Insurance
Top stories summarized by our editors
8/13/2018

Trustwave has released Social Mapper, an open-source tool that penetration testers can use to help boost training and countermeasures against phishing attacks. However, concerns have been raised about the tool's automated scraping of social media, which could violate policies on sites such as Facebook.

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Fast Company online
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Trustwave, Facebook
8/13/2018

The Financial Industry Regulatory Authority's suitability rule implies advisors must recommend financial products that are in their customers' best interests, while the Securities and Exchange Commission's proposed Regulation Best Interest explicitly establishes best interest as a "standard of care," said FINRA President and CEO Robert Cook. Cook also said that if the SEC rule is adopted, violators "could be subject to an enforcement action by FINRA and the SEC."

8/13/2018

Securities and Exchange Commission Chairman Jay Clayton said during a July roundtable discussion that the agency would consider producing a video series to help walk investors through the choice between a financial advisor and a broker. Clayton said the videos would contain information similar to that on Form CRS.

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Jay Clayton, SEC, Exchange Commission
8/13/2018

Wildfires, droughts and flooding were among the events that led to billions of dollars in estimated losses in July, Aon's Impact Forecasting unit said. Losses from California's Carr fire are expected to exceed $1 billion, while insured losses from storms that brought hail to the Rockies and Great Plains last week could surpass $100 million, Impact Forecasting said.

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Rockies
8/13/2018

A report from the National Council on Compensation Insurance finds that the frequency of workers' compensation claims decreased 17.6% from 2011 to 2016, while the frequency of on-the-job vehicular accidents rose 5%. NCCI notes that smartphones' share among cellphone ownership nearly doubled during the five-year period, and the report also says motor-vehicle accidents occurred in more than 40% of workers' compensation fatalities.

8/13/2018

The magnitude 6.4 earthquake that affected Alaska's North Slope on Sunday is the region's strongest on record, and state seismologist Mike West said the event likely will prompt a "re-evaluation of the seismic potential of that area." There have been reports of aftershocks but none of any damage.

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The Associated Press
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Mike West
8/13/2018

Lower temperatures, higher humidity and calmer wind are improving optimism among firefighters in California as they battle 11 major wildfires that have burned a total of more than 695,000 acres. Officials are preparing for weather that could heighten risk in September and October, when wildfires tend to be the most destructive in the state.

8/13/2018

Heavy rainfall led to localized flooding in the Northeast over the weekend, with people being rescued from cars in New York's Nassau County, a trolley derailing in Boston and cars being washed away at a New Jersey dealership. The Northeast will continue to see rain and flood risk early this week.

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Weather
8/13/2018

Chubb CEO Evan Greenberg says climate change and increased demand for coastal homes are contributing to a complex risk environment that is worsening as the government incentivizes such development. Giving private insurers an increased presence in the flood insurance market would help make rates more actuarially sound and allow the National Flood Insurance Program to focus on people who can't afford to relocate from risky areas, Greenberg says.

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Evan Greenberg, Chubb
8/10/2018

Two more increases in short-term interest rates are likely to emerge from the Federal Reserve in 2018, with one in September and another in December, a Wall Street Journal survey of economists finds. Federal Reserve Bank of Chicago President Charles Evans says economic growth could set the stage for one or two more increases this year, while Federal Reserve Bank of Richmond President Thomas Barkin says economic growth will determine the amount of any such increases.