Public-entity risk managers around the country are being forced to deal with the continuing—and often dire—effects of the financial crisis, which has led to job losses and cutbacks in coverage.
Federal funds helped cushion some of the blows temporarily, but "tough economic times have seriously curtailed tax revenues. Cities, counties and public schools are now faced with the prospect of deep expense cuts," says St. Louis, Mo.-based broker Scott Wightman, area executive vice president for Arthur J. Gallagher Risk Management Services.
"This means closing fire and EMS stations and making wholesale salary cuts or reductions in force," he says.
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