Here’s what’s happening in and around the industry:

US Insurance Awards Finalists Announced

Business Insurance announced the finalists for its inaugural U.S. Insurance Awards program last Thursday. The awards honor teams of professionals who work together on specific projects within the commercial insurance and risk management sector. The finalists, selected by senior BI staff, will be assessed by a risk management panel.

The nominated categories are:

  • Broker Team of the Year (firms with less than $500 million in US revenue)
  • Broker Team of the Year (firms with more than $500 million in US revenue)
  • Community Outreach Project of the Year (pro bono)
  • Community Outreach Project of the Year (volunteer & donations)
  • Insurance Consulting Team of the Year
  • Insurance Underwriting Team of the Year (property/casualty)
  • Insurance Underwriting Team of the Year (management liability/professional liability/cyber liability)
  • Insuretech Initiative of the Year
  • Legal Team of the Year
  • Managed Care Provider Team of the Year
  • Reinsurance Team of the Year
  • Risk Management Team of the Year
  • TPA Team of the Year
  • Wholesale Brokerage Team of the Year

Winning teams will be announced at a gala awards ceremony March 8 in New York. To see the nominees, visit the Business Insurance website.

2017 Costliest CAT Year on Record

With $344 billion in global economic losses from weather disasters, 2017 has become the costliest on record, according to a recent Aon catastrophe report, Weather, Climate & Catastrophe Insight: 2017 Annual Report.

There were 330 natural catastrophes in 2017 – 97% of which were due to weather-related events, the report states. The losses are 93% higher than the 2000-2016 average. Aon’s findings reveal that damages from Hurricanes Harvey, Irma, and Maria cost insurers $80 billion (36% of damages were insured).

To access the full report, visit the Aon website.

Financial Risk Online Learning Begins February 1

The New RIMS Online Learning Series is offering Financial Risk Management Fundamentals, a live, four-part online series that will address three stages of financial risk management, including the principal types of risk, the most commonly used forms of risk measurement and risk mitigation methods and strategies.

Members attend for $49 and non-members for $149. This registration fee includes all four parts of the series. Each webinar will be held from 1:00 pm until 2:00 pm ET on the following dates:

  • February 1: Market Risk
  • February 8: Credit Risk
  • February 15: Liquidity Risk
  • February 22: Interconnected Financial Risk

For more information or to register, click here

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