individuals. He emphasizes that a change must take place, or
the future of property insurance claims adjusting will be in jeopardy.