It was a record breaking attendance at the AIRROC Spring Membership Meeting on March 5 & 6. Hosted at the offices of Norton Rose Fulbright in New York City, members held meetings and also heard from great education panels. Read on for highlights for this particular session. Doing the right thing is easy . . . isn’t it? Not always. When it comes to environmental … [Read more...] about Do the Right Thing
It’s talked about on the radio, it’s covered in the news, it’s referenced in popular TV shows, and now the President of the United States is addressing it: America has an opioid problem. According to the U.S. Department of Health and Human Services, as of September 2018 more than 130 people die every day from opioid related drug overdoses. Of the 72,000 drug overdose deaths … [Read more...] about America Has An Opioid Problem: Who’s Going To Pay To Fix It?
It was a record breaking attendance at the AIRROC Spring Membership Meeting on March 5 & 6. Hosted at the offices of Norton Rose Fulbright in New York City, members held meetings and also heard from great education panels. Read on for highlights of this particular session. Texas petrochemical engineer Phil Watters of Rimkus and Swiss Re's Claims Vice President Mike … [Read more...] about Oil & Gas Transport Environmental Risks for Pipelines, Motor, Railways, Port Operations, & Marine
It was a record breaking attendance at the AIRROC Spring Membership Meeting on March 5 & 6. Hosted at the offices of Norton Rose Fulbright in New York City, members held meetings and also heard from great education panels. Read on for highlights for this particular session. Tyler Scott and Scott Davis, Partners at Husch Blackwell, along with Lisa Simon, Vice President at … [Read more...] about Emerging Risks and the Legalization of Marijuana
Some thoughts Most readers are familiar, at least to some extent, with the jury’s verdict earlier this year in Lanzo v. Johnson & Johnson. In that case, a New Jersey state court jury awarded $117 million in compensatory and punitive damages against J&J and Imerys after concluding that asbestos-contaminated talc, supplied by Imerys and used to make Johnson’s Baby … [Read more...] about Avoiding the Next Lanzo: Some Thoughts
AIRROC’s Boston Regional this year was co-hosted by Locke Lord and Pro. Held in the Prudential Center, the attendees learned from a diverse faculty and were treated to a keynote from Elizabeth Dwyer, Deputy Director and Superintendent of Banking and Insurance for Rhode Island. We also had an insightful presentation on Hurricane Maria and its effects on Puerto Rico, a report out … [Read more...] about Bringing it in Bean Town: Boston Regional Education Day
On September 6, 2018, AIRROC and EECMA (Environmental and Emerging Claim Manager Association) presented their 2018 feature co-hosted program, which took a comprehensive look at climate change. The one-day symposium presented material too voluminous to summarize adequately in a single article. However, here are a few things you missed if you did not attend the symposium. Courts … [Read more...] about AIRROC / EECMA Climate Change Symposium: Trade Associations Pair up to Face Reality
Recently, while on a family vacation, I drove past the Yellowstone Imerys talc-mining operations in Montana near Yellowstone National Park. The operation is set against a beautiful backdrop in one of the most naturally stunning areas of the country. The tranquil setting stands in stark contrast to the company’s current turmoil as a defendant in one of the highest profile mass … [Read more...] about Lanzo v. Johnson & Johnson, et al. Is this the Beginning or the End?
In almost 40 years of dealing with CERCLA liability claims, we have learned a thing or two. In November of last year, A.M. Best opined that environmental exposures were “97% funded” at $41 billion in reserves. This is good news compared to 2003, when A.M. Best viewed environmental losses as underfunded by 45% based on a projected ultimate loss of $56 billion. But then, as now, … [Read more...] about Cue the Mediator: Hiring a Mediator to Save Costs in Superfund Cases
Picture a world in which you use your fingerprints, rather than keys to open your front door; where you pay for items by taking a selfie; where your heartbeat serves as your password. Biometrics —automated recognition of individuals based on unique characteristics—are making all of this possible. But maybe not surprisingly, the commercial use of biometrics raises numerous … [Read more...] about Biometrics: The Next Big Privacy Issue
Regan Shulman (Vice-President and Deputy General Counsel of Arch Insurance Company) and Michele Jacobson and Robert Lewin (both Partners at Stroock) discussed the historical issues that insurance companies have faced in relationships with program managers and offered practical solutions on how to manage those relationships productively. The panel began by reminding attendees … [Read more...] about Lessons from the Front: Managing the Program Manager
Jake Acosta of EY presented insights on the future of claims. Acosta explained that, in early 2016, EY conducted research to understand where claims operations are headed. EY’s research included interviews with executives at commercial insurers, industry analysts, and FinTech leaders. EY’s research revealed six key drivers of change in the industry. Decreasing Claims … [Read more...] about The Future of Claims
Though it wasn’t feeling like Spring, and a Nor’Easter hit New England so hard it left many unable to travel, AIRROC’s Spring Membership meeting drew more than 100 attendees over two days. The familiar format of a day for business and education meetings made it a productive combination for our members and supporters. The Education Day featured timely and interesting topics: PwC … [Read more...] about AIRROC Springs Ahead: Spring Membership Meeting
All insurance and reinsurance companies want to avoid public disclosures or headlines regarding significant reserve increases, such as the recent newsworthy reserve adjustments that more than a few companies have taken for asbestos, silicosis, or other large tort liability claims. But how? The secret lies in the early identification of “bad” claims when there is time to alter … [Read more...] about “Eyes-On” Management: Watch Lists for Effective Management of Significant P&C Insurance Risks
On January 13, 2017, the United States and the European Union (EU) concluded negotiations on the first insurance covered agreement after this novel multilateral international agreement, envisioned and promoted by the National Association of Insurance Commissioners (“NAIC”) and the U.S. state insurance regulators who are its members, was authorized by Title V of the Dodd-Frank … [Read more...] about Twisting in the Wind: Covered Agreement Dangling by Uncertainty and Politics
Cyber risks are among the most pervasive risks of our time. They impact all industries that purchase insurance, and all lines of insurance. A panel from the insurance community whose roles in their companies focus on cyber risks (some from the underwriting and product development perspective, and others from the claims handling perspective) discuss key issues and challenges … [Read more...] about Emerging Cyber Risk Roundtable Explores Cyber Insurance Issues
Part 3: The case for expanding the Rhode Island Insurance Business Transfer to other lines of business Current global market conditions have increased pressure on business leaders to focus on efficient capital management with an eye towards long-term trends. Rhode Island’s amendments to Insurance Regulation 68 are the first step in providing greater flexibility to the U.S. … [Read more...] about Can U.S. Insurance Companies Afford Not to Restructure?
While US regulators attempt to require insurers to be more aggressive in protecting consumer data from cyber attacks, in August the NAIC’S Cybersecurity Task Force released an amended version of its draft Insurance Data Security Model Law. The NAIC model law proposes to establish “uniform” standards for data security and investigations, in addition to how to notify about a … [Read more...] about Cybersecurity: What are insurance entities required to do?
Years ago a large global insurer, working to grow its book and establish a presence in a new market, underwrote a large deductible workers compensation account that, under normal circumstances, might have either been rejected or set at a very high premium with substantial collateral to reduce the insurer’s risk. However, neither occurred because the carrier was anxious to … [Read more...] about Your Deal: Large Deductible Programs
George Washington reportedly grew it. Bill Clinton and Barack Obama have admitted to smoking it (although only one admitted to inhaling). A 2015 Gallup poll revealed that 44% of American adults have tried it. Twenty-three states have legalized it for medical use, and four have done so for recreational use. “It,” of course, is marijuana, also known as cannabis, weed, or pot. … [Read more...] about Clearing the Smoke: Legal Marijuana: An Insurable Risk