Zillow data show 3.6 million coastal homes in the Carolinas and Virginia have an overall value of $1 trillion, representing an increase of $150 million over the past five years and raising concerns as Hurricane Florence makes landfall. Also over the past five years, National Flood Insurance Program policies in force in North Carolina have decreased 3.6%, to 134,306, while such policies in South Carolina have declined 1.2%, to 204,342, government data show.
Climate and consumer groups involved in the Insure Our Future campaign are asking the insurance industry to stop investing in fossil fuel companies. "Too often climate activist groups take a narrow view that reflects a superficial understanding of the problem that our nation faces and the proper role for insurance," PCI's David Kodama said, adding that insurers' investments undergo scrutiny from regulators and rating firms.
A fire near Steamboat Springs, Colo., that began in mid-July has expanded beyond containment lines and forced the evacuation of campers and hunters amid hot, dry conditions. Meanwhile, the Humboldt-Toiyabe National Forest in Nevada has reopened after being closed for about a month because of a fire that burned 370 square miles.
A cease-and-desist order calls on the National Rifle Association to end its California sales of an insurance product covering legal costs stemming from injury or damage that results from the legal use of a gun. The California Department of Insurance says the NRA policy is unlicensed, while the NRA's legal counsel says the association relied on a broker to determine it was compliant with state rules.
A Deloitte Insights survey finds that nearly 25% of respondents are willing to buy life insurance online but that only 11% of respondents have done so. Meanwhile, 90% of respondents would do insurance research online and would manage accounts digitally, but many would want to follow up with a live agent during decision-making.
Forty-one states are requiring conservative pricing of long-term-care insurance, making large increases later less likely. The requirement makes the product more attractive to consumers and advisors, but many remain skeptical, experts say
The median household income in the US rose 1.8% last year, as more people found jobs and more part-timers moved to full time, the Census Bureau said. However, incomes are barely above where they were in 2007, and they are essentially the same as in 1999 when adjusted for inflation, the Census Bureau said.
Hurricane Florence is approaching the East Coast as a Category 2 storm that could generate storm surges as high as 13 feet and as much as 40 inches of rain in some places. Officials have urged evacuations of coastal areas, with North Carolina Gov. Roy Cooper saying that "you put your life at risk by staying."
Sales of indexed annuities increased 17% year over year in the second quarter, according to the LIMRA Secure Retirement Institute, while Morningstar data show sales of variable annuities rose less than 2%. "If you ask me, index-annuity sales are going to overcome variable-annuity sales soon," says Sheryl Moore, president and CEO of Moore Market Intelligence and Wink.
Advisors who shy from variable annuities should take another look at selling them, writes Milind Lele, president of Tangram Solutions. Tools have emerged to ease management of clients' variable-annuity portfolios, Lele writes, and doing so "helps generate additional revenues at very little additional cost."