Industry News
Insurance
Top stories summarized by our editors
10/1/2020

Whether President Donald Trump is reelected or Joe Biden wins a first term could mean completely different outcomes on issues like taxes, financial industry regulation and the future of the Affordable Care Act. Diane Boyle, senior vice president of government relations for NAIFA, said a Trump second term will likely mean continued challenges to the ACA, as well as more free market positions, such as being able to get health care across state lines.

10/1/2020

A judge from the Eleventh Judicial Circuit Court has ruled lawyer Scot Strems has violated 14 Florida Bar rules. A ruling is due next week, and the Florida Bar has recommended disbarment.

10/1/2020

Underinsured homeowners looking to upgrade their spaces should consult with an insurer before making changes, says APCIA's Don Griffin. Homeowners should also conduct an annual inventory check, Griffin says.

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The Associated Press
10/1/2020

US Bankruptcy Court Judge Robert Drain said protections from lawsuits for the Sackler family, owners of opioid maker Purdue Pharma, will remain at least until March. The liability shield is needed to encourage negotiations with states for opioid-related settlements, Drain said.

10/1/2020

Upgrades for AM Best-rated US property/casualty carriers' Issuer Credit Ratings declined 5.1% through H1 2020, and one-quarter of upgrades resulted from affiliations or mergers. "AM Best maintains a stable market segment outlook on the personal lines segment of the P/C industry and the global reinsurance industry, and a negative outlook on the commercial lines segment, reflecting the macroeconomic fallout from COVID-19," the agency said.

10/1/2020

Companies seeking to improve diversity among their executive ranks have shifted their focus from recruitment to longer-term programs that emphasize retention and advancement. "The most important thing is commitment from the top," says Telisa Yancy, chief operating officer for APCIA member company American Family Insurance and the chair of the APCIA Board Working Group on Social Equity & Inclusion.

10/1/2020

The California Governor's Offices of Planning and Research and Emergency Services and Cal Fire have been directed to work alongside Insurance Commissioner Ricardo Lara to identify strategies to better contain wildfires. The dialogue could lead to solutions for residents in high-risk areas that face policy non-renewals and increased premiums.

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Reinsurance News
10/1/2020

A recent survey from Deloitte & Touche LLP and the Financial Services Information Sharing and Analysis Center indicates insurers will need to "prioritize, reinvest in, and perhaps even reorganize their cyber protection programs to maintain their ability to adapt as new exposures arise," write Sam Friedman and Nikhil Gokhale.

10/1/2020

President Donald Trump has signed a continuing resolution to avoid a government shutdown. The measure includes a one-year extension for the National Flood Insurance Program.

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Insurance Journal
9/30/2020

The coronavirus pandemic has highlighted the need for life insurance, and the easiest way for most people to get a policy is through their employer, writes Greg Poulakos of Anthem Blue Cross Blue Shield. Employers should choose policy options that go beyond the minimum and educate their employees on the benefits, he writes.