Author Archives: Caroline McDonald

About Caroline McDonald

Caroline McDonald is a writer and former senior editor of the Risk Management Monitor and Risk Management magazine.
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Tool Calculates Natural Hazard Risk to Property

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Potential for hurricanes and storm surges, the possibilities of wildfires and sinkholes, and an extensive coastline make Florida rank as the state with the highest risk of property damage from natural hazards, according to a new analysis by CoreLogic. Second on the list is Rhode Island, with Michigan coming in with the lowest ranking for risk.

The analysis was derived from the Hazard Risk Score (HRS), a new analytics tool that gathers data on multiple natural hazard risks and combines the data into a single score ranging from 0 to 100. The score indicates risk exposure at the individual property and location level, CoreLogic said. In calculating an overall score, the probability of an event and the frequency of past events are significant contributing factors to determine risk levels associated with individual hazards, along with each hazard’s risk contribution to total loss.

“Florida’s high level of risk is driven by the potential for hurricane winds and storm surge damage along its extensive Atlantic and Gulf coastline, as well as the added potential for sinkholes, flooding and wildfires. Michigan alternatively ranks low for most natural hazard risks, other than flooding,” Howard Botts, Ph.D., vice president and chief scientist for CoreLogic Spatial Solutions, said in a statement.

HRS measures risk concentration and pinpoints the riskiest places in the country. “This insight is critical in conducting comparative risk management nationwide and fully understanding exposure to potential natural hazard damage,” Botts said.

The tool can be used to improve decision-making and enhance business operations, including:

• Business continuity and disaster recovery planning

• Analyzing risks associated with properties

• Measuring savings of mitigation compared to the potential damage of a hazard

• Evaluating natural hazard levels of distribution and supplier networks

• Recognizing if underinsured or uninsured properties could be at risk of default

• Adverse selection avoidance and identification of good risk properties.

 

 

 

Plastic Bags Voted Out in California

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For years, plastic bag manufacturers have prevented passage of laws banning their product in California, but they appear to have lost the battle. On Aug. 29, the California State Senate passed a ban on single-use plastic grocery bags—passed the day before by the State Assembly—making them the first state in the nation to do so. The bill awaits Gov. Jerry Brown’s signature.

Sponsored by Senators Alex Padilla (D-Pacoima), Kevin de Leon (D-Los Angeles) and Ricardo Lara (D-Huntington Park/Long Beach), the bill would phase out single-use plastic bags in California grocery stores, convenience stores, liquor stores and pharmacies.

“Single-use plastic bags are not just a coastal issue,” Sen. Alex Padilla said in a statement. “They are found in our mountains, our deserts, our rivers, streams and lakes.  They are also in our parks and neighborhoods.  It is a statewide problem that deserves a statewide solution.”

He explained that, “The so called, ‘progressive bag alliance’ is funded by the plastics industry. These out-of-state special interests are out of touch with California and our values.

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 Californians care about the environment. In cities and counties throughout the state, Californians are speaking out loud and clear in support of the bag ban.” Currently, 124 cities and counties in California have a local ordinance in place, covering 35% of the population.

More than 14 billion single-use plastic bags are given out by retailers annually and, according to the U.S. Environmental Protection Agency, 88% of these bags are not recycled. According to CalRecycle, in California, only 3% are recycled.

Massachusetts and Washington are also considering a ban on single-use bags. Seven states, including Hawaii, New York, Pennsylvania, Vermont and Virginia, are weighing state-imposed fees for plastic shopping bags, the Press Enterprise reported. Washington, D.C. has charged a fee of 5-cents per bag since 2010.

According to Sen. Padilla, SB 270 will:

•     Prohibit grocery stores and pharmacies from making single-use plastic bags available, beginning July 1, 2015. If paper bags are offered to customers, they would have to include recycled content.

•      Prohibit convenience stores and liquor stores from making single-use plastic bags available, beginning July 1, 2015.

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•      Grandfather in existing local ordinances.

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•      Provide up to $2 million in competitive loans to businesses transitioning to manufacture of reusable bags.

Under the new law, stores may sell paper, durable reusable bags, and compostable bags with a minimum charge of 10 cents each. The 10 cent charge is to encourage consumers to bring their own reusable bags. The bill also seeks to protect and create green jobs by creating standards and incentives for plastic bag manufacturers to transition to making reusable bags, according to Californians Against Waste (CAW).

Measuring Employee Engagement

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Organizations that successfully engage their employees earn loyalty and can see measurable benefits from higher shareholder returns, according to BI Worldwide. Engaged employees translate to increased productivity, higher quality of work, lower accident and injury rates and higher employee retention.

BI Worldwide explains that companies can encourage employee engagement by creating a culture where loyalty is rewarded.

Also included are trainings to enhance employee performance, safety awareness and wellness programs.

Napa Quake Economic Loss Estimates at $1 Billion

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A state of emergency was declared in California yesterday by Gov.

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Edmund G. Brown due to the effects of a 6.1 magnitude earthquake that rocked the Napa Valley area in northern California. The U.S. Geological Survey estimates that economic losses from the quake could top $1 billion and said there is a 54% likelihood of another large quake, magnitude 5 or higher, within the next week.

As of 4:15 p.m. Sunday, six aftershocks had been reported, four centered near Napa, ranging 2.5 to 3.6 magnitude. Two others, a 2.8 and a 2.6 were reported near American Canyon, according to the USGS.

The Napa quake is the largest in the Bay Area since the 1989 Loma Prieta quake, which was magnitude 6.9. That quake resulted in $1.8 billion in insured claims (in 2013 dollars) being paid to policyholders, said Robert Hartwig, Ph.D., president of the Insurance Information Institute.

In the Napa region, widespread damage has been reported to infrastructure, including roads and utilities and public buildings such as the Napa Post Office, the county’s administration building and numerous homes. The City of Napa reported that as of Sunday afternoon 120 patients had been treated or are being treated. Three patients—two adults and one child—suffered critical injuries, Gov.

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Brown’s office reported., adding that power outages also occurred, affecting 69,000 people across the region.

The costliest earthquake in United States history, was the Northridge Quake, with insured losses totaling $24.1 billion (in 2013 dollars). The U.S. has about 20,000 earthquakes annually, mostly small, and 42 states are at risk of quakes, according to the U.S. Geological Survey.

Despite the known high potential for earthquakes and resulting damages in the state, however, only about 12% of California homeowners purchase earthquake coverage, the I.I.I. said.

Of concern are business interruption (BI) losses, as the Napa region is a popular tourist destination. Many businesses that attract visitors, including wineries and restaurants, have sustained damage, both non-structural and structural, according to EQECAT.

According to the I.I.I.:

Earthquakes in the United States are not covered under standard homeowners or business insurance policies. Coverage is usually available for earthquake damage in the form of an endorsement to a home or business insurance policy. However, insurers that don’t sell earthquake insurance may still be impacted by these catastrophes due to losses from fire following a quake.

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These losses could involve claims for business interruption and additional living expenses as well. Cars and other vehicles are covered for earthquake damage under the comprehensive part of the auto insurance policy.