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Budget Woes Mean Public Risk Managers Face Layoffs, Reduced Coverage

Public-entity risk managers around the country are being forced to deal with the ongoing—and often dire—effects of the financial crisis, which has led to job losses, pay cuts and cutbacks in coverage.

By Caroline McDonald | Updated on June 03, 2011

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.

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