As fossil fuel supplies are stretched thinner, risks similar to the British Petroleum oil spill will increase, according to a new report from Lloyd's and a U.K. think tank that urges businesses to rethink their approach to energy.

Nearly 44 percent of small firms are operating without a business continuity strategy in case of disaster.

Public entity risk managers are being subjected to drastic cuts which can compromise their effectiveness, requiring sharpened loss control techniques and communication with peers, industry experts said.

The Deepwater Horizon Drilling Platform explosion and subsequent oil spill in the Gulf of Mexico was not a risk management issue, an insurance executive said.

The Public Risk Management Association (PRIMA) announced Michael Pennacchio, a public risk manager in Nevada, as its 2010 Public Risk Manager of the Year.

Tight budgets and dwindling resources are impacting public risk managers in the United Kingdom similarly to their U.S. counterparts, the director of a U.K. public risk management organization said here.

Nearly 44 percent of small firms are operating without a business continuity strategy in case of disaster, and almost two-thirds have never even spoken to their insurance agents about contingency planning, a survey by Travelers revealed.

Nearly 44 percent of small firms are operating without a business continuity strategy in case of disaster, and almost two-thirds have never even spoken to their insurance agents about contingency planning, a survey by Travelers revealed.