As we journey through the summer season, Graham Company continues to pave the way in innovative risk management strategies. Our recent partnership with Marsh McLennan Agency further strengthens our position. This collaboration expands our services with advanced technologies and specialized skills, ensuring we maintain our unique culture while growing our capabilities.
The P&C insurance market has seen a consistent rise in premiums for nearly six years, driven by factors like severe weather events, legal settlements, and changing interest rates. However, the commercial lines sector is experiencing a shift in rate trends, with liability lines seeing decreasing rate gains and premium hikes slowing down in D&O and cyber insurance.
More businesses are turning to captives to creatively finance risk, achieve rate stabilization, and fill coverage gaps, with a nearly 40% increase in new captives formed since 2020. Graham offers full-service support in managing and integrating captives into a holistic risk management strategy. We now offer MMA's extensive captive data for analytics, drawing on Marsh's position as the largest captive manager, empowering clients to determine captive suitability.
As we embark on this new chapter, we are excited for the opportunities ahead, built on 60 years of proactive risk management and client protection. We are committed to adapting and staying true to "The Graham Way."
The tragic Baltimore bridge collapse is a stark reminder of the devastating impacts of unforeseen events. As we witness the aftermath unfold, it's crucial for companies to reassess their total cost of risk. Our proprietary P2RIMEĀ® process provides valuable guidance on managing risk through avoidance, planning, insurance, and risk transference. This catastrophe highlights the importance of regularly analyzing a company's total cost of risk to effectively mitigate both insurable and non-insurable risks.
Elopement, the unsupervised departure of individuals with impairments from caregiving facilities, poses a significant risk to resident safety. Despite being rare, elopement can result in injury, trauma, and fatalities. The National Institute for Elopement Prevention stresses the importance of #preventivemeasures for resident, staff, and family security.
Contractors play a vital role in construction projects by bringing them to life. Providing professional services also exposes contractors to potential liability, making Contractor's Professional Liability coverage essential for mitigating risks. As construction projects become more complex, contractors must protect themselves by investing in the right insurance coverage.
In today's digital landscape, electronic payments, such as wire transfers, offer organizations enhanced efficiency and security. However, with these benefits come inherent risks, particularly the threat of fraud. To mitigate these risks effectively, implementing robust internal controls and best practices is crucial.
Preventing falls in aging services requires a tailored, proactive approach to mitigate risks and maintain seniors' health and well-being. By assessing, eliminating hazards, and using person-centered approaches, care teams can reduce falls in aging services.
We understand reducing insurance utilization is the only time-tested way to effectively drive down costs. Thatās why we pioneered The Prime Process (PĀ²RIMEĀ®), our proven and repeatable method that seamlessly incorporates the six key components of a holistic risk management plan:
Prepare/Prevent; Risk Transfer; Insure; Mitigate; and Educate.
Leveraging next-generation technology and data analytics, PĀ²RIMEĀ® identifies weaknesses that increase risk, cost and overall insurance spend. For our clients with complex risk exposures, PĀ²RIMEĀ® provides the peace of mind that their legacy, employees and bottom line are well-protected.
We are pleased to present the latest edition of the Graham Advisor, featuring insights from our experts on current trends and emerging risks in cyber, technology, employee benefits and more!
Our commitment extends beyond the usual 24/7 promise. We aim to be your trusted risk management partner for all types of risks, insurable or not. We prioritize being your go-to resource in times of crisis or when seeking advice on significant business decisions. This client-focused approach forms the foundation of our lasting relationships.
Leveraging diverse backgrounds, including military and startup experience, we utilize a decentralized command structure to empower our team in making quick and effective decisions, crucial for safeguarding our clients' interests.
Our collaboration with MMA combines traditional values and modern capabilities to protect your business and employees, utilizing a diverse range of experts across industries to enhance our client service.
At Graham Company, we understand that insurance is not something sold and put on a shelf. Through over 60 years of experience, we create programs that address our clients' specific business needs. We provide a full spectrum of products including Property & Casualty, Employee Benefits, Surety, Personal Lines, and more for an elite client base. We understand that for our clients, it's not just about protecting your livelihood - it's about protecting your legacy.
