What’s New: In Brief (August 14, 2009)

The Risk and Insurance Management Society (RIMS) has formed a committee to increase its profile in the standards and practices arena and make it the primary resource in shaping and developing risk management standards.
Carol A. Fox, past chair of RIMS ERM development committee, will chair the RIMS standards and practices committee.
Wayne L. Salen, member of RIMS board of directors, serves as the first board liaison for the committee.
Initial tasks of the committee include educating risk managers and organizations on various risk management standards, including ISO 31000 and Guide 73, a release says.
“RIMS will now be in a position to more significantly influence the development of risk management-related standards and practices,” Salen said in the release.
“For example, RIMS was actively involved in the development of the ISO 31000-Risk Management Principles and Guidelines through the U.S. technical advisory group, which was recently adopted.”

U.S. commercial property and casualty rates experienced a composite rate reduction of 6% in July 2009, the same as June 2009, reports MarketScout, an online U.S. commercial insurance exchange.
In July 2008 rates had decreased 11%.
“Many insurance brokers expected tighter terms and increased pricing after the July 1 treaty renewals,” said Richard Kerr, MarketScout’s CEO. “Generally speaking, it didn’t happen. July 1 renewals were a bit tougher for property cat risks but most reinsurance treaties were placed without much trouble. We are still in a prolonged soft market.”
By coverage class, general liability had the greatest rate reduction in July at -7%. D&O had the least at -2%, MarketScout reported.