Monthly Archives: August 2011

Bermuda Premier Paula A. Cox on the Lack of Women Leaders in Insurance and Government

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"It wasn’t sympathy that got me elected but ability," says Bermuda Premier Paula A. Cox

Insurance, like global politics, is still man’s world. Back in February, we ran a cover story about the hurdles and opportunities that exist for women in risk management and insurance.

With this in mind, I asked Bermuda Premier Paula A. Cox for her thoughts on the matter during our interview at RIMS 2011 Vancouver. Space concerns in our July/August issue didn’t allow for the entire conversation to make it into the “View From Bermuda” Q&A in print, so below are her thoughts on the role of women in government and business.

Risk Management Monitor: As a woman who has been successful in government and business, have you ever had to face challenges because of your gender? How were you able to overcome them?

Paula Cox: There are still too many boardrooms, when you look at the board of directors, where there are far fewer women who sit around the boardroom table. I don’t think that that is an indication that there is a lack of skill and ability among women.

I think that people are accustomed to doing business with those they feel comfortable with, and if a woman hasn’t made herself proficient on the golf course, perhaps she’s not necessarily going to get in the frame where some of the decision-making occurs. So I think it is [important] to try and demystify and debunk the myths that women aren’t capable or able to deal with the issues as are their male counterparts.

From a political perspective, there is a certain inherent chauvinism in politics worldwide. It is not unique in that regard. But the majority of the electorate and the thinking voters are women, and I think that it is going to be ability and sensitivity to the issues that get you elected.

That’s what occurred in October [in Bermuda] in terms of internal elections. I was the only female candidate, and I can assure you that it wasn’t sympathy that got me elected but ability. From my perspective, to be successful as a leader, my job is to do my job and not worry about keeping my job. That’s not my focus. There could be 20,000 people coming behind me who want to be a leader. That’s not my issue. My issue is to do my job.

I think you have to know why you want the job. I certainly don’t want it for glamour and style or for the money because none of those would be delivered by the role. It’s because I want to make Bermuda a better place, and it requires nothing more than hard work and having a team that is prepared to work with you.

You give me those skills and my gender is really irrelevant.

U.K. Police to Pay the Bulk of Riot-Related Claims

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Like most everyone else, the insurance industry watched in horror as rioters burned and looted the streets of London. In addition to the general disgust felt by most, those in the industry likely viewed the event with a “here we go again” look and some eye-rolling. Though not as severe as, say, the uprising in Egypt, this was yet another completely unforeseen loss event out of right field.

It looks like insurers are off the hook for the chaos in Britain, however.

The U.K. government has heeded the wishes of the insurance industry by announcing that damages from the riots that have engulfed parts of some English cities will be covered by the police compensation structure that dates to 1886 …

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The announcement, by Prime Minister David Cameron, effectively means that the police will be responsible for making good on a large portion of the insurance claims that will result from the turmoil. This principle is known as “subrogation.

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Given that the revised (upward) loss estimates are just north of $300 million, this wasn’t going to be a market-changing event regardless. But the insurance community in the UK is likely excited to be off the hook regardless.

The prime minister also increased the deadline to submit claims to the maximum 42 days rather than the normal 14, a move also applauded by the British Insurance Brokers’ Association.

Clapham Junction after the three nights of rioting.

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Guest Post: 5 Shocking Cyber Crime Facts

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Crime has changed in a big way over the years thanks to our insatiable appetite for technology. Bigger, faster, more efficient and more all encompassing online access means one thing to cyber criminals: easy pickings.

Not only has technology changed the crimes committed, it has also radically changed the face of the actual criminal. No longer just the shady character in the background, cyber crimes, everything from embezzlement to identity theft and money laundering, are happening at the hands of everyone from the professional in the desk beside you to the quiet neighbor across the street. Because cyber crime lacks the face to face aspect of say a robbery or an assault, the most unlikely people are turning to a life of crime. Anonymity seems to allow behaviors that would have once been abhorrent.

With these factors, cyber crime is definitely on the rise. Think I’m exaggerating? Take a look:

  1. Between 2008 and 2009 cyber crime complaints went up more than 22%
  2. In 2010 the IC3 (internet crime complaint center) logged its two millionth complaint. Given that a large portion of society will not even lodge a complaint due to embarrassment over being “scammed,” this is really only a fraction of the cyber crimes committed.
  3. Referred financial cases received by the IC3 (to local, state or federal law enforcement agencies) totaled more than $550 million in 2009
  4. Enrollment in programs such as a cyber security degree have skyrocketed in line with increased cyber crime.
  5. Cyber criminals are becoming so tech savvy that institutions such as the IC3 have had to implement new methods of categorizing cyber crimes due to their ever widening scope.

As a whole, we have certainly benefited from the internet and the technologies that go along with it, but don’t kid yourselves, so have criminals. We’ve had to change how we view crime and also how we go about securing ourselves from it. Banks, government agencies, private business and the general public are all potential targets for cyber criminals, and the increase in those holding a cyber security degree are desperately trying to stay one step ahead and safeguard those most vulnerable. The frightening part is that as technology expands, so do the schemes and scams of cyber criminals.

RIMS Report Reveals a Possible Soft Market Nadir

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Many have speculated that the loooong stretch of favorable pricing that insurance buyers have enjoyed may soon be coming to a close. To many analysts, all of the disasters of 2011 combined with some other market-turning pressures have finally reached a head. A market turn is inevitable and the start of the hard market may not be far off. (Although all lines are unlikely to be affected the same way.)

Today, we got some confirmation of that fact from the RIMS Benchmark Survey. (Note: RIMS publishes this blog and pays of my salary.)

A lack of substantive change in average renewal premiums for three of four lines tracked by the RIMS Benchmark Survey™ in the second quarter suggests that the soft commercial lines insurance market may be close to its bottom. General liability, property and workers’ compensation all fell by less than 1 percent on average, while directors & officers liability policies renewed 4.5 percent lower. The survey, which is administered by Advisen Ltd., tracks changes in policy renewals as reported by risk managers.

It couldn’t last forever, I guess.

A RIMS board member offers some additional, disheartening thoughts about just how quick a market turn could come if any hurricanes make landfall in the next few months.

“Insurance buyers continue to benefit from a competitive insurance market, but the situation could change quickly,” says Frederick Savage, FCII, ARM, RIMS Board of Directors. “Hurricane season is underway in the US and forecasters continue to call for above-average activity. One or two very large storms on top of the catastrophe losses in the first half of the year could be enough to spark higher premiums, at least for property risks.”

Don’t worry, insurance buyers. All is not lost.

The path may be rockier, but there are ways to navigate the transitional market ahead.