Despite economy, spending on loss control increases. (Loss/Risk Management Notes: Property/Casualty).The hard insurance market and an expanding world of perils prompted risk managers to increase their spending on loss control last year in the face of a slumping Slumping is a categorical description of an area of techniques for the forming of glass through the use of heating glass to the point where it becomes plastic. It is generally formed by the force of gravity. economy and tight corporate budgets, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the results of a survey by Chubb Corp. Loss-control spending rose by 17% in 2002 among nearly 400 risk managers who responded to Chubb's Web-based survey in February, the insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. said. "I think this response is phenomenal, considering the economy today," said Jimmy Deaderick, worldwide loss-control manager for Chubb's commercial insurance business, in an interview at the Risk and Insurance Management Society's annual conference in Chicago. Nearly half of the risk managers in the survey boosted their loss-control spending--principally to decrease their exposures and thereby get better prices and terms on their insurance coverage, according to Chubb. They devoted extra resources to security and disaster preparedness pre·par·ed·ness n. The state of being prepared, especially military readiness for combat. Noun 1. preparedness - the state of having been made ready or prepared for use or action (especially military action); "putting them , which saw the greatest increases in spending. Corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. also garnered more attention in the wake of recent accounting scandals Accounting scandals, or corporate accounting scandals are political and business scandals which arise with the disclosure of misdeeds by trusted executives of large public corporations. and corporate bankruptcies. Loss/Risk Management Notes is compiled by Senior Associate Editor Meg Green. Loss Control Spending UP In 2002, nearly 50% of survey respondents increased their overall spending for loss control services. Overall Loss Control Speding No Answer 12% Stayed the Same 34% Decreased 5% Increased 49% Soucre: Chubb Corp. Note: Table made from pie chart |
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