Insurers need to communicate regularly with state regulators about the ways the industry is using big data, and they can do so "in a confidential way" to protect proprietary information, Wisconsin Insurance Commissioner Ted Nickel said at an industry event. "We don't always know what's in your new black box of tools ... and how you better rate and better underwrite ... so that's a concern to us," said Nickel, who is also president of the National Association of Insurance Commissioners.
The number of properties with two loss claims to the National Flood Insurance Program has risen 67% in the past two decades, while the number with three claims has risen 56%, said Evan Hecht of The Flood Insurance Agency.
Recent Florida high court decisions are having significant effects on workers' compensation, and an "arising out of employment" or "course of employment" investigatory strategy could be beneficial to claims associates in the state, says Aaron Bergman of Everglades Claims Investigations. "The AOE/COE investigation is the most effective way to empower claims associates to answer the fundamental question of compensability accurately and promptly," Bergman writes.
One of two people in a van that rolled into a West Virginia stream Sunday has died amid flooding that has hit the state and Kentucky in recent days. Crews on Monday were still searching for the van's other occupant as well as a Kentucky man whose mobile home was caught up in moving floodwaters.
An EF2 tornado with 125-mph wind gusts struck part of Maryland's Kent Island this week, leaving some homes destroyed. Only about 10 tornadoes occur in Maryland in an average year, and most are classified as EF0 and cause relatively little damage.
Crews have returned 17 hikers to safety in Arizona after flash flooding left the group stranded last weekend, a little more than a week after another flash flood in the state killed nine people. Some of the hikers were airlifted to safety, and the final rescues occurred on Monday morning.
Investors who plan to make their health savings accounts part of their long-term planning need to consider how to manage those assets in retirement, writes Morningstar's Christine Benz. Among the factors to examine are whether to continue to let HSA assets grow, how to allocate assets and how to handle distributions, Benz writes.
The introduction of new actuarial guidelines in recent years has resulted in decreased illustrations of crediting-rate projections for indexed universal life policies, according to a Milliman survey. Rates among the companies surveyed were between 5.02% and 7.75% after the guidelines' implementation, compared with a range from 5.60% to 8.50% before implementation.
Senate Parliamentarian Elizabeth MacDonough says some parts of the Better Care Reconciliation Act violate the Byrd Rule and would require 60 votes to pass, instead of the simple majority Republican leaders are aiming for under reconciliation procedures, and appropriation of cost-sharing reduction payments and a lockout provision for lapsed coverage are among the problematic portions of the bill. GOP leaders announced last week that they plan to vote Tuesday on a procedural motion to kick off debate on health care legislation, but it remains unclear whether they have sufficient votes to advance debate, or which bill they will be voting on.
While the advent of robo-advice is much discussed, a new survey of about 2,200 US adults shows only 3% are using it as the sole means of managing their money, and there is still a significant preference for human advice, especially in older age groups. However, younger respondents said they would like to have the ability to review their investments and status and receive reports and information via mobile apps.
- Page 1