Severe convective storms and flooding in the US during March are estimated to have caused more than $1 billion of insured losses, according to an Aon report. Aon says a preliminary total of 122 tornadoes were confirmed in March, with the most severe damage occurring in Alabama, Georgia, Mississippi, Tennessee and Texas.
Derrik Anderson, executive director of Race Matters, pointed out the differences between racial equity and diversity efforts during NAIFA's Diversity, Equity and Inclusion Impact Week. Anderson said that "simply adding more color to an organization" does not promote racial equity and discussed how unconscious bias and microaggressions can harm relationships.
President Biden is urging Congress to pass sweeping changes to labor laws as part of his $2.3 trillion infrastructure proposal, which he is discussing with lawmakers this week.
The Protecting the Right to Organize Act, which was approved last month by the House, faces a high hurdle to passage in the Senate.
The coronavirus pandemic has presented a wide range of disruptions for risk managers and insurers' actuarial models, with some of the biggest impact on analytics coming from state presumption laws for workers' compensation, according to experts. The pandemic's effect on benchmarks varies based on type of business and workers' physical location, and exposures have shifted as business operations have changed, experts say.
An explosion that killed one person at the Yenkin-Majestic Paint plant in Columbus, Ohio, on Thursday is being investigated by the US Chemical Safety and Hazard Investigation Board. The explosion caused property damage exceeding $1 million, according to the Chemical Safety Board, while five people were hospitalized and four suffered nonserious injuries.
Severe weather including powerful wind, tornadoes and hail caused damage in Florida, Arkansas, Louisiana and Mississippi over the weekend. The storms are blamed for at least three deaths, one in Florida and two in Louisiana.
Regulations and licensing processes for legal marijuana businesses must be established by a currently vacant five-member state board before such businesses can open in New York. That could take 12 to 18 months to accomplish, considering the pace of such efforts in other states, an official says.
The National Insurance Producer Registry, which was created to improve the licensing process for insurance agents and brokers, is adding a service to help agencies and insurance brokerage firms update their contact information. The service already is available in Arizona, Nebraska, North Carolina, North Dakota and Rhode Island, and will be rolled out to other states in phases.
Another round of Build America Bonds as part of President Joe Biden's $2 trillion infrastructure plan would give life insurance companies an opportunity to further invest in underserved communities, Bruce Ferguson of the American Council of Life Insurers said during NAIFA's Diversity, Equity and Inclusion Impact Week. The best way to do that, Ferguson said, would be for insurers to "partner with foundations and community groups that have close ties to underserved communities."
Nebraska this week became the ninth state to adopt an annuity sales rule based on a model law created by the National Association of Insurance Commissioners. Similar regulation is being considered in other states including Alabama, Kentucky, Maine, Montana, Nevada, Texas and Virginia.
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