Author Archives: Emily Holbrook

About Emily Holbrook

Emily Holbrook is a former editor of the Risk Management Monitor and Risk Management magazine. You can read more of her writing at EmilyHolbrook.com.
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U.S. Treasury Creates Insurance Committee

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The U.S. Treasury Department has announced plans to create a committee to advise regulators on insurance issues. This comes after the insurance industry complained that it was being left out on details regarding important information from the Financial Stability Oversight Council.

Industry groups, including the Property Casualty Insurers Association of America, have said insurance companies need greater representation on the oversight council, a group of regulators created to prevent another financial crisis.

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This marks the first in a series of steps the Treasury is taking to establish the new Federal Insurance Office, created under the Dodd-Frank Act.

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The committee will be made up of insurers, regulators, public advocates and others.

The American Insurance Association (AIA) lauds the Treasury plan. Blain Rethmeier, an AIA spokesman, says, “Anything that brings more knowledge of insurance where there hasn’t been before is a good idea. While we’re still reviewing the details of the committee, we’re pleased to see they will be seeking the industry’s participation.

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Applications for committee positions must be sent to the Treasury Department within 15 days of the time the notice appears in the Federal Register.

U.S. Cities Facing $300 Billion Exposure to Storm Surge

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A recent report illustrates the dire nature of storm surge exposure in several major U.S. cities. The Storm Surge Report, developed by CoreLogic, revealed hurricane-driven storm surge flooding could cause billions in damage to residential structures in 2011.

“The local flood zones defined by FEMA in high-risk coastal regions provide a great deal of exposure data for homes in the path of flood waters, but understanding the additional layer of risk posed by a storm surge is critical for homeowners, emergency response teams, insurance companies and many others to plan and prepare for natural catastrophes,” said Dr. Howard Botts, executive vice president and director of database development for CoreLogic Spatial Solutions.

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“As the report shows, in many cases, homes exposed to potential storm-surge inundation are located outside of designated flood zones, and those homeowners need to be aware of their vulnerability to severe damage and property losses.”

Of the various areas studied in the report, Long Island, New York, was found to have the highest exposure to risk of storm surge. The top 10 breaks down as follows:

  1. Long Island, NY – $99 billion
  2. Miami-Dade, FL – $44.9 billion
  3. Virginia Beach, VA – $44.6 billion
  4. New Orleans, LA – $39 billion
  5. Tampa, FL – $27 billion
  6. Houston, TX – $20 billion
  7. Jacksonville, FL – $19.6 billion
  8. Charleston, SC – $17.7 billion
  9. Corpus Christi, TX – $4.7 billion
  10. Mobile, AL – $3 billion

Considering that this year’s hurricane forecast calls for 16 named storms and five major hurricanes for the 2011 season, it could be a costly storm season for the 10 cities listed above. As more and more coastal areas succumb to residential building, the cost of such natural disasters increases exponentially.

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When will we learn?

RIMS 2011 Day Three in Photos

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Scott B. Clark addresses the packed room before keynote speaker Stephen Dubner takes the stage.

Stephen Dubner, author of Freakonomics and SuperFreakonomics delivers the hilarious and thought-provoking keynote speech.

Author Stephen Dubner signs copies of his newest book for RIMS 2011 attendees.

The much anticipated tresure trek passport drawing with a grand prize of $10,000.

RIMS Executive Director Mary Roth and President Scott B. Clark congratulate one of the "best in show" winners.

Stephen Dubner on Predicting Risk at RIMS 2011

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Stephen Dubner, author of Freakonomics and SuperFreakonomics, proved he is an interesting and extremely intelligent individual with the publication of his two books, which explore the hidden side of everything, from cheating teachers, bizarre baby names, self-dealing realtors, and crack-selling mama’s boys. Crazy, but smart.

The staff of Risk Management are fans of Dubner and co-author Steven Levitt’s work (read our review of SuperFreakonomics), so we were thrilled to learn that Dubner would be the keynote speaker here at RIMS 2011.

Dubner, a scholar and journalist, talked to the packed room about how difficult it is to manage risk, as he so aptly stated: “Assessing risk is predicting the future, which is somewhere between very hard and impossible.” He noted that even the “experts” cannot predict what will unfold in the future. As an example, he used football experts who predict the winners and losers every season.

“They have the best experience and access to info,” he said. “When you go back and look at their predictions, however, we’d have a better chance of predicting with a dart and dartboard.”

Why?

Because just like in business, you can’t predict acts of randomness. Though football experts may know what team or player they think is the best, they cannot predict injuries or turnovers, footballs acts of randomness. And it’s random events that can have a huge impact on your business. Though we can’t predict, we can prepare.