Insurance
Top stories summarized by our editors
5/22/2017

The advisory industry is facing a shortage of labor, as the workforce ages and a large pool of talent is absorbed by firms offering hybrid services. By 2022, the shortfall is expected to hit 200,000, according to consulting firm Moss Adams.

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Moss Adams
5/22/2017

Insurers may have to rethink their approach to auto coverage, because the emergence of autonomous vehicles could cause a short-term rise in the number of accidents, said Robert Passmore of PCI. More than a dozen states have taken steps toward "some basic regulatory framework, for either testing or operations of autonomous vehicles on the roads," he said.

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Insurance Journal
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Robert Passmore
5/22/2017

Uber's autonomous-vehicle trial in Pittsburgh, the first city to allow such tests by the ride-sharing company, has led to criticism that Uber is sharing too little data from its testing and that it is charging for rides originally touted as free. Pittsburgh residents and officials also say Uber has not delivered on the number of jobs it said the testing program would generate.

5/22/2017

Warmer weather will quickly melt the snowpack in the Sierra Nevada, creating the potential for river flooding that could pose a risk for properties near two Nevada towns.

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Weather
5/22/2017

Storms in Indiana spawned at least three EF1 tornadoes that caused property damage during the weekend, the National Weather Service said. One tornado damaged a volunteer fire station, and flash flooding on Friday affected businesses and semitrailers in a southern Indiana city.

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The Associated Press
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National Weather Service
5/22/2017

Wildfire risk in Southern California is heightened because of hot, dry conditions. Crews have been battling fires in the Los Angeles area as well as San Diego County, where one community was under an evacuation warning Sunday.

5/22/2017

Some companies affected by cybercrime such as the recent WannaCry ransomware attack are considering whether their kidnap, ransom and extortion insurance policies will cover their losses. These older policies are aimed at guarding employees whose lives are in danger, so "our absolute preference is that people buy specific cover, rather than relying on insurance coverage that is not specific," said Patrick Gage of CNA Hardy.

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Reuters
5/22/2017

A South Carolina law taking effect in November 2018 will allow residents to obtain a special moped license if their regular driver's license is taken away. Including mopeds under the state's definition of "motor vehicle" will prevent the potential denial of insurance liability in crashes involving mopeds, and the law also will allow law-enforcement officers to arrest moped operators for drunken driving.

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Insurance Journal
5/22/2017

The timing of premium payments for guaranteed universal life insurance policies is important, writes Bill Boersma of OC Consulting Group. Payments made too late or too early can affect such policies' guarantee formulas, Boersma writes.

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WealthManagement
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life insurance policies
5/22/2017

Term life insurance can make a valuable fringe benefit for top management and other valuable employees, writes David Szeremet of Ohio National Financial Services. Such coverage tends to be affordable for an organization to provide, and it can be portable for the employee, Szeremet notes.