Insurance
Top stories summarized by our editors
2/22/2018

A Federal Reserve insurance regulation duplicating state oversight for insurers that meet sufficient capital standards would be curtailed in a bill filed by Reps. Keith Rothfus, R-Pa., and Joyce Beatty, D-Ohio. "The Fed should be focused on the safety and soundness of banks and savings and loan institutions, not well-functioning state regulated insurers," PCI's Nat Wienecke said.

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PCI, Joyce Beatty, Fed, Nat Wienecke
2/22/2018

A measure advanced by an Idaho Senate committee would prohibit people from talking on handheld cellphones while driving, as 15 other states currently do. The bill also would end a 2011 ban on texting while driving, which one lawmaker says has been too difficult to enforce.

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Bill, Idaho Senate
2/22/2018

The Insurance Institute for Highway Safety awarded the 2017 models of the Cadillac XT5 and Subaru Outback with "superior" ratings in its first "backing crash" study. Rear braking systems and other safety features for driving in reverse can help lessen collision claims, data show.

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Detroit Free Press
2/22/2018

A report from Marsh says multinational businesses still see political risk as a key concern, with tension persisting over North Korea, Brexit and trade protectionism. "Social instability, adverse government actions and terrorist threats are among the most common political risks that multinational organizations now face when trading or investing in foreign countries," Evan Freely of Marsh says.

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Marsh, Brexit
2/22/2018

Crews responded via boats and an armored vehicle to help 19 people evacuate in Elkhart, Ind., which is experiencing its most severe flooding in 45 years because of heavy snow and rainfall. Flooding also is affecting homes and prompting evacuations elsewhere in northern Indiana and the Midwest.

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The Associated Press
2/22/2018

More than 20 years of low interest rates is spurring some insurance companies to begin raising rates on nonguaranteed life insurance policies, and their previous inaction puts policies at risk of having a shortened duration, writes Henry Montag of The TOLI Center East. Advisors and agents need to encourage amateur and professional trustees to ensure trust-owned life insurance policies are funded sufficiently, Montag writes.

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WealthManagement
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Henry Montag, TOLI Center East
2/22/2018

S&P Global Ratings is monitoring the market for bonds issued by highly rated corporations for how those bond yields will affect companies providing annuities and life insurance. An interest-rate jump of at least 3 percentage points could prompt investors to move funds from annuities and life insurance to higher-paying bonds, S&P said.

2/22/2018

The Center for American Progress, a liberal policy organization, has proposed making all citizens and lawful residents of the US eligible for Medicare coverage. The plan, called Medicare Extra for All, would be voluntary for individuals and employers, and premiums would be based on income.

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The Associated Press
2/22/2018

Contractors working on multifamily projects this year are likely to face costs 4% to 5% higher than they did in 2017, says Ken Simonson, chief economist with the Associated General Contractors of America. Strained relationships with trading partners have led to increased prices for building materials such as steel and lumber, and labor costs are also on the rise, experts say.

2/22/2018

Some investors are rethinking their commercial real estate investments in places natural disasters pose an increasingly costly threat, but others are maintaining profitable CRE investments despite the rising risk. Meanwhile, commercial insurance and reinsurance rates are poised to rise, and Aon Benfield data show increasing economic and insured losses worldwide in recent years.

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Bisnow
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Aon Benfield