Topic: Commercial Insurance Marketplace
Speaker: Ms. Trindl Reeves, Principal and Chief Sales Officer for the Western Region of Marsh & McLennan Insurance Agency
CPE Credit: 1.0 hour
Among the many responsibilities of senior financial executives and boards of directors, risk management looms larger today than even just a few years ago. Risk management is sometimes part of the finance function, sometimes not; either way, it is a key concern occupying the attention of the CFO and the controller.
Much of risk management involves more than just insurance, but at the very least, it involves having the right kinds and amounts of insurance in place. If you have too much, you run the risk of hurting your company's bottom line while getting no benefit from the extra funds being spent. If you have too little, or the wrong kind, you run the risk of sleeping too peacefully when times are good, only to learn painfully later that your bottom line is not protected against risks you easily could have covered with a little more diligence.
This all occurs against a background of an ever-changing insurance marketplace. With the coronavirus pandemic having consumed the entire country and most of the world; when fires rage across California and other western states, snow blizzards blanket the Midwest, or hurricanes swirl in the southeast; and when other companies get hit with massive litigation due to breaches in their cybersecurity walls, it affects the insurance marketplace. And that affects us all.
Globally and across all major lines, the Marsh Global Insurance Market Index of commercial insurance prices has shown 14 consecutive quarters of price increases across the index of all product lines. While there has been some evidence of plateauing in some of the insurance lines' sub-markets in the past year, it remains to be seen where those prices are headed this year.
In this presentation, Trindl Reeves will walk us through how those issues play through the market, and what specific changes we are seeing in the market today.
We'll learn about property insurance, how the insurance companies have been affected by the past several years of lengthened hurricane and wildfire seasons, and what that is doing to premiums.
We'll learn the factors at play in workers compensation insurance, and how and why those factors have been affecting affecting cost trends in the marketplace,
We're all familiar with the expansion of both the types and volumes of cyber crime, and what's developed into a wide variety of covered and uncovered risks, and we'll learn about what is happening with the cost of that coverage and what is within our control to keep those costs down.
We'll learn about employment practices insurance, company auto insurance, directors and officers coverage, and how some of the same types of D&O coverage can differ dramatically across industries and across specific policies.
A key takeaway from Trindl's talk will be getting an appreciation for the need for ongoing and comprehensive risk assessment across all operations. We need to continue to make adjustments to reduce risk and shop coverages when it makes sense. In short, we need to understand the insurance marketplace, and we all need to be taking a strategic approach to risk management.
As usual, we can expect this to be a highly interactive presentation -- with a lot of knowledge and insight coming our way. Trindl has been in the industry for many years. She is among the best there is, and it will be a pleasure for us to get the benefit of all her experience.
About our speaker:
Trindl Reeves was named a Principal with Marsh & McLennan Agency since 2006, back to when the firm was known here as Barney & Barney, and is now the company's Chief Sales Officer, responsible for overseeing the firm’s national sales efforts. With over 30 years of experience in the insurance industry, Trindl’s leadership is grounded in her expertise in risk management and health and welfare consulting. She serves on the company’s management committee and the Barney & Barney Foundation’s board of directors.
Trindl created GROW in 2010, a women’s initiative focused on attracting, retaining, educating, and supporting the women within the firm. Trindl is actively involved in the community, sitting on the board of directors and committees of several local organizations such as the San Diego County YMCA, Biocom, and the Rady Children’s Institute for Genomic Medicine. Through her participation with these organizations, Trindl plays an influential role in the development of both the business and civic communities.
Trindl earned a Bachelor of Arts in psychology from the University of California, Irvine, and holds the professional designations of Certified Insurance Counselor (CIC) and Accredited Advisor in Insurance (AAI).
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CPE Credits: Reminder for those members maintaining their professional certifications - we offer the documentation for Continuing Professional Education (CPE) credits for our speaker presentations. For those members interested in this, you may complete the appropriate forms, which we'll have available at the meeting, for 1.0 hours of CPE credit
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