Insurance
Top stories summarized by our editors
7/22/2019

Statements from Federal Reserve Chairman Jerome Powell and Federal Reserve Bank of St. Louis President James Bullard suggest a quarter-point interest-rate decrease will occur this month. Bullard has emphasized the move should be seen as recalibration, rather than the first in a series of cuts.

7/22/2019

Florida has addressed the growing issue of assignment-of-benefits abuse through legislation passed this year that requires greater disclosure about "what the assignment actually means," APCIA's Logan McFaddin said. "Many of the consumers were signing over their benefits without really knowing what they were signing and entering into long legal battles," she said.

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Florida Record
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Logan McFaddin, APCIA
7/22/2019

A.M. Best said insurers are likely to face a rise in liability insurance claims related to child sexual abuse as state laws including New York's Child Victims Act are taking effect this year. Insurance companies that cover religious institutions, schools or municipal entities should add to their reserves to cover such claims, which could involve policies that are decades old and settlement amounts that are difficult to estimate, the rating firm said.

7/22/2019

Car crashes that occurred in the US since 2000 have killed more than 624,000 people and injured more than 30 million, with such fatalities surpassing the 535,000 US military deaths in World War I and World War II, government data show. About 213,000 of the fatal crashes since 2000 involved drivers whose blood-alcohol content exceeded the legal limit.

7/22/2019

Thunderstorms that struck the Midwest over the weekend brought flooding and damaging wind to parts of Wisconsin, South Dakota, Iowa, Minnesota, Michigan and Ohio. A line of storms generated wind gusts that surpassed 60 mph in some places, which "meets the definition of a derecho," said AccuWeather senior meteorologist Kristina Pydynowski.

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AccuWeather
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AccuWeather
7/22/2019

Ohio's Cuyahoga and Summit counties will make arguments on behalf of about 2,000 other plaintiffs, including other local governments, in a consolidated opioid case set for trial in October. The two counties' lawsuit claims that major drug manufacturers and distributors failed to act regarding the opioid crisis, resulting in a public nuisance.

7/22/2019

Providing great service is important for insurance brokers to enhance client relationships and build their business, and there are four key ways to stand out as a service provider, according to Alex Moral, senior vice president of Trustmark Voluntary Benefits. They include nurturing personal connections with clients, being responsive and listening with intent, Moral writes.

7/19/2019

The financial advisory industry is "already playing catch-up" with clients because of its lack of personalization, according to a report from the Money Management Institute. "Modern consumers have come to expect personalized experiences tailored to their needs, preferences and financial objectives," the report says.

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Money Management Institute
7/19/2019

San Francisco and other California municipalities are calling to amend the state's new wildfire fund law, which requires regulatory approval for municipal purchases of utility assets from Pacific Gas and Electric. "Cities should have the flexibility to create their own municipal utilities, and we shouldn't stop them if that's what a community wants to do," state Sen. Scott Wiener said.

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Sen. Scott Wiener, Pacific Gas
7/19/2019

Drug distributor Miami-Luken, two of its former executives and two pharmacists are facing federal charges in a case related to the opioid crisis. The company failed to prevent the illegal use of hydrocodone and other drugs it distributed in five states, prosecutors said.

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Reuters
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hydrocodone