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  • FERMA Seeks EU Financial Resilience Framework for Catastrophic Risks The Federation of European Risk Management Associations (FERMA) has called on the European Commission to create a European Union business interruption resilience framework for catastrophic risks. FERMA called on the commission to address the "severe shortage" of business interruption insurance for disruptions that don't involve physical damage.
  • June "CICR" Explores Future of Risk Management Don't miss the June issue of "Captive Insurance Company Reports" ("CICR"), which discusses the emerging volatility, uncertainty, complexity, and ambiguity world and the role captive insurance can play in addressing the changing risk landscape.
  • Paul Owens Joining Strategic Risk Solutions as Board Member, Adviser Paul Owens will join the Board of Directors of Strategic Risk Solutions, Inc. (SRS), serving as an independent director as well as a strategic adviser to SRS. Mr. Owens retired as CEO of Willis Towers Watson's Global Captive Practice earlier this year.
  • Future Uncertain for Bill To Allow Risk Retention Group Expansion Four months after a congressional hearing was held on legislation introduced last year that would allow certain risk retention groups (RRGs) to expand coverages offered to their policyholders, the future of the bill remains uncertain. Under that measure, H.R. 4523, RRGs would be allowed to offer property coverages.
  • NOAA Forecast Calls for Active North Atlantic Hurricane Season The National Oceanic and Atmospheric Administration (NOAA) is predicting an above-normal Atlantic hurricane season this year with a range of 13 to 19 named storms of which 6 to 10 could become hurricanes, including 3 to 6 major hurricanes. The Atlantic hurricane season runs from June 1 through November 30.
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  CICA 2020 Essay Contest Winners Megan Moore and Natalie Kojababian

CICA Announces 2020 Student Essay Contest Winners

A team from the University of Southern California took first place in the Captive Insurance Companies Association (CICA) 2020 College Student Essay Contest. Megan Moore and Natalie Kojababian were named the competition's winners during a webinar Tuesday hosted by Strategic Risk Solutions, sponsor of the CICA Essay Contest.
April 22, 2020 Read More
  COVID-19 and Virus Molecule in Magnifying Glass

COVID-19 Business Interruption Losses Would Dwarf Previous Black Swans

Potential business interruption (BI) loss estimates from the COVID-19 pandemic dwarf previous insurance industry "black swan" scenarios such as two Hurricane Katrinas in a single month. BI losses from the current pandemic would be nearer to five Katrinas in a month, according to an insurance industry economist.
April 22, 2020 Read More
  Cupped hands holding a small globe with a medical mask on it

IRMI Creates COVID-19 Resource Center To Help Users Navigate Pandemic

International Risk Management Institute, Inc. (IRMI), has created a COVID-19 Resource Center to help insurance and risk management professionals navigate the novel coronavirus pandemic. IRMI research analysts are examining policy provisions, monitoring state regulatory responses, and curating applicable content from IRMI's extensive library.
April 21, 2020 Read More
  Letter Writing Communication

RIMS Calls for Creation of Federal Pandemic Risk Insurance Program

The Risk and Insurance Management Society (RIMS) has called for the creation of a pandemic risk insurance program to accelerate the country's economic recovery. In a letter Monday, RIMS said that a pandemic risk insurance program would increase access to capital from lenders and establish a viable insurance market.
April 21, 2020 Read More
  Human Heads with Gears Facing Away Each Other and Radiating Electricity

Artificial Intelligence, Predictive Modeling, and Risk Management

The ability to make educated guesses about the future has been enhanced over the last decade by the growth in artificial intelligence (AI) and predictive modeling. AI and predictive modeling could have applications for captive insurance.
April 20, 2020 Read More
  Blue COVID-19 Key on a Black Computer Keyboard

FERMA Urges European Commission Action on Future Pandemic Risks

The Federation of European Risk Management Associations (FERMA) has urged the European Commission to reduce the impact of future pandemics by sharing lessons learned across member states; using risk management tools at organizational, national, and European levels; and supporting public-private funding initiatives.
April 20, 2020 Read More
  Hand holding globe with face mask on it on top of pile of dollar bills

US Insurers' First-Quarter Earnings Likely To Reflect COVID-19's Capital Market Impact

COVID-19's impact on capital markets will influence US insurers' first-quarter earnings, according to S&P Global Ratings, though its effect on morbidity and mortality likely won't have as much of an impact on insurers' underwriting performance. The rating agency's outlooks for all three US insurance sectors remain stable.
April 17, 2020 Read More
  Man holding globe with COVID-19 virus around it

Risk Modeler AIR Worldwide Launches COVID-19 Projection Tool

Catastrophe risk modeling firm AIR Worldwide has launched a complimentary COVID-19 Projection Tool. The interactive tool, based on AIR’s pandemic modeling data, provides COVID-19 case and death projections worldwide for the next 4 weeks with the data updated daily to project 1 day further into the future.
April 17, 2020 Read More
  The Bermuda flag with bunched fabric on a black background

Bermuda Insurers and Reinsurers Show Resilience to COVID-19

Bermuda insurers and reinsurers are demonstrating "operational resilience" as they meet clients' needs during the COVID-19 pandemic, according to the Association of Bermuda Insurers & Reinsurers. The industry has been quick to adopt remote working protocols and social distancing that support efforts to reduce the spread of the novel coronavirus.
April 16, 2020 Read More
  A businessman on stairs looking at a hole that is breaking in the staircase

Fact Sheet Examines Business Interruption Insurance and Pandemics

The Insurance Information Institute (Triple-I) has released a fact sheet on "Understanding Business Interruption Insurance and Pandemics." "Business interruption policies generally require the losses to be caused by direct physical damage to the business's property," Sean Kevelighan, CEO of the Triple-I said in a statement.
April 16, 2020 Read More
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