"A little risk management avoids a lot of fan cleaning," joked CNA's chairman and CEO, Steve Lilienthal, during a discussion about enterprise risk management at last month's International Insurance Society annual conference. I only wish risk managers had been there to witness this firsthand. After being lectured for years about sound risk management, buyers would have been amused to see carriers and brokers challenged to get their own houses in order.
Indeed, it was refreshing to hear how a top broker, commercial carrier and financial services provider grapple with practical and cultural obstacles threatening to sabotage ERM--efforts being closely watched by rating agencies.
Insurers must practice what they preach--that was the essential message delivered by the three heavyweight speakers at IIS. With people entrusting their lives, families, homes and businesses to insurers and brokers, the industry has a responsibility to make sure its unique exposures are under control so clients get what they are promised, no matter what the circumstances.
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