Kicking off 2025 with RIMS CEO Gary LaBranche

Jan 14, 2025

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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews RIMS CEO Gary LaBranche about what you can expect from RIMS in 2025. This value-packed discussion offers Gary's comments on 2025 RIMS President Kristen Peed, RIMS' 75th Anniversary events, possible insurance impacts of proposed trade tariffs, nuclear verdicts, and third-party litigation. Gary encourages you to join RIMS Advocacy and the RIMS Legislative Summit on March 19th and 20th, 2025 to lobby on Capitol Hill. He shares insights on public safety, security, and of course, news of RISKWORLD 2025 and more.

Listen for how you can participate in 2025 RIMS events.

Key Takeaways:

[:01] About RIMS.

[:16] About this episode, coming to you from RIMS headquarters in New York, kicking off 2025 with RIMS CEO Gary LaBranche! Gary, welcome back to RIMScast!

[:59] Interview! Gary had a quiet, fun New Year's Eve at home, dining on Asian sea bass with champagne and watching television.

[1:39] This is a big year for RIMS. RIMS has a new president, Kristen Peed. Justin has known her since he started with RIMS. Kristen is a long-time volunteer, very positive, and great at representing RIMS. She continues in a long line of volunteer leaders who have built RIMS.

[2:29] Gary reports that RIMS 2024 president David Arick had a wonderful term. On David's last day, the Wall Street Journal published an interview with him; a wonderful capstone to his year.

[2:49] RIMS board presidents serve as unpaid volunteers. They travel for board meetings and events, taking time away from their families and jobs. Gary says everyone should appreciate what the board president and officers, chapter leaders, and other volunteers do to help RIMS.

[3:35] Reading the history of RIMS, Gary is struck with and inspired by the long line of volunteers who put their shoulders to the wheel, creating this organization.

[3:59] RIMS is delighted to have Kristen. Kristen is with Sequoia. You'll get to meet her at RISKWORLD, the RIMS Canada Conference, and other activities in 2025. Kristen embodies the spirit of the RIMS community.

[4:29] This year is the 75th anniversary of RIMS. It's a good opportunity to reflect and appreciate all that came before us. RIMS New York traces its roots to the 1930s. Later, four groups came together to create the National Association of Insurance Buyers, today known as RIMS, in 1950.

[5:44] The NAIB provided networking and learning opportunities for commercial buyers of corporate insurance. They saw that it would be helpful to have a national view and ultimately, an international view of the issues and trends in the commercial side of insurance.

[6:26] Reading the history gives you a better sense of how RIMS has played a key role in creating today's insurance world. Justin points out that they organized RIMS without email or interstate highways! They worked hard to make the organization happen.

[8:31] RIMS will celebrate its 75th anniversary throughout the year. Chapter leaders will soon attend the Annual Leadership Forum to kick things off. At the RIMS Canada Conference 2024, RIMS unveiled the 75th Anniversary logo and themes. RISKWORLD 2025 will be the tent pole event.

[9:21] This will be the biggest RISKWORLD in history! The biggest RIMS annual conference was held in Chicago 20 years ago. RISKWORLD 2025 will be in Chicago from May 4th to May 7th and RIMS is expecting to see well over 11,000 attend. Other events will also feature the anniversary.

[9:53] RIMS is launching the Texas Regional Conference, with the four Texas chapters, in August, in San Antonio. It's a wonderful opportunity for folks in that region to gain access to the power and value represented in the RIMS community.

[11:04] About trade tariffs: Gary recently spent an hour at a U.S. Chamber of Commerce meeting, talking with top trade policy experts. U.S. President-elect Donald Trump has mentioned tariffs. How would new tariffs impact consumers? What might they do to the cost of insurance?

[13:05] If any goods go up in cost, that could potentially have an effect on the cost of insurance, just as inflation causes prices to go up. If you're insuring a fleet of trucks, where do you get the parts to fix those vehicles? Will the cost of those parts go up?

[14:05] Right now, we don't know. There are differences of opinion. Some 60% of replacement truck and auto parts are made outside of the United States. If tariffs are imposed on those, and if those costs are passed on to consumers, that will raise the cost of insurance.

[14:56] Justin sees tariffs impacting insurance rates, the supply chain, and decisions risk professionals make about materials to use. Tariffs may not have their intended effect of having you "buy American" if you're in America. It may not work that way.

[15:28] Gary notes that tariffs, historically, have had the long-term effect of spurring domestic production. The question is, how fast will that happen? How long will it take to create the infrastructure to create more cement or truck parts? Where will the workers come from?

[16:16] If there are price increases for supplies and materials or if there are disruptions in the supply chain, that will have a dragging effect in terms of the cost of insurance. RIMS publications will tackle this topic and report on it as they have done for 75 years.

[17:08] Dave Arick was interviewed in the Wall Street Journal, He discussed how "nuclear verdicts" of $10 million or more are influencing what happens in the insurance markets. Nuclear verdicts create higher costs.

[17:47] If insurance companies are paying out more and more for those claims, they're going to try to recoup that cost through higher premiums in the future. RIMS is concerned about the runaway growth of nuclear verdicts.

[18:11] Ultimately, the claims bar pumping up the demands for recompense is having an impact on cost. When someone is hurt, there should be recompense for that. The issue is the significant growth in multi-million dollar verdicts that are outside of what is reasonable and fair.

[18:53] If that happens, it simply drives up the cost for businesses to do business. If people are getting 10 times the reasonable recompense for their injuries, it starts to add up significantly.

[19:35] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th with a topic to be announced.

[19:42] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host "Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025".

[19:58] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[20:10] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes.

[20:21] Congratulations to my RIMS colleagues! RISKWORLD 2024 was honored with the 2024 TSNN Trade Show News Network Award for Outstanding Commitment to Advancing DE&I in the Risk Management Community Through Intentional Programming and Representation!

[20:44] The programming included real-time translation technology and partnerships with DE&I organizations NAAIA, AAIN, and APIW, fostering a globally inclusive environment, and keynote speaker Academy Award-winning actress, Marlee Matlin, on inclusion and accessibility.

[21:10] The TSNN Award is a huge honor and RIMS is so pleased that our continued DE&I efforts are being recognized by various industries, specifically in events and exhibitions.

[21:23] Of course, a big shout-out to the RIMS DE&I Advisory Council for their unwavering commitment to helping advance DE&I initiatives at our conferences and RIMS events throughout the risk management community.

[21:36] There are still DE&I sponsorship opportunities available for RISKWORLD 2025 in Chicago. You can visit the link in this episode's show notes for more details.

[21:51] Back to My Interview with RIMS CEO Gary LaBranche!

[22:03] Justin and Gary consider third-party litigation, which impacts the courts, laws, and legislation. Gary will attend the RIMS Legislative Summit, to be held on March 19th and 20th.

[22:39] Gary says the plaintiffs' bar has discovered the power of investment. They have learned they can gather investors who will back a potential lawsuit and fund lawsuits that come along, in return for a share of the proceeds of that suit. That has always been concerning.

[23:13] Something that has become an additional concern is the lack of transparency as to where those investment funds are coming from. They could be coming from anywhere, inside or outside the U.S. They could be from sources that could be illegal. It's unknown.

[23:45] As a matter of national security and public policy, RIMS thinks it's time we have better insight into the sources of funds for third-party litigation. Gary will be on Capitol Hill, lobbying with members of Congress for transparency in funding third-party litigation.

[24:09] A link to the RIMS.org/advocacy page is in the show notes. If you're a RIMS member and want to go to Capitol Hill for a couple of days with the very knowledgeable RIMS staff and have a chance to meet with your Representatives in Congress, that's the way to do it.

[24:26] Gary will be there, RIMS General Counsel, Mark Prysock, will be there, and a few other very knowledgeable folks will help you prepare for these fun "pitches." Gary says it's a blast. You're telling your story and why this is something of concern to you.

[25:12] Typically you'll be meeting with staff members who are directly involved in the public policy process. They want to hear your story, especially if you're from their district. It's a lot of walking, listening, and talking along with your peers. You'll appreciate what you've done.

[25:56] Going from office to office on the Hill, you're seeing other people doing the same thing; ranchers, flight attendants, and more. It's an interesting cross-section of America. You're seeing the Constitutional freedom of speech. It gives you a perspective on the public policy process.

[26:51] Gary has led other organizations for 25 years, so he has been to Capitol Hill a few dozen times. He worked in Washington D.C. for years. He loves gathering a group of members, having a reception and a briefing, and walking around Capitol Hill. By lunchtime, people are excited.

[27:53] At the end of the day, there's a sense of relief and satisfaction; most of the members want to know when they can do it again! Justin did it in 2018 and it made an impression on him. He also loves speaking with the people who are involved in it.

[28:25] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.

[28:43] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.

[29:07] General grant awardees are typically notified at the end of October. Learn more about Spencer's general grants through the Programs tab at SpencerEd.org.

[29:18] Let's Return to the Conclusion of My Interview with RIMS CEO Gary LaBranche!

[29:31] Justin describes the horrific terrorist act in New Orleans on New Year's. Someone circumvented the meager barriers, drove onto the Bourbon Street sidewalk, ran over several people, and exchanged fire with the police. The police neutralized him.

[30:11] He had killed 14 people and disrupted everything going on there. This also affected the local economy. RISKWORLD 2023 was affected by an issue in the host city. RIMS has had other issues with public safety. Gary mentions the car bomb in Las Vegas and RIMS' security plans.

[32:26] For conferences like RISKWORLD, 30 to 50 hotels are used. You have to look at the security measures already in place for each hotel. That sort of thing keeps Gary up at night.

[32:54] Before lunch on his first day back, Gary was on the phone with staff to restart their thinking about RISKWORLD security, in light of the attacks in New Orleans and Las Vegas. RIMS is well advanced on plans for RISKWORLD 2025. Security will be even more on their minds.

[33:37] RISKWORLD has no big outdoor events for this year. Chicago in May is not necessarily warm and sunny, so they will be inside. RIMS has a responsibility as event organizers to think about the risks. Every event organizer must do the same.

[34:33] RISKWORLD 2025 keynotes and speakers have been announced. Find them at RIMS.org/RISKWORLD. Chicago is a Mecca for the risk management and insurance community. Gary can't think of a better place to have the 75th Anniversary RISKWORLD convention.

[35:43] RISKWORLD 2025 will be held at the McCormick Convention Center, in one of the most beautiful cities in the country. It has a great, diverse culture with 77 unique neighborhoods.

[36:01] The RISKWORLD 2025 program is very exciting, being built by great risk professionals who are contributing their time and talent to sharing their knowledge and insight. It's a lot of fun and it's a "heck of an event!" Gary is thrilled about the whole thing!

[36:26] A huge team works so hard on creating RISKWORLD. It is so much work and there is so much work on-site. At the end of it, the team is exhausted, and so sad that it's over! It's a wonderful, fun, safe, educational experience, and then it's gone. RIMS works on it year-round.

[37:15] Three of the keynotes will be delivering TED talks on the main stage on Tuesday, May 6th. Rachel DeAlto, Ryan Harris, and Holly Ransom. It's called "Triple Vision, Leadership Insights." RISKWORLD has never done anything like that before.

[37:34] These will be short, punchy, to-the-point talks showing a diversity of perspectives, and touching on more topics, and it's more in keeping with how people obtain and consume information today. Gary is very excited about them. He's watching to see how it works.

[38:18] The RISKWORLD 2025 opening reception will be on Sunday, May 4th, at the Field Museum of Natural History. Gary calls it one of the greatest museums in North America and it's a great place to have an event. Gary has done black-tie events there. It has a wonderful view.

[39:47] Public registration is open. Go to RIMS.org/RISKWORLD and register today!

[40:01] This episode with RIMS CEO Gary LaBranche has given us a great glimpse into 2025. Gary will be back on RIMScast sometime after RISKWORLD 2025.

[40:53] Gary says RIMS has an extraordinary IT team and they are always drilling on avoiding phishing and cyber-attacks. Risk management is important. When he looks a the RIMS logo, he is reminded that the wind is in our sails. Risk management could not be hotter, now!

[41:39] Gary ranks hot, sexy jobs now: astronaut, firefighter, and risk manager! He hopes people take pride in their risk manager jobs. There's a lot of demand. Salaries have been going up, according to the RIMS salary survey. There are more people attracted to the profession.

[42:01] At RISKWORLD, we get 250 or more students. It's fun to watch them compete in the Spencer Risk Management Challenge. It's fun to see the support that Spencer and the community give them. It's fun to see them engage with our professionals and want to learn.

[42:39] RIMS CEO Gary LaBranche, thank you so much. It's always a pleasure!

[42:46] Special thanks, as always, to RIMS CEO Gary LaBranche for stopping by and keeping us informed. Be sure to check out all the links in this episode's show notes to learn more about RISKWORLD 2025, RIMS advocacy, and other RIMS initiatives and events.

[43:06] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.

[43:32] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information.

[43:51] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.

[44:09] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[44:25] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[44:39] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.

[44:47] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Risk Management magazine

RISKWORLD 2025 — May 4‒7 | Register today!

RIMS Legislative Summit — March 19‒20, 2025

Nominations for the Donald M. Stuart Award

Spencer Educational Foundation — General Grants 2026 — Application Dates

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Kristen Peed named 2025 President of RIMS

'Nuclear Verdicts' Driving Up Costs of Doing Business, Says Risk Management Society's Head — The Wall Street Journal, Dec. 30, 2024 — an interview with former RIMS President David Arick

RIMS DEI Council | Learn more about DEI Inclusivity Partnership opportunities at RISKWORLD

RIMS Webinars:

RIMS.org/Webinars