President Donald Trump has signed a continuing resolution to fund the federal government until Dec. 20 and renew the National Flood Insurance Program until the same date. The measure gained the president's signature on Thursday, shortly before the deadline for a shutdown and the NFIP's expiration.
A bill that would extend the Terrorism Risk Insurance Act for seven years has passed the Senate banking committee. "Broad bipartisan support" in the House and the Senate committee "sends a clear message of the critical role TRIA plays in stabilizing the economy and the overwhelming call to get it done this year," said Nat Wienecke of the American Property Casualty Insurance Association.
Florida updated its building code three years ago to mandate that any new construction in coastal areas be elevated by one foot, but a Florida International University study recommends an additional foot of elevation amid the risk of sea-level rise. Other recommendations from the study include adopting a region-specific curve that governs coastal development, with revisions to the curve every five years.
The National Oceanic and Atmospheric Administration said it will provide $30 million in grants for improving the resiliency of coastal areas against storms and flooding. The money will be used for such projects as rebuilding marsh and wetlands in the New Orleans area.
Authorities in California have become more proactive in warning residents about wildfires after the widespread destruction of deadly fires in the past few years, but no uniform statewide standard for evacuations is in place. "If you have a plan and are unable to communicate to the population at risk in real time, you don't really have a plan, you have an interesting piece of paper on the shelf," said Dave Winnacker, chief of Contra Costa County's Moraga-Orinda Fire District.
Southern California Edison has reached a $360 million settlement with 23 public entities that have filed lawsuits against the utility because of wildfires and mudslides over the past two years. "This is the most comprehensive settlement for public entities in a wildfire case in California, probably ever," said John Fiske, an attorney representing public agencies in the case.
Around the world, personal borrowing is on the rise. Nearly half of workers in the US carry credit card debt they can't pay off each month. The link between amounts owed and their impact on a country's society and financial health is well known. Yet the shock waves of excessive borrowing are being felt in another crucial part of the broader economy: the workplace. Learn more in Aon's DC and Financial Wellbeing Global Employee Survey.
About Aon: Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions.
Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce
volatility and improve performance.
About Aon National Property
Aon’s National Property Practice is a collaborative team of 100 professional property brokers who combine their considerable
experience and expertise to place difficult and demanding risks. In addition to experience with every class of business and
every kind of loss record, Aon’s property brokerage team has significant expertise working with the risk and challenges of
natural catastrophic exposures, business interruption, terrorism and crisis management, risk control and claims advocacy.