Los Angeles Chapter of Risk and Insurance Management Society

Next Meeting

July 21st, 2018
"LA RIMS Paddle Boarding and Brewing Event"

News Items

Lawfulness of Financial Crime Data Processing Under GDPR
Much that has been written about the General Data Protection Regulation (GDPR) relates to the burden of obtaining proper consents in order to process data. This general theme has provoked questions about whether and how financial institutions can process data to fight financial crime if they need consent of the data subject. While there are certainly valid questions, GDPR is much more permissive to the extent data is used to prevent or monitor for financial crime.

2Q Sees 2.5% Average P&C Rate Increase
Property and Casualty rates in the United States were up 2.5% on average in the second quarter of 2018, with continued tough conditions for trucking and auto, MarketScout reports.

"Insurers seem to have a longer memory these days. It's hard to find a commercial insurer who hasn't suffered from a book of auto/trucking risks in the past 10 years," Richard Kerr, MarketScout chief executive officer said in a statement. He noted that previous bad experiences and challenges have meant that fewer insurers are willing to write auto or trucking risks. "The demand is exceeding the supply so rates continue to trend upward," he said.

The Business Impact of the Supreme Court’s Travel Ban Decision
In one of its most anticipated cases in decades, the U.S. Supreme Court on June 26 upheld President Trump's latest "travel ban," delivering a key win to the Trump administration and one of its strict immigration enforcement stances. The Court concluded the president's executive order--which largely targeted individuals from predominately Muslim countries--did not violate the Constitution's Establishment Clause by favoring one religion over another, ruling that the order was a lawful exercise of the authority granted to the president by Congress.

Resiliency in 2018: Q&A With BCI’s David Thorp
Organizational resiliency is a focus of the Business Continuity Institute (BCI) and executive director David Thorp. It was the theme of this year's annual Business Continuity Awareness Week, which Risk Management Monitor covered in May, and was the focus of BCI's updated manifesto.

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President's Message

Manny Chavez
The world news has been quite heavy this past few weeks. My eyes were focused on the grueling Thailand Cave Rescue where 13 people had been trapped deep within a flooded cave in northern Thailand. Those trapped - 12 boys between the ages of 11 and 16 and their 25-year-old football coach have been awaiting rescue since June 23. All of them were miraculously and successfully rescued.

Being a former First Responder for many years, this incidentbrought back the memories of what it's like when the bell goes off. The adrenaline rush and quickly going back in your memory bank, tracing stepstoensure you know what you need to do. I know there are many of us who share similar experiences. Its different now, but we take those experiences and apply them at home and in our own jobs managing the many unique risks we encounter each week. Please take a moment to either pray or focus on a solemn request or expression of thanks to those young boys and the first responders who made a difference.

In other news, July 4th just passed, temperatures are up in the southland, Lebron James is a Laker, France won the World Cup, the Dodgers are in 1st place, the Tour de France is going strong and your LA RIMS Chapter has some exciting events that you won't want to miss!
Upcoming Events:
July 21st, 2018
LA RIMS Paddle Boarding and Brewing Event

August 16th, 2018
LA RIMS Summer Mixer

September 26th, 2018
Monthly Education Event

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LA RIMS Thank Our Sponsors
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