The death toll from the Camp Fire in Northern California has risen to 42, making it the deadliest fire in state history, with many of the deaths in the town of Paradise, where up to 90% of homes were destroyed. President Donald Trump has approved a "major disaster declaration" in the state, and combined with the Woolsey Fire in Southern California, which killed two, the fires have destroyed more than 7,000 structures and burned 325 square miles.
The divided Congress should not be an issue for passage of the National Flood Insurance Program because it is more of a regional issue, said PCI's Nat Wienecke, who said he wouldn't be surprised if marijuana legislation came out of the House. "PCI is particularly focused on getting an impairment standard for workplace and driving safety," Wienecke said.
Technology editor Suleman Din highlights eight digital tools he says could play an important role in the future of the financial advisory industry. These include voice devices, health and wellness tools, and virtual reality.
The IRS has published a notice of proposed rulemaking to amend 401(k) hardship-withdrawal rules. Among proposed changes are permitting hardship withdrawals under more scenarios and allowing plan sponsors to permit withdrawal of nonelective and matching contributions, as well as earnings on them.
Before the deadly fires erupted in California, insurance was seen as an issue as nearly half of the state is at an elevated risk for fires, and premiums are up for those in fire-risk areas. The increase in wildfires is caused by increased dryness and warmth that California Gov. Jerry Brown says "will continue for the next 10 to 15 to 20 years."
Millennials often are overlooked by advisors because of a lack of wealth, but they present a huge growth opportunity, writes Blaine Aikin of Fi360. Studies show that millennial business owners are likely to offer retirement benefits to employees and that millennials are more likely than earlier generations to focus on their retirement.
A Liberty Mutual Insurance study found that 43% of millennials are renters, but only 42% of them have renters insurance, and millennials are covering their technology and pets more so than other generations. The study also found that 31% of millennials think buying renters insurance is too difficult, while 33% say they never considered it.
Autonomous vehicles could be a new place for sex because of convenience and lack of a driver, according to a study from the Annals of Tourism Research, which looked at how advances in transportation could affect tourism. The paper also suggests they'll be hotels on wheels, upending the hotel industry, while also changing red-light districts by putting prostitution on the road.
Mass-shooting insurance for businesses can cover counseling, death- and victim-related expenses and even "loss of attraction" coverage, says Laura Zaroski of Arthur J. Gallagher & Co., but the question remains whether terrorism would be an exclusion in these policies. Marchelle Houston with The Travelers Cos. says another potential claim is kidnap and ransom, while lawsuits against employers are increasing in active-shooter cases.
Telematics is increasing in demand, especially in the global automotive industry, leading to expansive growth in insurance telematics, and three trends can be credited for the growth, says John Kramer with The Floow, North America. The trends include changes in the way consumers purchase insurance, changes in risk mitigation and assessment, and advances in telematic technology.
- Page 1