Insurance
Top stories summarized by our editors
10/12/2018

The insurance industry should be able to offset Hurricane Michael and other catastrophe losses from 2018 with earnings, analysis from S&P Global reveals. Ratings among reinsurers likely won't see a negative impact related to Hurricane Michael, the report adds.

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Reinsurance News
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S&P Global
10/12/2018

Small and medium-sized insurance companies in Florida, backed by reinsurers, will have to cover most of the losses related to Hurricane Michael. About 80% of the homeowners insurance market in Florida is covered by companies other than the national carriers, says S&P Global.

10/12/2018

September's catastrophe losses were the costliest of 2018, highlighting the fact that natural disaster risk is on the rise while the market remains underinsured, according to Aon. Much of the losses from major events last month, including Hurricane Florence, were likely uninsured, the firm says.

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Reinsurance News
10/12/2018

The Lake Superior-related storm that hit Duluth, Minn., causing flooding, has shut down various parts of the Canal Park district as cleanup starts. Damage estimates are expected to be released next week.

10/12/2018

The National Highway Traffic Safety Administration has given approval for self-dimming headlights, which have been in use in Europe and Japan, to be used in the US. These lights "reduce the risk of crashes by increasing visibility without increasing glare," the agency said.

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NHTSA, NHTSA
10/12/2018

The National Association of Insurance Commissioners' Life Insurance Illustration Issues Working Group is close to agreement on proposed language for a policy overview to accompany life insurance sales. The group likely will hold another call to resolve remaining issues before an association meeting in mid-November.

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NAIC
10/12/2018

Hybrid policies that combine life insurance and long-term-care insurance are growing in popularity, writes Jamie Hopkins, a professor at The American College of Financial Services. He explains differences between two types of hybrid policies: linked-benefit products and accelerated death-benefit riders.

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Forbes
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Jamie Hopkins, American College
10/11/2018

Michael is now a tropical storm after nearing Category 5 status with top sustained winds of 155 mph when it made landfall on the Florida Panhandle on Wednesday. The storm is forecast to move northeast through parts of Georgia, the Carolinas and coastal Virginia with damaging winds and the threats of flooding and tornadoes.

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USA Today, Weather, AccuWeather
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Michael
10/11/2018

Businesses and other organizations can open themselves to a range of risks when forming partnerships with ride-sharing services to offer transportation to employees and customers, Katie Dwyer writes. She cites cyberrisk, workers' compensation, and sexual assault and bodily injury among the potential liabilities for risk managers to consider.

10/11/2018

Outstanding catastrophe bonds worth about $15.7 billion could have exposure to risk in Florida, Aon Securities said, although Michael's path through the Panhandle eased some tensions in the insurance sector ahead of landfall on Wednesday. "If you have a large category storm bearing down [near Miami], there's going to be a lot more exposure than if you have something that goes into a less populated or less dense part of the state," said Aon Securities CEO Paul Schultz.

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Aon Securities, Aon, Paul Schultz