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Heard at RIMS

It's a new world of risk.

By Donna Miskin | Updated on May 01, 2012

Talk of rising premiums after catastrophic losses, supply chain risk, cyber risk and emerging risks buzzed through the estimated crowd of 9,000 at the Risk and Insurance Management Society’s Annual Conference & Exhibition in Philadelphia in April. Here are some takeaways.

The tornado activity of 2011—more than 100 twisters—challenged the industry’s pricing of this risk, says Tom Fitzgerald, Aon’s new CEO of U.S. Retail. A more thoughtful approach to the storms’ far-reaching effects now includes raising deductibles. Supply chain risk is still top of mind after last year’s floods in Thailand, and Fitzgerald predicts cyber coverage will be a part of more portfolios since “the potential losses are huge.”

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