Jonathan Reiner of RT Specialty suggests that insurance agents work with wholesale brokers who have knowledge about cryptocurrency and blockchain coverage before writing policies. "I would caution the retail brokers that are targeting that business to make sure they know the landscape before they go after it," Reiner says.
AAA estimates approximately 54.3 million Americans -- 48.5 million of them driving -- plan to travel more than 50 miles for the Thanksgiving holiday, the highest amount since 2005, and PCI reminds drivers to be conscious of distractions. "Eliminating distractions, focusing on the road, as well as staying alert to driving conditions and other cars, truly can prevent crashes," said Bob Passmore of PCI.
Pacific Gas & Electric's liabilities related to the Camp Fire in California may reach $15 billion. The company's stocks declined amid speculation that its equipment was responsible for the deadly wildfire, and Michael Picker of the California Public Utilities Commission said he did not believe PG&E would go bankrupt following the fires.
Autonomous vehicle testing is running into roadblocks in New York City, Chicago and Pittsburgh, as local authorities grapple with creating regulations while efforts to develop nationwide guidelines remain unfinished in the Senate. "Once we've demonstrated a track record for safety and a highly differentiated product with consumer acceptance, we believe local officials will see the benefit," said GM President Dan Ammann.
South Carolina began requiring mopeds to be registered on Monday and drivers must carry a moped license or driver's license. The new law closes a loophole that allowed drivers who have had their driver's licenses revoked because of DUIs to continue using mopeds for transportation.
Losses caused by the recent California wildfires can be absorbed by reinsurers, but factors including regulatory constraints on rate increases and rising costs may lead some insurers to rethink how much coverage is written in California, according to S&P Global Ratings. "[W]eather-related events and catastrophes are a bit sobering for the insurance industry as they underscore the challenges for modeling and covering these risks," said Stephen Guijarro of S&P.
GM's autonomous vehicle company, Cruise, is expanding to Seattle, where it plans to hire 100 to 200 engineers by the end of 2019. GM Cruise does not plan to test autonomous vehicles in Seattle at this time.
An investigation into the cause of the Camp Fire and Woolsey wildfires in California is underway, and investigators include utility malfunctions as potential factors. Meanwhile, smoke from the fires has caused the Environmental Protection Agency to issue unhealthy air quality alerts from Bakersfield to Chico.
California state Sen. Ricardo Lara, D-Bell Gardens, won the state insurance commissioner race, defeating Republican-turned-independent Steve Poizner. Lara has been a supporter of state-run health insurance.
Sens. John Kennedy, R-La., and Robert Menendez, D-N.J., introduced a bill to reauthorize the National Flood Insurance Program, which is scheduled to expire on Nov. 30, for six more months. Congress may choose instead to continue the NFIP as part of renewed government funding that has to be completed by Dec. 7, but doing so could potentially lead to a lapse in the program, during which new policies could not be sold.
- Page 1