Amtrak might put service on hold where tracks lack positive train control by year-end, President and CEO Richard Anderson told a House subcommittee. Dec. 31 is the last day of a deadline extension lawmakers approved in 2015 for installing the systems to help prevent train crashes, but some railroads are seeking a delay of two more years.
House Energy and Commerce Committee Chairman Greg Walden, R-Ore., met with Sens. Lamar Alexander, R-Tenn., and Susan Collins, R-Maine, to discuss how they can reconcile House and Senate measures designed to stabilize Affordable Care Act markets. Alexander said he hopes the ACA fix measures will be included in the upcoming omnibus spending bill due next month.
A Willis Towers Watson report says catastrophe-exposed commercial properties with losses are likely to experience insurance rate increases of 20% to 25%, while other catastrophe-exposed properties will face increases of 10% to 15%. Noncatastrophe-exposed properties could see rates hold steady or rise as much as 5%.
The "needle is moving" toward fully autonomous vehicles, and insurers' underwriting must address the risks arising from the vehicles' complexity and from shifts in liability for collisions, attorney Jesse Krompier says. "Going 'all in' with telematics will allow insurers to maintain and even increase market share by developing tailor-made policies, and boost profits by underwriting an increasing variety of insurable risks," he writes.
Flood warnings were in effect Thursday night as storms hit western Pennsylvania with flash floods and damaging wind. The National Weather Service plans to assess damage in Uniontown, where a possible tornado was reported.
A bill that has reached California Gov. Jerry Brown's desk would heighten inspection standards for dams, with those designated as high hazards subject to yearly inspections. The legislation is nearing approval one year after spillway damage to the Oroville Dam prompted evacuations amid fears of catastrophic flooding.
The New York City Housing Authority has used only about 24% of $3 billion in Federal Emergency Management Agency grant money for repairing damage from Superstorm Sandy, which hit the city in 2012. The Housing Authority's Joy Sinderbrand said repairs are "being done in a thoughtful and deliberate manner" so structures can weather a powerful storm.
Just 19% of executives in a survey by Marsh and Microsoft reported high confidence in their organizations' ability to respond effectively to a cyberattack, while only 30% said their organizations have a response plan for such incidents. That stands in contrast with two-thirds of respondents viewing cybersecurity as a risk-management priority.
A survey by Schwab Stock Plan Services finds that 80% of employees participating in an equity compensation plan said advisors' help would give them more confidence in their decisions regarding the plan. Nearly half of respondents said they are worried about committing an error when making such decisions.
Retirement investors need to determine their risk tolerance, and a straightforward test of that is to have clients ask themselves how much they could stand to lose in a market downturn, experts say. However, a 2017 FinMason survey showed that only 1 in 4 clients had received advisor input on how severe their losses could be in a crash.
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