Josh Kraushaar, political editor for the National Journal, told NAIFA members at the group's Congressional Conference: "The fact that we're so polarized politically means our policy is polarized, too." He predicted Republicans will gain seats in the Senate during this year's midterm elections and that Democrats will gain control of the House.
NAIFA members voted Tuesday at the Congressional Conference to amend the group's bylaws to allow its 52 state associations to direct more resources to the 550 local associations. The change is expected to strengthen local associations, NAIFA CEO Kevin Mayeux said.
Capital markets have an increasingly significant presence in reinsurance, in large part because of the growth of insurance-linked securities, Aon Benfield says. The increase in alternative capital has forced traditional reinsurers to become more efficient as competition has expanded, Artemis notes.
The National Transportation Safety Board, after reviewing two deadly crashes involving school buses in 2016, has recommended that new school buses feature lap and shoulder seat belts, electronic stability control and automatic emergency braking. NTSB chairman Robert Sumwalt said on Tuesday that "in both crashes, we saw poor driver oversight, both by the school districts and by the contracted motor carriers that provided student transportation services."
Wells that reach down as far as 8,000 feet at the Puna Geothermal Venture plant on Hawaii's Big Island are being capped and plugged as lava from the Kilauea volcano poses a risk. Lava flows have destroyed dozens of homes and about 50 structures overall.
Warren Buffett, speaking at Berkshire Hathaway's recent annual shareholder meeting, questioned the ability of insurers to calculate cyberattack probabilities. This part of the industry is still "uncharted territory," Buffett said, noting that Berkshire will write only enough cybersecurity policies to be competitive.
Tennessee Gov. Bill Haslam on Monday signed a bill providing an exemption for policy and rate form filing for large commercial customers, while similar legislation has been enacted in Maryland and Virginia this year and has reached the governors' desks in Missouri and New Hampshire. "There has been significant legislative and regulatory progress across the country this year to streamline regulatory barriers and enhance competition in commercial lines insurance markets," said Hilary Segura of PCI.
A recall is in effect for 51,000 2018 Jeep Cherokees because of fuel-supply tubes at risk of leaking and causing a fire. Fiat Chrysler Automobiles said it knows of no injuries or accidents related to the issue.
Severe thunderstorms that moved through northern Colorado on Tuesday dumped heavy rain and hail, causing streets to flood. Some of the worst flooding resulting from the storm affected vehicles near Colorado State University.
A federal appeals court panel on Tuesday upheld a lower court's decision to dismiss a lawsuit seeking the acceleration of residential drainage projects in Houston and the restriction of commercial building that could worsen flood risks. A group called Residents Against Flooding filed the lawsuit two years ago.