The Edge of Risk Podcast by IRMI – Details, episodes & analysis

Hired and nonowned auto exposures historically represented an incidental exposure for many insureds; however, there appears to be a noticeable shift in how construction insureds are approaching this coverage. This 18-minute episode of the IRMI Podcast welcomes Jim Vachon, manager of casualty risk control, and David Lind, loss control service manager, from Starr Insurance. Listen in as Mr. Vachon and Mr. Lind discuss hired and nonowned automobile exposures in the construction industry and share controls that employers can utilize to manage the associated risks.

A common misconception is that experienced drivers don't require ongoing training. In this 11-minute podcast episode, Brian Hammer, senior risk management consultant at Nationwide, shares that ongoing driver safety training is essential.

Nationwide's new Drive the 5 program is yet another important initiative to keep its insureds, and society as a whole, safe. After this podcast episode, you will understand the five principles that address specific risks and help drivers stay safe on the road, and you will know where you can access free resources to make our roads safer for everyone.

Jarid Beck of Risk Management Advisors joins Joel Appelbaum of IRMI to explore how businesses can unlock employee benefits through captive insurance. They discuss the increasing popularity of self-funded employee benefits in captives, driven by rising healthcare premiums and the desire for greater control over healthcare costs. 

The conversation highlights key benefits of captive insurance, including cost transparency, flexibility, and long-term financial sustainability. Mr. Beck explains how businesses can mitigate risks using stop-loss coverage, wellness programs, and effective claims strategies. The episode also touches on how advancements in data and artificial intelligence are shaping the future of self-funding, providing streamlined solutions for both employers and employees.

In this 11-minute Snap Talk episode, Marty Detmer, product recall and contamination/crisis management broker for Aon, expounds on some key factors that can increase the risk of product recalls and how to mitigate those risks. Mr. Detmer gave a fascinating presentation at the recent IRMI Emmett J Vaughan Agribusiness Conference in Des Moines, Iowa, on food recalls and why they're happening.  Food recalls can be a nightmare. Discover what Aon has uncovered about steps you can take to help mitigate your food recall exposure.

Tune in now for valuable insights that every risk and insurance professional should know.

Emerging technologies have the potential to change the safety and risk landscape of the construction industry. In this 13-minute episode of IRMI Podcast, Matt Nordaker of Marsh shares how the efficiencies of exponential technologies will enable safety and risk directors to focus on higher-level strategic initiatives as these technologies materialize.

In this 11-minute Snap Talk episode, Bernt Nelson, economist at the American Farm Bureau Federation, breaks down the key factors behind the soaring beef prices—and why those increases aren't benefiting farmers and ranchers. Discover what the American Farm Bureau Federation has uncovered about this critical issue and its broader impact on the agriculture industry. Tune in now for valuable insights that every risk and insurance professional should know.

In this podcast episode, Joel Appelbaum interviews Marty Ellis, leader of Comerica Bank's Global and Captive Insurance Group, discussing key aspects of custody and collateral in the captive insurance industry. Marty outlines the crucial role of custody accounts in holding financial assets for claims, and compares letters of credit with reinsurance trusts as collateral options, noting the former's investment flexibility and the latter's cost-effectiveness despite regulatory limitations. The conversation also addresses the impact of the recent Vesttoo scandal involving alleged fraudulent letters of credit, highlighting the need for greater vigilance and the adoption of secure systems like the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to mitigate fraud risks in the industry.

In this 15-minute podcast episode, Nate Chance, senior territory manager for small commercial at Liberty Mutual Insurance, reflects on the impact of the unique challenges and opportunities present in the agricultural industry. Join IRMI Chief Content Officer Joel Appelbaum as he and Mr. Chance discuss the shift in societal perceptions of liability and responsibility, particularly regarding the increase in large verdicts. They refer to this shift as "legal system abuse" to better capture the current litigation environment, which is seeing a rise in external funding and aggressive attorney advertising and practices. Learn what Liberty Mutual, AgriCon Gold sponsor, considers to be opportunities presented during headwinds we face.

IRMI's Joel Appelbaum interviews Peter Johnson, chief actuary at Spring Consulting Group, about insurer collateral obligations for large deductible and captive reinsurance programs. They discuss how collateral protects insurers financially while enabling organizations to self-insure and reduce market premiums. Peter emphasizes the importance of actuarial expertise, detailing methodologies to calculate collateral requirements and the need for accurate loss development patterns and reserve analyses. The conversation includes case studies showing how to reduce collateral obligations by challenging industry assumptions and using company-specific data. It also covers managing loss development over time, especially for long-tail lines such as workers compensation.

Don't let lack of confidence hold you back. In this 14-minute episode, Abi Potter Clough, CEO of AbiLeads, outlines steps you can take to build self-confidence and take ownership of your personal brand.