Insurance
Top stories summarized by our editors
9/24/2018

Flooding caused by rainfall from former Hurricane Florence is reaching coastal areas of South Carolina, where as much as 10 feet of floodwater due to rising river levels this week could force the evacuations of as many as 8,000 people. In North Carolina, insurance agents are visiting hard-hit communities to assist residents in filing claims.

9/24/2018

An industry group has produced an action list for financial-advisory firms to increase the diversity of employees and clients. Among items on the list are defining diversity, having diversity in interview panels and communicating diversity efforts to employees.

9/24/2018

Benjamin Harris, who has served as chief economist to former Vice President Joe Biden, argues the income tax break for contributing to a 401(k) or an individual retirement account should be replaced with an upfront tax credit that is deposited directly into the account. The move would increase retirement savings for low- and middle-class families, Harris writes.

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Benjamin Harris, Joe Biden
9/24/2018

A man died in Washington, D.C., after the electric scooter he was riding collided with a sport utility vehicle, while another man riding an e-scooter died in Dallas earlier this month, and one Salt Lake City hospital reports a 161% jump in visits stemming from e-scooter use. Some local governments have prohibited riding the scooters on sidewalks to avoid pedestrian injuries.

9/24/2018

Florence, which hit the Southeast as a Category 1 hurricane, could generate economic losses between $38 billion and $50 billion, according to Moody's Analytics. A tally reaching the higher end of that range would make Florence the seventh-costliest storm on record in the US, Moody's data show.

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Moody
9/24/2018

Legislation signed by California Gov. Jerry Brown is meant to help Pacific Gas and Electric avoid bankruptcy by letting the company bill customers for its costs for future legal settlements related to 2017's wildfires. Opponents of the measure call it a bailout for the utility, and Jeff Cassella of Moody's Investors Service said the new law represents "extraordinary legislative intervention" but does not prevent inverse condemnation.

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The Associated Press
9/24/2018

A Florida state appeals court ruled recently that the language of a homeowners insurance policy may mandate that all insureds and mortgagees must consent to any assignment-of-benefits agreement. "The ruling could be a turning point in stemming abuse of AOBs that is leading to increased homeowner insurance rates statewide," lawyer Andrew Marcus writes.

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Insurance Journal
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Andrew Marcus
9/24/2018

Insurers in Connecticut are pursuing a 16.8% average reduction in a key workers' compensation rate next year, which would be the fifth consecutive year that premiums have decreased in the state. Underwriters, meanwhile, are requesting a 19.7% average cut to a state insurance pool for high-risk businesses, which would come after a 12.6% average cut last year.

9/24/2018

CEOs of insurers, along with industry groups, say in a letter to House leaders a retirement bill that is part of tax legislation should be amended to encourage use of annuities by employer-sponsored retirement plans. "While the Family Savings Act takes steps to address the need for Americans to increase their retirement savings, we believe Congress can do more to boost Americans' retirement security through greater access to products that provide guaranteed lifetime income in retirement," according to the letter.

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House, Congress
9/21/2018

The National Highway Traffic Safety Administration gave Tesla's Model 3 sedan five-star ratings in overall safety and all other testing categories -- front impact, side impact and rollover. The company's Model S and Model X vehicles also received five-star ratings in all NHTSA categories.

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NHTSA, Tesla