BMW plans to expand its driverless testing fleet to about 80 vehicles -- twice its current size -- in 2018, even after the death of a pedestrian struck by an Uber self-driving vehicle. "Our estimation about autonomous driving technology remains unchanged even though this appears to be an extremely regrettable accident," BMW's Klaus Froehlich said.
Seven South Florida school districts have purchased policies from an insurer for $3 million in active-shooter coverage since a mid-February shooting left 17 people dead. The coverage provides up to $250,000 per shooting victim, while policies under development could also include coverage of construction expenses for buildings that are demolished after shootings.
Heightened merger-and-acquisition activity is likely within the insurance industry this year, an EY report says. "Deal activity in 2017 contained signs of the M&A trends that we expect to see accelerate as more insurers seek to transform, using business acquisitions or disposals as elements of that transformation," EY says.
The fourth nor'easter to hit the East Coast in three weeks dumped more than a foot of snow in some areas of Pennsylvania, about 8 inches in New York City's Central Park and 7 inches in downtown Philadelphia. The snowfall put New York City's total above 30 inches for a fifth consecutive season for the first time since the 1880s, CNN's Harry Enten writes.
Rainfall totals in five California locations broke records on Wednesday as an atmospheric river reached the central coast and then headed north and south. About 1.8 inches of rain had accumulated by late Wednesday in Oxnard, surpassing the previous record of 1.3 inches in 1937, while part of San Luis Obispo County tallied nearly 5 inches.
Jessica Altman on Tuesday gained unanimous confirmation from the Pennsylvania Senate to lead the state's Insurance Department. Altman has been acting insurance commissioner since August and previously served as the department's chief of staff, and she is vice chair of the National Association of Insurance Commissioners' health care committee.
Sales of indexed universal life insurance rose 7.6% in the fourth quarter of 2017 compared with the fourth quarter of 2016, and they were up 6% for the year, according to Wink's Sales & Market Report. A number of companies are expected to enter the IUL market this year, which is not surprising given the recent strength, writes Cyril Tuohy.
NAIFA announced plans at the Intercompany Long-Term Care Insurance Conference for its own online long-term-care education program for insurance agents and financial advisors. The NAIFA Center for Excellence in Long Term Care will offer articles, videos, webinars and infographics on long-term-care insurance and other topics, including life insurance and annuities.
As financial advice is commoditized and scaled, some experts say retailers such as Costco Wholesale, Target, Walmart or Amazon may enter the market. Others say the regulatory burdens are too high for retail stores, but they do expect technology companies to enter the field.
A survey of financial-planning and economics students at Texas Tech University shows 38% say the top reason they want to enter the industry is to help people, compared with 30% who cite available salaries as their main driver. Forty percent of respondents say they are concerned the industry is often perceived negatively.
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