Finicky COVID-19 vaccines raise the stakes of power outages

Link: https://www.theverge.com/science/2021/2/16/22285394/covid-vaccine-power-outage-freezer?mc_cid=cd30d3af2c&mc_eid=983bcf5922

Excerpt:

Winter storms paralyzing the United States have left millions without power and sent health officials scrambling to protect freezers full of COVID-19 vaccines, which have to be kept at extremely low temperatures or risk going bad.

Rolling blackouts through Texas took out at least one set of freezers full of the Moderna vaccine; 5,000 doses were sent to a university, a jail, and a handful of hospitals before they expired. The Oregon Health Authority is moving vaccines to places with power, although the agency isn’t disclosing which storage sites have their systems down. As part of its storm preparations, Kentucky made sure places holding COVID-19 vaccines had contingency plans.

Author(s): Nicole Wetsman

Publication Date: 16 February 2021

Publication Site: the Verge

Did your pipes burst during Texas’ winter storm? Here’s what to expect from insurance

Link: https://news.yahoo.com/did-pipes-burst-during-texas-220107004.html

Excerpt:

Chris Pilcic, a public affairs specialist for State Farm, said to first keep calm. Then, turn your water supply off and let all the remaining water in your pipes drain out

Next step, look over your damage, both to your property and your personal belongings. And then call your insurance agent.

“The average frozen pipe claim we paid in Texas last year was $10,300,” Pilcic said on Wednesday.

What comes out of your pocket will depend on your coverage and deductible.

Author(s): Nichole Manna

Publication Date: 17 February 2021

Publication Site: Yahoo News

Despite Starkly Different COVID-19 Policies, the U.S. and the U.K. Saw Similar Drops in Cases Around the Same Time

Excerpt:

Despite the stark difference in policy, both countries saw remarkably similar COVID-19 trends this winter. According to Worldometer’s numbers, the seven-day average of new cases peaked in the U.K. on January 9; it peaked in the U.S. two days later. That number then fell sharply in both countries. As of yesterday, it was down 81 percent in the U.K. and 73 percent in the U.S.

Daily deaths are also falling in both countries. As of yesterday, the seven-day average in the U.K. was down 61 percent from the peak on January 23. In the U.S., it was down 43 percent from the peak on January 26. Given the dramatic drop in daily new cases that began more than a month ago, daily deaths should continue to fall.

…..

The same story of starkly different policies and similar outcomes emerges from a comparison of Texas and California, the two most populous states. While California Gov. Gavin Newsom ordered a new lockdown on December 3, Texas Gov. Greg Abbott did not impose new restrictions, and the state remained largely open. Yet since mid-January, the two states have seen almost the same drop in the seven-day average of newly reported cases, which has fallen by 85 percent in California and 81 percent in Texas.

Author(s): JACOB SULLUM

Publication Date: 22 February 2021

Publication Site: Reason

U.S. insurers brace for hefty claims from Texas storm once thaw sets in

Link: https://www.reuters.com/article/usa-weather-texas-insurance/u-s-insurers-brace-for-hefty-claims-from-texas-storm-once-thaw-sets-in-idUSL1N2KO3AX

Excerpt:

U.S. property insurers are bracing for claims for damage from collapsing roofs, bursting pipes and lost business as Texas takes stock of its losses from a winter storm that has crippled its electrical grid.

Insurers’ losses could stretch into billions of dollars, said Moody’s analyst Jasper Cooper.

Insurers in Texas, the second-largest property insurance market among U.S. states, are used to grappling with historic storms, such as Hurricane Harvey in 2017.

But this winter storm is unique because of its grip across the state. It crippled the electric grid and left hundreds of thousands of homes without power for four days.

Author(s): Suzanne Barlyn

Publication Date: 18 February 2021

Publication Site: Reuters

Confessions of a Lapsed Allocator

Link: https://www.institutionalinvestor.com/article/b1lhkrw4kqnn5m/Confessions-of-a-Lapsed-Allocator

Excerpt:

Public pension investment professionals spend too much time and effort fighting to do their jobs. Internal bureaucracy probably took up 25 percent of the total work hours of my small team. 

And it’s not about being lazy or unwilling to work hard. Consider, for example, an in-demand fund that had been in process for some time and finally created capacity — but required one month for work to be finished up before closing. Every week needed for internal paperwork, presentations, and hoop-jumping, well, that meant one less week of actual due diligence and investment debate. Or maybe we would have just passed on the manager, which is also suboptimal as it’s often the best-performing managers that require the most flexible processes.

This is counterproductive. And that’s not just an opinion. Research shows that the impact of due diligence in alternatives is meaningful for returns. Spending more hours doing actual research before making a decision results in higher returns, and the effect is more pronounced the greater the dispersion of returns. The act of getting that decision approved shouldn’t consume so much of a limited staff’s time. 

Author(s): Christopher Schelling

Publication Date: 5 May 2020

Publication Site: Institutional Investor

Texas storm may cost insurers record first-quarter losses – A.M. Best

Link: https://www.reuters.com/article/us-usa-weather-texas-insurance-idUSKBN2AJ2IS

Excerpt:

 Insurers could suffer record first-quarter catastrophe losses after the historic Texas winter storm, which crippled the state’s electrical grid and caused extensive property damage including collapsed roofs and broken pipes, insurer credit rating agency A.M. Best said on Friday.

The storm occurred during a quarter that is typically the most benign for catastrophe losses, and could become the costliest winter weather event in Texas history, A.M. Best said in a report.

The Texas Department of Insurance plans to collect data from property insurers to assess costs stemming from the crippled electrical grid, roofing collapses, broken pipes and other problems, a spokesman said.

Author(s): Suzanne Barlyn

Publication Date: 19 February 2021

Publication Site: Reuters

To Plug a Pension Gap, This City Rented Its Streets. To Itself.

Link: https://www.nytimes.com/2021/02/16/business/dealbook/pension-borrowing-retirement.html

Graphic:

Excerpt:

That hasn’t deterred governments. Nationwide, cities and states issued $6.1 billion in pension obligation bonds in 2020, more than in any year since 2008, according to data compiled by Municipal Market Analytics, a research firm. States with significant new pension borrowings last year included Arizona, Florida, Illinois, Michigan and Texas. In California, cities borrowed more than $3.7 billion to squirrel away at various public pension funds, breaking the old state record of $3.5 billion, set in 1994.

It’s a major comeback for this type of debt, said Matt Fabian, a partner at Municipal Market Analytics who has been writing about the deals for years. “They’re borrowing money and basically putting it into the market and gambling,” he said.

Mr. Fabian said his firm’s tally almost certainly missed the borrowing by municipalities that took West Covina’s approach, because those bonds used different names. Flagstaff rented its City Hall, libraries and fire stations last year to back a pension deal marketed as “certificates of participation.” In January, Tucson did the same, leasing two police helicopters, a zoo conservation center, five golf courses and the bleachers at its rodeo grounds, among other things. And a Chicago suburb, Berwyn, used “conveyed tax securitization bonds” to help fund police pensions.

Author(s): Mary Williams Walsh

Publication Date: 16 February 2021

Publication Site: New York Times

Congressional COVID relief package could help Texas bolster pension funds for teachers, state workers

Link: https://www.dallasnews.com/news/politics/2021/02/08/congressional-covid-relief-package-could-help-texas-bolster-pension-funds-for-teachers-state-workers/

Excerpt:

 With President Joe Biden and a Democratic-controlled Congress moving ahead on a coronavirus relief package, Texas budget writers are beginning to look at how they might use federal funds for one-time “investments,” such as bolstering pension funds for retired teachers and state workers.

….

That’s only one way state coffers could be altered now that the federal government is led by Democrats. Unlike Republicans who controlled the U.S. Senate during former President Donald Trump’s administration, the Democrats and Biden want to send money to aid state and local governments. Of a $1.9 trillion package, some $350 billion would go to states and localities.

….

“Those investments may be made in our retirement funds or one-time plugs or capital investments,” Kolkhorst said. She referred to lawmakers’ ongoing efforts to make the Teacher Retirement System and the Employees Retirement System more actuarially sound, and to deteriorating buildings used as state offices and at state mental hospital campuses.

Author(s): Robert T. Garrett

Publication Date: 8 February 2021

Publication Site: Dallas Morning News

Mortality with Meep: Excess Mortality in California, Texas, and Florida by Race/Ethnicity

Link: https://marypatcampbell.substack.com/p/mortality-with-meep-excess-mortality-8e2

Excerpt:

For Hispanics, it’s two thirds, with most of it coming from California (23%), then Texas (21%), then Florida (10%). New York City accounts for 9%, and then the rest of New York state for 3%.

UPDATE: Checking out the Hispanic population by state, these percentages are a little in line with national distribution — California (26% of U.S. Hispanic population), Texas (19%), Florida (9%), New York (including NYC — 6%). The most disproportionate effect comes from New York City.

Graph:

Author: Mary Pat Campbell

Publication Date: 31 January 2021

Publication Site: STUMP