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Archive Stories
Archived stories from Jan 2007

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Corporate gifts "not what they used to be"

Leading risk management magazine ?Silo Risks? has published a withering editorial attacking what it calls the ?dangerous complacency and cost-cutting? which is impacting the corporate risk management market.

In its hard-hitting editorial, the rag said that corporate hospitality, exhibition stand giveaways, and general freebies were all showing signs of deterioration in the risk management market. ?Back in the day, we used to get wined and dined at product launches, flown out to client get-togethers for the weekend, lunch at the Savoy, tea at the Ritz. Now we get an email, and the promise of a conference call with the CFO,? said the editorial, penned by Editor, Callum Inches.

?And the corporate gifts are rubbish now,? he went on, warming to his theme. ?At RIMS in the 90s you got Vermont honey, beach towels, Polo shirts, Bermuda beach bags, and real celebs like OJ Simpson on the stand. Now it?s all pencils, mousemats and Post-It notes.? He said that part of the problem was that brokers and insurers were spending money on trips and gifts for risk managers, and not making the sweeteners more widely available to the risk management community, including journalists.

The editorial, though banal and petty, does raise a serious issue. Journalists writing in the risk management sector are notoriously badly paid ? in some cases less than a senior risk manager, and freebies are often the only way for them to obtain Christmas presents for their family or to get a holiday abroad.

Inches told RISKbitz that he wanted to see a return to the good old days when journalist and insurer/broker could work together sitting at a bar in a tropical paradise, helping to raise the profile of risk management. ?Oh for the days when the phone would regularly ring and the voice of a dulcet-toned PR person would ask, ?Fancy Badminton horse trials on Thursday? If not, I?ve got Twickenham on Friday, or the World Series next week?? Sadly those days appear to be gone. Maybe it?s time I moved into personal finance or IT systems,? said the saddened editor, wiping a nostalgic tear from his?cont p3, p4, p5, p7

Other news from Jan 2007
Travelating the Wave of Insurability
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