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City’s risk manager says premiums eased after tough year; cyber remains major exposure
Summary
James Charlesworth told the committee the city saw a 15% insurance premium increase last year and a roughly 1.4% decrease this year after renewal; he credited competitive market shifts and local loss mitigation, and warned that cyber liability remains a significant ongoing concern.
James Charlesworth, president of Charlesworth Consulting, gave a brief risk‑management report to the committee, outlining the firm’s role as the city’s risk manager and several key metrics: the city’s premium baseline ("around 1.3, 1,400,000"), more than 700 consulting hours per year, 300+ incident reports reviewed and 133 claims handled. Charlesworth said the market presented challenges last year and the city experienced a 15% premium increase, then negotiated a renewal that produced about a 1.4% decrease this year.
Charlesworth emphasized cyber insurance as a major ongoing exposure, noting insurers are selective about public entities. "Cyber is a big challenge," he said, and later added, "the premiums are actually going down, and the reason they're going down is because you have to be so good to even get it." Committee members asked clarifying questions about the reported figures, and Charlesworth acknowledged a chart needed an April update; he offered to discuss limits and particulars outside the public meeting.
