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Buyers Putting Insurers Under The Microscope During Financial Crisis

With the nation's financial crisis taking new twists and turns every day, and the country's biggest insurance organization in distress, buyers are taking a more proactive approach to

By Caroline McDonald | Updated on November 16, 2008

With the nation’s financial crisis taking new twists and turns every day, and the country’s biggest insurance organization in distress, buyers are taking a more proactive approach to renewals–assessing carriers with much greater care, while their organization’s officers and directors look over their shoulders, demanding stricter due diligence, leading risk managers say.

“In light of the financial crisis, renewal this year is definitely more tedious–more stressful than in past years,” according to Scott H. Beckman, vice president of risk management and insurance for Advocate Health Care in Oak Brook, Ill. “The approach we’ve been taking is not just monitoring but investigating insurers.”

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