The National Flood Insurance Program will lapse on July 31 if Congress fails to approve an extension, as bills to reauthorize the program through January have stalled and experts say a shorter renewal could be likely. The NFIP's solvency has been a source of concern, and the program's debt was $20.5 billion as of the first quarter.
Cybersecurity incidents in the first quarter of the year were up 32% from the same period last year, a Positive Technologies report states. The report also states that malware attacks were up 75% from last year, while data theft rose 13%.
Federal Reserve Chairman Jerome Powell said that with inflation close to a 2% target and with unemployment low, the central bank will probably keep gradually increasing interest rates. Powell told Congress raising rates too slowly could result in high inflation, while adjusting them too quickly could weaken the economy.
A group of former cybersecurity officials on Tuesday wrote a letter to Census Bureau Director Ron Jarmin and Commerce Secretary Wilbur Ross emphasizing the importance of securing 2020 census data. The letter pushes for the release of a cybersecurity plan surrounding the storage and collection of data.
Succession planning can be a challenge for a financial-planning firm that relies on a single lead advisor to approve most client-focused decisions, writes certified financial planner Carolyn McClanahan. An ensemble model, in which advisors are cross-trained, makes for a team clients can depend on, she suggests.
A survey by Personal Capital showed 40% of women have no retirement savings compared with 33% of men, even though a higher percentage of women said they believe a secure retirement occurs by sticking to a strict financial plan. Personal Capital's Michelle Brownstein said this disconnect could be behavioral, as women tend to prioritize family needs.
Homeowners need to check their insurance coverage to be certain they have the proper level of protection as hurricane season is underway, and they should consider flood insurance because flooding "can be one of the most devastating effects of hurricanes," PCI's Joe Woods writes. Congress, meanwhile, needs to "act now" to extend the National Flood Insurance Program past its July 31 expiration date "to ensure the NFIP is in place for those who need it, when they need it the most."
MGM Resorts International has sued victims of the October mass shooting in Las Vegas to ask that federal courts find the company not liable in the incident, in which a man killed 58 people and injured hundreds from a room in MGM Resorts' Mandalay Bay Resort and Casino. The company's lawsuit contends that MGM Resorts' neighboring concert venue, which was targeted in the shooting, had security measures that were certified by the Department of Homeland Security in accordance with a post-Sept. 11 law.
Reinsurance capital appears likely to take the brunt of Hurricane Irma's loss creep as insured losses have surpassed the $18 billion initial estimate by about 8%, while reserves are poised to decline because of increasing catastrophe losses, according to Keefe, Bruyette & Woods. The second quarter of 2018 seems to be "very manageable" with insured catastrophe losses estimated at about $9.1 billion, KBW analysts say.
The Northeast and Mid-Atlantic experienced severe thunderstorms on Tuesday, when flooding affected subway stations in New York City and Washington, D.C. Flooding from the storms also submerged part of a D.C. parkway, while the weather prompted flight delays in the Northeast and a funnel cloud was reported over the New York Harbor.