News

The city of Perth in Australia has sustained major damage from a severe storm which the Insurance Council of Australia declared an insurance catastrophe, Guy Carpenter reported.

Risk Management Solutions and Asia Capital Reinsurance Group announced an agreement for RMS to work with ACR to develop catastrophe risk models for the Asian market.

President Obama has signed the historic bill reforming regulation and financing of health care, saying the bill provides "reforms that generations of Americans have fought for and marched for and hungered to see."

Maurice Greenberg's Starr International will sell 10 million shares in American International Group, relinquishing the bulk of its common stock holdings in a deal with UBS Securities LLC worth more than $278 million, the firm reported.

Salaries of the 25 top executives at American International Group and other companies receiving government help must be cut on average by one-third from last year's levels, government pay czar Kenneth Feinberg said.

St. Patrick's Day parades and other festivities entertain onlookers, but public risk managers need to look at reducing exposures and preventing losses.