Homeowners need to check their insurance coverage to be certain they have the proper level of protection as hurricane season is underway, and they should consider flood insurance because flooding "can be one of the most devastating effects of hurricanes," PCI's Joe Woods writes. Congress, meanwhile, needs to "act now" to extend the National Flood Insurance Program past its July 31 expiration date "to ensure the NFIP is in place for those who need it, when they need it the most."
MGM Resorts International has sued victims of the October mass shooting in Las Vegas to ask that federal courts find the company not liable in the incident, in which a man killed 58 people and injured hundreds from a room in MGM Resorts' Mandalay Bay Resort and Casino. The company's lawsuit contends that MGM Resorts' neighboring concert venue, which was targeted in the shooting, had security measures that were certified by the Department of Homeland Security in accordance with a post-Sept. 11 law.
Reinsurance capital appears likely to take the brunt of Hurricane Irma's loss creep as insured losses have surpassed the $18 billion initial estimate by about 8%, while reserves are poised to decline because of increasing catastrophe losses, according to Keefe, Bruyette & Woods. The second quarter of 2018 seems to be "very manageable" with insured catastrophe losses estimated at about $9.1 billion, KBW analysts say.
The Northeast and Mid-Atlantic experienced severe thunderstorms on Tuesday, when flooding affected subway stations in New York City and Washington, D.C. Flooding from the storms also submerged part of a D.C. parkway, while the weather prompted flight delays in the Northeast and a funnel cloud was reported over the New York Harbor.
A fast-moving wildfire in Spokane County, Wash., prompted evacuation orders for about 770 homes on Tuesday, although the orders had ended for all but three homes by nighttime. Meanwhile, a wildfire in California had burned about 19 square miles and was only a few miles away from Yosemite National Park on Tuesday, and crews battling the fire have struggled with steep terrain as many areas are too dangerous to access, officials said.
Advantages of indexed universal life insurance include tax savings and liquidity, insurance agent John Hutchinson writes. Prime candidates include people concerned about market volatility and tax increases, people who need liquidity for a long time, and families or businesses that would be hurt by someone being out of work, Hutchinson writes.
The CFA Institute is adding sections on cryptocurrencies and blockchain to its exam for 2019. The organization said it decided to add the topics after surveys and focus groups showed increasing interest.
For people who neglected their savings during child-rearing years, "the transition into the empty nest is the key moment for retirement savings," says Michael Kitces of Pinnacle Advisory Group. He and other experts offer tips to help empty nesters play catch-up.
Voice-search is becoming increasingly popular in the insurance buying experience, creating a "major opportunity for agents and companies to leverage search and intelligent services" like voice assistants, writes Shane Closser with Yext. Insurers can prepare by organizing their data, making data readable and syndicating their data, according to Closser.
Rising sea levels and flooding from large storms could lead to problems with internet cables, with estimates showing more than 4,000 miles of internet infrastructure on US coastlines will be underwater by the early 2030s in the most severe sea-level rise projection model. Replacing copper wiring with cables that can be submerged and moving structures and power stations to higher elevations are among the ways to mitigate risks.
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