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October Issue of Risk Management Now Online

The October issue of Risk Management magazine is now online. The cover story, “Immovable Objects,” focuses on how complacent boards of directors fear change, often retaining CEOs past the expiration date of their effectiveness. We also cover food safety in a feature by John Turner, North America product recall manager at XL Insurance. And, as is tradition with our October issue, we highlight cyberrisk, this time in a four-part feature covering cyberattacks and critical infrastructure, the military and its vulnerability to hacking, the cost of protection and a guide to selecting cyber insurance.

Our columns explore topics such as:

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter“like” us on Facebook and join our LinkedIn group.

It’s Raining Satellite Parts

An estimated 26 pieces of a school bus-sized dead satellite are predicted to survive reentry into the earth’s atmosphere and have a good chance of crash landing somewhere on land (or sea) tomorrow.

But don’t take off for the nearest bunker just yet. NASA says the chances are 1 in 3,200 that someone somewhere will be hit and they have just now reported that the satellite will not hit the United States.

The latest predictions of the satellites re-entry mean that the U.S. will miss out on the stunning sight of the spacecraft as it re-enters the atmosphere. A NASA spokesman said: “Re-entry is expected sometime during the afternoon of Sept 23, Eastern Daylight Time. The satellite will not be passing over North America during that time period. It is still too early to predict the time and location of re-entry with any more certainty, but predictions will become more refined in the next 24 to 36 hours.”

Launched from the Space Shuttle Discover on September 15, 1991, the Upper Atmospheric Research Satellite (UARS) was the first satellite dedicated to studying the science of the stratosphere. As Discovery News reports, this machine was a commendable satellite among the many space vessels.

The final demise of this bus-sized hero of atmospheric science is happening almost 20 years to the day after its launch. There were many other major discoveries over the years, of course. The project scientists have their own top ten list. But if you remember only two things about this NASA workhorse, let it be these:

  • In its first two weeks of operation, UARS data confirmed scientists’ theories about ozone depletion over the polar regions by providing three-dimensional maps of ozone and chlorine monoxide near the South Pole during development of the 1991 ozone hole.
  • UARS data provided conclusive evidence that chlorine in the atmosphere—originating from human-produced chlorofluorocarbons—is at the root of the ozone hole problem.

Impressive, indeed. So let us not focus solely on the hype surrounding its reentry tomorrow, but instead, focus on the accomplishments this man-made space scientist achieved during its career thousands of miles above us.

With lucky timing on our part, we covered the issue of space debris in our October issue. Within our Timeline column on the topic, we covered everything from the first warning of the dangers of space debris back in 1978, to the recent National Research Council report, saying the issue is at a “tipping point.” Check out the Risk Management site on October 1st to read the article its entirety.

 

Do you have insurance coverage for this type of event?

July/August Issue of Risk Management Now Online

Faithful readers: the June issue of Risk Management magazine is now online. The cover story focuses on how rating agencies gained so much power, helped tank the economy and figure into the future of risk management. Other features explore a possible turn in the property/casualty insurance market cycle and Risk Management‘s 7th annual captive domicile review.

Our columns explore topics such as:

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter“like” us on Facebook and join our LinkedIn group.

Music Festivals: Almost Uninsurable

Music festivals are a summer tradition. As winter melts away and temperatures rise, many music lovers begin planning their trips, whether it’s Coachella in California or Bonnaroo Music & Arts Festival in Tennessee, music festivals around the U.S. (and abroad) attract hundreds of thousands of people annually. But they also attract a frightening amount of risk.

Here are just a few of the more recent tragic events at music festivals:

  • At Bonnaroo this past June, a 24-year-old man died of hyperthermia, a condition that occurs when the body becomes too hot and can’t cool itself, and 32-year-old woman was found dead in her tent. The reason for her death was not released.
  • At Electric Daisy Festival, a weekend-long rave, one man died after ingesting drugs and running into traffic and another died of a suspected drug overdose at a area hospital. Approximately 30 were treated at hospitals in the Dallas area for drug, alcohol and heat related problems during and after the June 18 to 19 event.
  • At the West Virginia-based All Good Festival, which wrapped up just a few days ago, one woman was killed in the campgrounds after a pickup truck ran over her tent as she and two friends were sleeping.

And let’s not forget last year’s German music festival, The Love Parade, where 19 people were killed and 340 injured in a massive stampede. Apparently, concert organizers underestimated attendance by several hundred thousand.

So how are insurance companies prepared to handle the mammoth risk that music festivals present each year? Check out the June cover story of Risk Management for more on the topic.