A significant percentage of risk managers boosted spending for loss control services, while just over half at least kept their budgets level in the past year–with additional money going toward disaster preparedness and catastrophe management, an insurer survey revealed.
Overall, risk managers increased spending for loss control services an average of 7 percent in the past year, according to the “2006 Loss Control Spending Survey” released by the Chubb Group of Insurance Companies here at the Risk and Insurance Management Society's annual conference.
The Chubb survey found that 52 percent of respondents indicated loss control spending remained the same in the past year. Forty-three percent said spending increased, while only 5 percent said it decreased.
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