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The 2012 RIMS Benchmark Survey

Despite expectations that insured losses from natural catastrophes in 2011 would send insurance premiums skyrocketing, the newly released RIMS Benchmark Survey indicates that the Total Cost of Risk (TCOR) increased only mildly in the past year. The annual RIMS survey, produced with Advisen LTD, also highlights the value of using TCOR to better track and report on risk management programs, and explores risks impacting individual sectors, including those associated with social media.

The key findings of the 2012 RIMS Benchmark Survey were:

• Average TCOR for all companies increased 1.7 percent, from $10.02 per $1,000 of revenue to $10.19 per $1,000 of revenue.
• The contribution of property premiums to Average TCOR grew nearly 9 percent, from $2.73 per $1,000 of revenue to $2.92 per $1,000 of revenue.
• About half of risk managers surveyed use TCOR as a tool for benchmarking, reporting to management, assessing risk management department performance or for other related purposes.
• As more organizations recognize the benefits of social media for communicating with customers and other stakeholders, a vast majority of risk professionals who participated in the survey believe that social media poses at least a moderate threat to their organizations.

The survey contains data contributed by more than 1,000 companies. It can be obtained from www.RIMS.org/book

•Date: 29th June 2012 • World •Type: Article • Topic: Enterprise risk management

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