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NEW YORK, July 28 -- The Risk and Insurance Management Society issued the following news release:
According to the newly released RIMS Benchmark Survey, the average Total Cost of Risk (TCOR) trended higher for the third year in a row - a two percent increase from $10.70 per $1,000 of revenue in 2012 to $10.90 per $1,000 of revenue in 2013. The annual RIMS survey, produced with Advisen Ltd, is a single source of benchmark statistics with industry data for more than 52,000 insurance programs from almost 1,500 organizations. Key findings of the 2014 RIMS Benchmark Survey include:
* Average TCOR for all companies increased two percent in 2013 after increasing five percent in 2012 and 1.7 percent in 2011 - reflecting the influence of hardening insurance market conditions.
* The contribution of property premiums to average TCOR rose nearly 15 percent, from $3.09 per $1,000 of revenue to $3.54 per $1,000 of revenue.
* Rising prices are influencing companies' retention of risk.
"While the RIMS Benchmark Survey monitors changes in insurable risk costs and financing methods, it also provides valuable insight into the range of significant losses that affect organizations including the Foreign Corrupt Practices Act, Environmental Penalties, False Claims Act, and Shareholder lawsuits," Jim Blinn, Executive Vice President at Advisen commented. "With the growth of Enterprise Risk Management, understanding the breadth of exposures and their impacts becomes increasing important." To order a copy of the 2014 RIMS Benchmark Survey, visit www.RIMS.org/book. "The value of risk management and its impact on an organization's sustainability has emphasized the importance of developing comprehensive risk financing programs. However, the task of developing such programs has become more challenging as programs become more complex," said RIMS President Carolyn Snow. "Benchmarking the total cost of risk gives risk managers an undeniable advantage when structuring their risk financing programs, especially in today's competitive insurance market."
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