Study: RMs Spent 17% More On Loss Control Risk managers spent an average of 17 percent more on loss control services last year, according to a survey released by the Chubb Group recently.
Reducing exposures to obtain better insurance coverage terms and pricing was the top reason for increased loss control spending in 2002, according to the study announced by The Chubb Group of Insurance Companies at the Risk & Insurance Management Societys annual conference earlier this month.
"I'm extremely pleased with the results because only about 5 percent decreased their spending, so 50 percent increased significantly and the balance held their own," said Jimmy R. Deaderick, managing director of Chubb & Son and worldwide loss control manager of Chubb Commercial Insurance, Whitehouse Station, N.J.
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