Monthly Archives: July 2012

Companies Release Climate Change Combat Guide

Posted on by

We’ve heard over and over again about how companies are not adequately preparing for the changing climate, but rarely do we see reports praising companies for being proactive in the face of increasingly severe weather events and rising temperatures.

buy biaxin online www.northwestmed.net/wp-content/uploads/2023/10/jpg/biaxin.html no prescription pharmacy

But that did happen recently with the issuance of a step-by-step tool for businesses to prepare for such risks. For the first time, leading companies from the food and beverage, insurance, investment, technology and energy industries are taking action with certain tools, one being Business ADAPT. The guide cites several recent weather events that have caused economic and social harm, including the 2010 heat wave in Russia, which triggered severe wildfires and shaved off 1% of the country’s GDP, and the 2011 Texas drought, which caused a loss of .

buy rybelsus online www.northwestmed.net/wp-content/uploads/2023/10/jpg/rybelsus.html no prescription pharmacy

6 billion within the agricultural sector.

buy valtrex online www.northwestmed.net/wp-content/uploads/2023/10/jpg/valtrex.html no prescription pharmacy

The tool is part of the Value Chain Climate Resilience Guide and states that companies should follow the below points:

  • Analyze the issues — Have you started thinking about the resilience of your business in the face of climate-related impacts?
  • Develop an internal strategy — Have you mobilized the right team to address climate resilience?
  • Assess risks and opportunities — Have you taken steps to assess the areas where opportunities to build climate resilience or invest in emerging market opportunities exist in your business value chain?
  • Prioritize actions — Have you taken steps to identify and assess measures to build climate resilience in your value chain?
  • Tackle actions, and evaluate progress — How will you successfully implement actions to build climate resilience in your value chain, and evaluate and monitor the effect of your actions over time?

Companies who fail to take preventative steps to address climate threats could find themselves facing extreme and unmanageable risks. As James E. Rogers, CEO of Duke Energy put it, “If we’re not ready, we’re in trouble.”

More Catastrophe Bonds Issued in First Half of 2012 Than Any Year Since 2007

Posted on by

In the first half of 2012, there have been about $3.6 billion of catastrophe bonds issued — the most since the record-breaking volume issued in the first half of 2007, according to reinsurer Swiss Re. The first half of 2011, by contrast, only saw half as much action, with just $1.8 billion issued in cat bonds. For perspective, 2012 beat that number in just the second quarter, which had .

online pharmacy zyprexa with best prices today in the USA

1 billion in volume, the second-highest Q2 total on record for an insurance-linked securities (ILS) market that Swiss Re believes will only continue to grow.

online pharmacy tretiva with best prices today in the USA

“We remain optimistic regarding new issuance for 2012,” writes Swiss Re in its insurance-linked securities market update. “It remains clear that sponsors view the ILS market as an important part of their risk management programs, and as a source of multi-year collateralized reinsurance protection. The broad investor base sees value in a diversifying and non-correlated asset class. Due to these factors, the ILS market is likely to continue to grow in the future.”

Hurricane risk has overwhelmingly been the most common peril (used as the trigger in 23 of the 28 tranches issued so far this year), and Swiss Re believes that this year’s uptick in interest from investors is due to their willingness to use cat bonds to diversify their portfolios due to the fact that price levels are “increasingly competitive with traditional reinsurance.”

We’re Unethical and We Know It

Posted on by

The financial industry has never been known for its saint-like ways or its steely moral compass, especially in the wake of this most recent financial crisis. But a new survey reveals startling data not only about the level of unethical behavior within the industry, but also about individuals’ unwillingness to do anything about it.

The study, “Wall Street, Fleet Street and Main Street: Corporate Integrity at a Crossroads,” by Labaton Sucharow LLP, found the following:

  • 24% of respondents reported a belief that financial services professionals may need to engage in unethical or illegal conduct in order to be successful
  • 26% of respondents indicated that they had observed or had firsthand knowledge of wrongdoing in the workplace
  • 39% of respondents reported that their competitors are likely to have engaged in illegal or unethical activity in order to be successful
  • 30% of respondents reported their compensation or bonus plan created pressure to compromise ethical standards or violate the law, while 23% of respondents reported other pressures that may lead to unethical or illegal conduct
  • 30% of respondents feel that the SEC/SFO effectively deters, investigates and prosecutes misconduct—despite the new leadership, record enforcement actions and new reforms; 29% of respondents feel the same way about FINRA/FSA
  • And most troubling, 16% of respondents reported that they would commit a crime—insider trading—if they could get away with it

“It is shocking that four years after the global economic crisis began there continues to be a fundamental lack of integrity in the financial services industry,” said Chris Keller, partner and head of case development at Labaton Sucharow.

But this study does more than point out moral deficiencies plaguing the industry; it highlights the importance of the SEC Whistleblower Program, which is authorized to provide monetary rewards to those who come forward with “high quality, original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered.” Eligible whistleblowers usually receive between 10 and 30% of the money collected.

The survey, however, found that only 44% of respondents were aware of this program.

buy paxil online meadowcrestdental.com/wp-content/uploads/2023/10/jpg/paxil.html no prescription pharmacy

In addition, one in five of the professionals surveyed weren’t sure of, or had serious doubts about, how their employers would handle a report of wrongdoing.

Based on this report, it seems we have a long way to go in terms of education, integrity and confidence in employers.

buy trazodone online meadowcrestdental.com/wp-content/uploads/2023/10/jpg/trazodone.html no prescription pharmacy

25 Insurance Legends

Posted on by

Last week’s issue of National Underwriter profiled the industry’s “Living Legends: 10 Visionaries Who Fundamentally Changed Insurance Forever — For Better or Worse.” Their online supplement took it even furthering, offering a list of “The Top 25 Living Legends of Insurance.”

From household names like investment oracle Warren Buffett and financial sector watchdog Barney Frank to industry leaders like Travelers CEO Jay Fishman and Willis CEO/Chairman Joe Plumeri, the list summarizes the contributions of so many insurance titans.

However, by far my favorite description has to go to Insurance Information Institute (III) head honcho Robert Hartwig, who National Underwriter calls an “Omnipresent Guru.”

You might think Robert Hartwig is omnipresent. When he’s not on TV giving the insurance perspective on a wide range of issues or being quoted in various national publications, Hartwig is traveling across the globe giving presentations on the industry.

“I make about 100 presentations a year,” says the president of the Insurance Information Institute. “It’s very common for me to be in two or three different cities every week—and they’re not near each other.”

But despite always being in such high demand, Hartwig has developed a reputation for himself and the I.I.I. for being a credible source of information in the insurance world.

“If you were to ask me which of the countless websites available to keep in touch with our industry today, I’d say the best is I.I.I.,” says Hank Watkins, president of Lloyd’s America. “Bob is very good at what he does. He’s a true spokesperson for the industry.”

Hartwig really is the best in the biz.