Insurance
Top stories summarized by our editors
8/22/2017

Ten US sailors are missing and five were injured after a collision involving the USS John S. McCain and an oil tanker east of Singapore. The Navy is conducting a review of its 7th fleet, which is based in the Pacific Ocean and had a fatal collision near Japan in June.

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The Associated Press
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Navy, John S. McCain, oil tanker
8/22/2017

Insurers want Florida lawmakers to clamp down on assignment of benefits in auto glass claims, as the number of repair companies suing as policyholders' assignees increased from 397 in 2006 to 19,695 last year. "Fraudsters often approach consumers in a friendly manner with offers of waiving deductibles, cash rebates, gift cards or even steak dinners," and they often file lawsuits without first informing the policyholders involved, said Logan McFaddin of PCI.

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Logan McFaddin
8/22/2017

The National Flood Insurance Program expires Sept. 30, and Congress will need to decide how a reauthorized NFIP would function, with some proposals that would give private insurers a larger role in the market. Insurance companies are better-equipped to address flood risk because catastrophe modeling has improved and because NFIP premiums have risen closer to what a private insurer might charge.

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Insurance Journal
8/22/2017

Thunderstorms that hit the Kansas City, Mo., metro area caused flash flooding, leading to road closures, power outages and rescues of several stranded motorists.

8/22/2017

A tropical disturbance that caused flooding in Puerto Rico is aiming toward South Florida, and the National Hurricane Center says the system has a 40% likelihood of becoming a tropical cyclone this week. Officials are reducing water levels in several South Florida canals to address the potential flood risk.

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Miami New Times
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National Hurricane Center
8/22/2017

The National Transportation Safety Board on Sept. 12 is scheduled to vote on the probable cause of a 2016 collision in which a man died while driving a Tesla Model S with Autopilot mode engaged. The NTSB has said that the driver had failed to keep his hands on the steering wheel even though he had received alerts to do so.

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Reuters
8/22/2017

A survey from the International Foundation of Employee Benefit Plans found that 31% of responding employers offered health coverage for same-sex partners in legal civil unions, compared with 51% in 2014. States that had recognized such civil unions stopped doing so after a 2015 US Supreme Court ruling legalized same-sex marriage, but not all couples in civil unions have married since.

8/22/2017

Sales of fixed-indexed annuities were down 13% in the first quarter after breaking a record in 2016, data from the LIMRA Secure Retirement Institute show. The Labor Department's fiduciary rule has led to concerns surrounding annuities, but issuers and distributors of fixed-indexed annuities say they have confidence that their sector will rebound.

8/22/2017

Some planners, as well as consumer and trade groups, are asking for more information on the Certified Financial Planner Board of Standards' proposed revisions regarding how conflicts of interest must be addressed. Under the proposed changes, CFPs would have to adhere to a fiduciary standard not just during the financial-planning process, but at any point when giving investment advice.

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CFPs, investment advice
8/22/2017

The growth of online sales and the aging of agents are among the factors leading insurers to look for new approaches to developing and acquiring leads, according to a report from the Aite Group. Technology companies are coming to the market with new products and services that help insurance companies develop, analyze and manage leads, the report said.