Industry News
Insurance
Top stories summarized by our editors
7/9/2020

Directors-and-officers liability premiums for cannabis companies are rising amid investor lawsuits alleging false claims and fraud by executives, according to experts. As a result, some firms' D&O policies are seeing increased retention levels and exclusionary language, said Katie Verry of CRC Insurance Services.

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Reuters
7/9/2020

Road trips over the Independence Day weekend declined 9% compared with the 2019 holiday, but the drop wasn't as sharp as the projected 11% decrease, according to travel research company Arrivalist. Friday was 2020's busiest day so far in terms of road trips, Arrivalist said.

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CNBC
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Arrivalist
7/9/2020

Personal-injury claims against OxyContin maker Purdue Pharma totaled about 39,000 as of July 2, an increase of more than twice the June 11 total. The deadline for filing such claims in the company's bankruptcy proceedings is July 30.

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Purdue Pharma
7/9/2020

Mid-2020 workers' compensation renewals faced challenges because of states' coronavirus-related compensability presumptions, along with falling premiums and low interest rates, executives said. Mark Moitoso of Lockton said the sector's double-digit pricing decreases are abating, and Steve Guijarro of S&P Global Ratings said rates could hold steady or see small increases during the next few quarters.

7/9/2020

Virginia Gov. Ralph Northam has signed legislation that prohibits handheld cellphone use while behind the wheel. Enforcement of the bill, which makes violations a primary offense, will start Jan. 1.

7/9/2020

A study conducted by NAIFA and other industry groups found that working remotely and not being able to meet with clients in person during the coronavirus pandemic has been challenging for financial advisors. However, NAIFA CEO Kevin Mayeux noted that "the silver lining in all this is we are seeing advisors adapting and leveraging digital platforms to stay engaged with their clients."

7/9/2020

A three-story Brooklyn health club collapsed on July 1, after inspectors had cited structural concerns when stopping construction work on the building three weeks earlier. Complaints submitted to the city over more than a decade said that the building's walls had been bulging and cracking.

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The Associated Press
7/8/2020

A coalition of cybersecurity advocates has mobilized to fight a Senate bill, the Lawful Access to Encrypted Data Act, which they say would open the door to hackers by weakening encryption. The bill would allow law enforcement agencies with a warrant to gain access to encrypted data to track criminal suspects -- a weakening of security practices the coalition says would make it much easier for cybercriminals and foreign actors to gain access to health, financial and government data.

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Senate
7/8/2020

About 43% of the coronavirus-related employment litigation in state and federal courts was filed during June, with such lawsuits totaling 283 as of June 30, according to the law firm Fisher Phillips. The overall total includes 41 lawsuits seeking class status, and employment discrimination and work-from-home/leave claims are the most prevalent kinds of claims, the law firm said.

7/8/2020

The opioid crisis in the US continues as the country's attention is on the coronavirus, with data showing increases in drug overdoses, and business leaders need to "remove the hurdle of stigma for those who might otherwise seek timely help" for opioid addiction, writes Christopher Swift, chairman and CEO of The Hartford. Businesses must foster a "companywide dialogue" on the issue, provide valuable resources for support and treatment, and call for public policies that address the problem, Swift writes.