Recovery from the Great Recession has come largely from growth in the stock market, so much of the middle class has not benefited as much as wealthy peers. The net worth of the average middle-class family is $40,000 less than it was in 2007, according to the Federal Reserve.
Financial advisory firms would benefit from having a chief planning officer, writes Kevin Keller, CEO of the Certified Financial Planner Board of Standards. Planning chiefs "oversee the similarly complex planning needs of clients and the advisors who work with them," Keller writes.
Fitch Ratings said insured losses worth tens of billions of dollars could result from Hurricane Florence, but Moody's Investors Service said larger carriers likely "have the capacity to withstand" the storm while regional carriers face greater vulnerability. Losses from the storm could "increase significantly if the storm tracks through a major metropolitan area as [Hurricane] Harvey did in Houston," Fitch said.
The reinsurance market has excess capacity that is hindering rate increases, although that extra capital might ultimately go toward covering risks that aren't insured, insurance CEOs said at an industry event. "The premium the reinsurance business can allocate to support a given level of risk will fluctuate in sync with the overall capital market premium," said Lixin Zeng of AlphaCat Managers.
Tropical Storm Olivia hit Hawaii's Maui and Lanai islands Wednesday and has since grown weaker, although the state remains on alert for flash flooding. Rising river levels prompted evacuations of some Maui homes, while some roads have been flooded and others were closed because of fallen trees.
The Delta fire had burned 89 square miles as of Wednesday night and was 17% contained, and officials have ended truck restrictions on Interstate 5, a section of which experienced a multiple-day closure because of the fire. Meanwhile, a bulldozer operator was killed in a Tuesday morning collision while he was en route to help fight a fire at Tahoe National Forest.
Legislation that has reached California Gov. Jerry Brown's desk would mandate that cities and counties in areas of high seismic risk create lists of buildings most vulnerable to earthquakes. The measure would raise the issue of how to address buildings deemed to be at risk, and it does not allocate funding to develop the required inventory.
The National Weather Service said models put Hurricane Florence, a Category 4 storm, potentially on track to stall off the North Carolina coast on Thursday before heading toward South Carolina. The hurricane could bring rainfall totals of 20 inches or more to some places, forecasters said.
Risks emerging from the internet of things are creating many "new possibilities for insurable transactions, large and small," writes Alex Sun, president and CEO of Mitchell International. Autonomous vehicles present a key area of disruption, while greater use of monitoring and usage-based insurance mean that "[w]hat used to be only broadly insurable is now insurable as micro-transactions," Sun writes.
Performance feedback should fill an employee's need to know they're meeting expectations, are good at what they do and how to advance to the next skill level, writes Markus van Alphen. The best feedback is specific and replaces criticism with an emphasis on moving toward mastery of tasks, he writes.