Preliminary discussions have begun with public universities in Florida to develop graduate level programs in risk management. Florida’s extraordinary exposure to catastrophic risk has resulted in several developments where the state has taken the lead: enhanced building codes, reinsurance expertise within domestic carriers, an increasing understanding of the need to expand flood insurance options, planning for sea level rise and increased risk from storm surge, and the negative societal impacts of expensive insurance on at risk communities such as fixed income retired elderly. As this specialized market expands into other cat risk states, carriers will need a well-trained and educated work force. These new risk management programs will assist in creating that work force. In addition to insurance specific curricula, these programs will also place emphasis on the important public trust that the insurance industry has with their policyholders and society in general. Ethics in claims handling and other operations will be a major program emphasis, and the program is committed to a significant increase in that emphasis over many current risk management curricula.
Read about the need for more industry talent in this supporting article in A.M. Best’s monthly insurance magazine Best’s Review : “The Threat is Real”