Insurance marketing expert John Graham says there are several common mistakes insurance agents make that limit their sales. Among them are failing to adequately educate the client, not asking enough questions, not offering enough choices and failing to identify cross-selling opportunities.
Michael Piwowar, outgoing Securities and Exchange Commission member, defended the SEC's best-interest standard at a conference in Washington, saying, "We think we got most of the important things right." He called the Labor Department's fiduciary rule "an unworkable, impossible set of standards for people to comply with."
Another lava flow from Hawaii's Kilauea volcano is likely to reach the ocean today and create more "laze," a type of haze that includes hydrochloric acid and glass particles. Video of the eruption shows blue flames created as burning vegetation yields methane.
A Congressional Budget Office analysis estimates that health insurance premiums in Affordable Care Act markets will increase an average of 15% next year as a result of the repeal of the ACA's individual mandate penalty, rising health care costs and the administration's decision to halt cost-sharing reduction payments to insurers. The number of uninsured people will increase by 3 million between 2018 and 2019, but ACA marketplaces are expected to be stable in most parts of the US over the next 10 years, according to the report.
A bill that would revise bank regulations has advanced to President Donald Trump's desk with provisions to expand transparency in international insurance negotiations, in which consensus positions would be mandatory among US negotiators. Nat Wienecke of PCI said the legislation "will reinforce the primacy of the state regulation of insurance and require that US federal representatives coordinate with state insurance regulators and speak with one voice in international forums."
Uber said on Wednesday that it plans to permanently stop its testing of autonomous vehicles in Arizona, where a pedestrian died in a March crash involving a self-driving Uber vehicle. The company expects to resume such testing in Pittsburgh, Toronto and San Francisco after a federal investigation into the Arizona incident is complete.
Net premiums written in the US property/casualty insurance sector were up 15.2% in the first quarter, according to A.M. Best. The quarter also brought year-over-year improvement in the combined ratio, which fell from 99.7 to 94.8, while net income rose to $17.40 billion compared with $7.40 billion a year earlier, A.M. Best said.
The Federal Trade Commission should look into Tesla's advertising and marketing regarding the safety and self-driving capabilities of its Autopilot system, two consumer advocacy groups say. "Tesla is the only automaker to market its Level 2 vehicles as 'self-driving,' and the name of its driver assistance suite of features, Autopilot, connotes full autonomy," the groups wrote in a letter to the FTC.
The Southeast experienced heavy rain from the Gulf of Mexico on Wednesday, when two bridges collapsed and roads were washed out in parts of Alabama. Meanwhile, forecasters say a disturbance in the western Caribbean has a 70% probability of becoming a subtropical system or the first tropical storm of the Atlantic hurricane season, which officially starts June 1.
Three to six hurricanes could affect the Central Pacific through November, says the National Oceanic and Atmospheric Administration's Central Pacific Hurricane Center. More storms could form if weak El Nino conditions are present, forecasters say.