A.M. BestTV at RIMS: Coverage for On-Site Violence Is ‘Business as Unusual,’ Says Risk Panel on Active Shooter Incidents

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FOR IMMEDIATE RELEASE

OLDWICK - APRIL 20, 2018 01:48 PM (EDT)
In this A.M. BestTV episode at the Risk and Insurance Management Society, Inc.’s (RIMS) conference in San Antonio, TX, according to insurers and risk experts, demand for coverage against the costs of active shooters and similar incidents is rising. Click on http://www.ambest.com/v.asp?v=rims2418 to view the entire program.

Insurers are developing a wide array of coverages against losses from crises in schools, workplaces and elsewhere.

“Over the last several years, it became clear to XL Catlin that an extension known as an assault cover was insufficient to truly address the concerns of our insureds,” said Denise Balan, senior vice president and head, U.S. kidnap and ransom, XL Catlin. “At that point, XL Catlin decided to launch something a little more innovative, which allows for legal liability costs, as well as for off-site coverage. This coverage has given our clients a little more confidence that they are doing the most they can for their insureds.”

Chris Parker, terrorism and political violence focus group leader, Beazley, said, “Beazley typically looked at damage to assets and not people. However, with the changing face of terrorism, we decided the actual product had to evolve to remain fit for purpose. Consequently, we developed a product that is essentially a third-party liability product, which provides broader coverage for our clients.”

Other people that appear in this episode:

• Paul Marshall, managing director, McGowan Program Administrators; and


• Harry Rhulen, founder, Firestorm.

For full video coverage of RIMS, including exclusive executive interviews, visit http://www.ambest.tv/rims18 .

Recent episodes of A.M. BestTV include:

• Cyber Is Growing Into the Risk That Connects Them All, Says Risk Panel: At the RIMS conference, a panel of insurance and risk management executives said more insured are becoming aware and asking for broader coverage of the many forms of loss that can be triggered when an organization’s network is compromised: http://www.ambest.com/v.asp?v=rims5418 .


• Most Effective Catastrophe Work Occurs Pre-Storm, Say Insurance Leaders: At the RIMS conference, a panel of property/casualty leaders said the series of catastrophe losses in 2017 highlight the need to invest in loss prevention, better engineering and clear explanations of deductibles: http://www.ambest.com/v.asp?v=rims4418 .


• Data and Analytics Leaders Reveal Their Biggest Challenge: Show Me the ROI: At the RIMS conference, experts in risk-focused data and analytics said tools and availability are advancing rapidly, but their biggest hurdle remains converting data into useful, actionable information: http://www.ambest.com/v.asp?v=rims3418 .


• As Insurers’ Range of Competitors Widens, Leaders Say Scaling Up Matters: At the RIMS conference, a panel of property/casualty and reinsurance leaders said the industry may be in for additional mergers and acquisitions as insurers respond to escalating customer needs and new forms of competition, including from capital markets: http://www.ambest.com/v.asp?v=rims1418 .

A.M. BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View A.M.BestTV episodes at http://www.ambest.tv .

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.