This year’s annual conference of the Risk & Insurance Management Society began in earnest Monday with the usual discussions of market conditions and various insurance industry companies using the event as an opportunity to spotlight new products or marketing campaigns to the assembled commercial insurance buyers.
Much of the discussion about current pricing trends reflected a split commercial market, with coastal property catastrophe markets remaining firm, while property insurance prices in non-cat prone areas show signs of softening, as do many casualty lines.
RIMS also is continuing to promote enterprise risk management to its members at the current conference, with the topic of an enterprise-wide approach to risk discussed in the opening session and serving as the subject of a session track during the week.
Broker Marsh Inc. is using this year’s RIMS as a backdrop for unveiling its new marketing campaign, focused on the “upside” of risk, the rewards to a business associated with properly managed exposures.
And for Travelers Insurance Cos. Inc., this year’s RIMS gathering is an opportunity to display its recently reclaimed red umbrella, recovered when Citicorp decided to sell the icon it had acquired with Travelers in 1998, and kept when it spun the insurer off a few years later.
Now, with its umbrella back, Travelers is set to roll out a new marketing campaign, and aired new television spots during a reception Sunday night. The TV spots are to air in upcoming months during major sporting events, in prime time and during morning news programs, giving plenty of play to the Travelers icon, which even after year’s of Citicorp ownership still enjoys a remarkably high unaided brand awareness for the insurer in market testing.