A House of Representatives proposal to extend for five more years and reform the National Flood Insurance Program would eliminate NFIP coverage of certain high-risk properties. Among other details, it also would require the Federal Emergency Management Agency to use risk-transfer methods.
Insurers are facing lawsuits from repair companies over windshield glass claims where the policy owner has assigned benefits to that repair company, and consumers are seeing rate hikes when this occurs. "If you're seen as a litigious consumer who's going to sue your company right out of the gate, then that's a risk for the company," explained PCI's Logan McFaddin.
The rise in ransomware attacks has led to the average cyberinsurance loss ratio rising by 16%, suggesting that underwriting is key to creating a positive or negative outcome.
Insider and third-party risks still pose the greatest threat to businesses and organizations, Sue Marquette Poremba writes. The 2017 Secure Access Threat Report says more action is needed to close these security gaps, including monitoring everyone with data access.
An Associated Press-NORC Center for Public Affairs Research poll found that 56% of Americans age 40 and over think Medicare should cover long-term-care costs for the elderly. The poll also found that 70% of people favor a publicly funded long-term-care insurance program.
About 700 NAIFA members from all 50 states descended on Washington, D.C., for the annual Congressional Conference to tell lawmakers how legislation and regulation are affecting their clients. Among the topics discussed were the Labor Department's fiduciary rule, tax reform and health care reform.
Three common client life insurance misconceptions that advisers must address are having other financial priorities, thinking it's too expensive and not knowing how much coverage is needed, writes Drew Niziak of Aflac. Addressing these concerns can clear up confusion and ensure clients have the right options, he writes.
An estimated 34.6 million people will be on the nation's roads this weekend as Memorial Day kicks off the summer travel season, the National Highway Traffic Safety Administration says. Two-thirds of drivers in a Michelin survey said they have a greater sense of safety about driving in the summer, but many respondents also said they are less likely to take extra driving precautions or check their tires' condition.
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