Public Sector Risk Management

• New York Lays Out $20B Plan to Adapt to Climate Change

  By Hilary Russ, Reuters  |  June 12, 2013

  New York Mayor Michael Bloomberg on Tuesday announced a $20 billion plan to prepare for rising sea levels and hotter summers expected as a result of climate change in the coming decades.

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  Recent Tornadoes May Be Second Billion-Dollar Insured Event in Two Weeks

  By Anya Khalamayzer, PropertyCasualty360.com  |  June 3, 2013

  The Midwest received no reprieve from the intense May storm season this weekend, as Oklahoma City and St. Louis were pummeled by tornadoes, flooding and straight-line winds on Friday.

• Eqecat Agrees to Share Data with RMS

  By Chad Hemenway, PropertyCasualty360.com  |  May 30, 2013

  Catastrophe modeler Eqecat says it has finalized a multi-year agreement to be a part of competitor Risk Management Solutions’ open, cloud-based platform, RMS(one).

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  Eqecat: Up to $5B in Insured Losses from Recent Tornado Activity

  By Phil Gusman, PropertyCasualty360.com  |  May 24, 2013

  The storm system that produced deadly tornadoes this past week, including the one that leveled Moore, Okla., is expected to cause between $2 billion and $5 billion in insured property losses, according to catastrophe modeler Eqecat.

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  Oklahoma Tornado Preparedness Lauded by Some, Questioned by Others

  By Anya Khalamayzer, PropertyCasualty360  |  May 23, 2013

  As news reports question the lack of shelters in Oklahoma, insurance experts say that Tornado Alley residents are more prepared than ever to handle tornado damage.

• NAMIC Opposes Mandatory Coverage for Gun Owners in D.C.

  By Anya Khalamayzer, PropertyCasualty360.com  |  May 17, 2013

  Under the proposal, the state’s current 2,000 registered gun owners and all future buyers would have to take out a $250,000 policy covering damage from any gun use, even willful and illegal acts.

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  Authorities Launch Criminal Investigation of West Fertilizer Explosion

  By Chad Hemenway, PropertyCasualty360.com  |  May 10, 2013

  A criminal investigation has been launched into the West, Texas fertilizer plant that exploded last month.

• Slate for World Risk Day Announced

  By Anya Khalamayzer, PropertyCasualty360.com  |  May 10, 2013

  World Risk Day, a virtual conference that invites risk leaders from around the world to present industry knowledge, has announced its speaker lineup.

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  Bill Introduced to Extend TRIA for 10 Years

  By Elizabeth D. Festa, PropertyCasualty360.com  |  May 10, 2013

  Legislation to extend the Terrorism Risk Insurance Act for a decade has been introduced in the House.

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  Copper Theft a Hard-Wired Risk for Insurers, Businesses, Homeowners

  By Anya Khalamayzer, PropertyCasualty360.com  |  May 2, 2013

  Copper was targeted in 96 percent of all metal thefts in the past three years, reports the National Insurance Crime Bureau (NICB), with criminals going after business owners and homeowners evenly.

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  Ace’s Greenberg: TRIA Renewal a ‘No-Brainer’

  By Mark E. Ruquet, PropertyCasualty360.com  |  April 23, 2013

  Ace Ltd. CEO Evan G. Greenberg says there would be little to no terrorism insurance in the market without TRIA.

• Aspen Re Forms Capital Markets Division

  By Staff Writer  |  April 17, 2013

  The reinsurance segment of Aspen Insurance Holdings Ltd. says it has formed a new division, Aspen Capital Markets.

• Munich Re Sells $500M Bond to Protect North Carolina

  By Sarah Mortimer, Reuters  |  April 17, 2013

  Munich Re has sold a $500 million catastrophe bond to protect two North Carolina underwriting associations against hurricane losses, as insurers increasingly choose to cover risks with bonds rather than buying traditional reinsurance.

• Boston Terror Attack 'Bound to Have Impact' on Event Cancellation Coverage

  By Chad Hemenway, PropertyCasualty360.com  |  April 16, 2013

  The bombing at the Boston Marathon—the first successful, high-profile terrorist attack in the U.S. since 9/11—could impact the terrorism insurance marketplace, specifically event cancellation coverage.

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  Boston Tragedy Indicative of 'New Reality' of Terror Attacks

  By Christina Bramlet, PropertyCasualty360.com  |  April 16, 2013

  The attacks at the 117th Boston Marathon point to disturbing uptick in the use of small explosives.

• AIR Worldwide Announces New Public Risk Services Group

  By Staff Writer  |  April 3, 2013

  Catastrophe modeling firm AIR Worldwide announces the availability of Public Risk Services, a new consulting service to support the needs of public sector institutions and stakeholders charged with managing catastrophe risk. John W. Rollins, vice president at AIR Worldwide, will head the new service group.