A Harris Poll study found that millennials are more interested in life and property/casualty insurance companies than Generation X members or baby boomers are. The increased awareness is likely occurring as millennials are growing older and "have more to protect," said Joan Sinopoli of Harris Poll.
Etay Maor, IBM's executive security adviser, says that cybercrime isn't going anywhere and continues to grow and so the security industry needs to take a different approach to tackling cybersecurity challenges. A change in mentality to consider "when" and not "if" an attack will occur is necessary to address cybercrime, Maor says.
Premiums for silver-tier plans, the most popular plan tier sold on Affordable Care Act exchanges, are expected to rise an average of 18% for next year, while the number of US counties with a single insurer offering plans will grow to 41% from 33% in 2016, according to an Avalere analysis of 2018 rate requests in eight states. Uncertainty surrounding the ACA's future, cost-sharing reduction payments, risk mitigation programs and other factors played a role in the premium hikes, according to the analysis.
A Rhode Island bill that would implement a statewide camera system to detect and fine uninsured drivers has gained a House committee's approval but is meeting opposition from the insurance industry. Frank O'Brien of PCI said such a surveillance system would likely hinder a recent state law that focuses on catching uninsured drivers through measures such as policy-lapse reporting.
In the years since Colorado, Washington and Oregon began allowing marijuana sales for recreational use, auto collision claims rose 2.7% compared with neighboring states, according to a study by the Highway Loss Data Institute. A marijuana legalization advocate noted that the study compares more populous states with largely rural ones and said more research is necessary.
Tropical Storm Cindy made landfall in southwestern Louisiana this morning with its top sustained winds weakened to 40 mph, bringing a flash flooding threat to the Gulf Coast. One boy has died on an Alabama beach after being struck by a log carried by a large wave.
Arizona, California and Nevada have been facing temperatures approaching 120 degrees that are contributing to wildfires' intensity and have lead to heat-related injuries for two firefighters in California. A fire decimated structures in Arizona, and another destroyed vehicles and outbuildings in New Mexico.
A new South Carolina law does not place mopeds under the state's auto insurance requirement, but it does require auto policies issued or renewed on or after Nov. 19, 2018, to include uninsured and underinsured motorist coverage for moped-involved collisions. State regulators also have set a June 1, 2018, deadline for insurers' form, rate and rule filing changes made because of the new law.
California Gov. Jerry Brown is expected to sign a revised bill to create a state-administered IRA program for workers whose employers do not sponsor a retirement-savings plan. The updated bill excludes previous language stating the program must comply with an Obama-era safe harbor under the Employee Retirement Income Security Act, thereby reverting to the original 1975 safe harbor, under which employee enrollment must be "completely voluntary."
The Labor Department's fiduciary rule is creating uncertainty for independent and field marketing organizations' sales of variable and fixed annuities for the remainder of 2017, experts say. The best course for IMOs and FMOs might be to use the "transition" best-interest contract exemption through the end of the year, says Michael Kreps of Groom Law Group.