NEW YORK CITY—Guiding you through risks and potential underwriting perils, Lance J. Ewing of AIG provides his market-spanning insights. A recipient of the Risk Manager of the Year for Business Insurance and Risk Innovator of the Year awards, Ewing is an internationally recognized authority on insurance, risk management, crisis management and risk financing, among many other insurance and risk-related subjects. At AIG, he serves as the leader for Hospitality and Leisure, as well as the Real Estate Industry Practice Groups.
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Risk comes in many shapes and forms for the commercial real estate owner or manager. Part of an effective risk management program is to be able to identify where these risks come from. The risk categories facing owners and operators are extensive but can be placed under six category headings.
Economic risks are those that arise from the financial day to day operations of a company, the real estate marketplace fluctuations, and the monetary marketplace or risk-taking business decisions. Interest rates, credit and lending, defaults and swaps would be just a few of the risks in the Economic category.
Legal risks are inherent in real estate through compliance or activities from statutory liability. These are the risk governed by the law and the conformity to the laws.
Political risks come from those variations in the law (state or local) or government clarifications of rules or modifications in government policy as it might relate to construction, ordinances or rulings.
Juridical risks come from a jury or judge's decisions related to a real estate or management company's court case.
Social risks normally arise from public relations errors, loss of reputation, and/or damage to the company or management brand. Social risks can be some of the hardest to overcome once the genie is out of the bottle.
Physical risks are the most common risks. These are damage or loss to property, employees, clients, customers, data, or tangible assets. In most cases insurance is an answer for these types of risks.
Knowing the risks facing the real estate industry in 2015 is a good start for the year. For more information contact your agent/broker or insurance carrier.
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Lance Ewing
Lance J. Ewing has extensive executive experience in the field of risk management and insurance including his current role as Vice President for AIG Property/Casualty. Lance leads the Hospitality & Leisure, as well as the Real Estate Industry Practice Groups for AIG. Prior to this position he served in senior risk management capacities for Caesars Entertainment Inc. (fka Harrah’s), GES Exposition Services and for the City of Philadelphia School District. Mr. Ewing additionally worked for various insurance companies including Lumbermen's Underwriting Alliance, Pennsylvania Hospital Insurance Company (PHICO) and New York Lumberman's Insurance Trust in risk management and loss control capacities. Mr. Ewing received his Master's degree in Law & Justice from the University of Pittsburgh and completed his second Master's degree in Occupational Safety Engineering. In addition to his Associate in Risk Management (ARM) designation and his International Certified Risk Manager (CRM) designation, he is a matriculated Chartered Property Casualty Underwriter (CPCU) candidate and has completed his Enterprise Risk Management Professional designation (ERMP). Lance was National President 2003-2004 for the Risk & Insurance Management Society (RIMS) and was also the Chief Risk Officer (CRO). He teaches risk management as a faculty member for the National Alliance for Insurance Education & Research. He also served as a Board member for the Certified Insurance Counselor (CIC) Board. Mr. Ewing was a member of the Willis Client Advisory Board, the Zurich Client Board and the AIG Advisory Board. Other board positions previously held include the Spencer Educational Foundation, the National Fire Protection Association (NFPA) Safety to Life Committee, the Environmental Risk Management Committee of the ASTM and the Public Risk Insurance Management Association. He has a scholarship in his name (Lance J. Ewing Educational Scholarship) for the Certified Risk Management International designation. Mr. Ewing was honored as the 2008 Risk Innovator of the Year and was the 2007 Risk Manger of the Year (Business Insurance). He has authored several articles on insurance, risk management, crisis management and workers' compensation. He is a frequent speaker on enterprise risk management, claims, disaster recovery and risk financing. In addition, he has testified in both Federal and State hearings on risk management legislation. He has spoken internationally to promote insurance and risk management in Croatia, Romania, Kosovo, Turkey, Spain, Italy, Switzerland, United Kingdom, Canada, Mexico, Bermuda, Australia, India, China and Japan. Mr. Ewing continues to be a strong and outspoken supporter of the insurance and risk management industry.
