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Social Security Funds Will Last Until 2034: CBO

The program’s revenues would remain near 4.5% of GDP during that 75-year period, according to the report. After 2098, the gap between revenues and outlays as a percentage of GDP would widen, and shortfalls would continue to grow. Taken individually, the balance of the Old-Age and Survivors Insurance Trust Fund is expected to be exhausted in fiscal year 2033, and the balance of the Disability Insurance Trust Fund would be exhausted in 2064. More From the Report Social Security’s actuarial deficit over the next 75 years, a summary measure of the program’s sustainability, is equal to 1.5% of GDP or 4.3% of taxable payroll — i.e., total earnings subject to the Social Security payroll tax. Another dynamic highlighted in the report is the fact that average initial benefits are projected to increase over time in real terms — i.e., after adjustments to remove the effects of inflation. “For people born from the 1950s to the 1990s, those initial benefits replace more than one-third of pre-retirement earnings for retired workers and more than half of average recent earnings for disabled workers,” the report explains. Credit: Adobe Stock

Majority of Consumers Would Buy from Insurers that Actively Invest in New Technologies to Improve Claims Experience Following Severe Weather 0

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Majority of Consumers Would Buy from Insurers that Actively Invest in New Technologies to Improve Claims Experience Following Severe Weather

Insurity survey finds that consumers prioritize comprehensive coverage and technological capabilities over cost, and are willing to switch providers or pay higher premiums for better claims experiences during severe weather events Hartford, CT (Aug. 22, 2024) – Insurity, the leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has announced findings from its 2024 Severe Weather Consumer Pulse Survey, revealing deeper insights into consumer opinions on how severe weather events influence their insurance coverage decisions. Insurity’s survey uncovered a shift in consumer priorities, emphasizing that cost is no longer the greatest driver for policy selection. The survey highlights the value consumers place on the technology their insurance providers use to offer a better experience during severe weather events. Despite 48% of Americans expressing confidence that their current insurance adequately prepares them for the potential financial impacts of severe weather events, 36% of Americans would consider switching to an insurance provider that offers more comprehensive coverage for severe weather events, even if it means paying a higher premium. Moreover, 52% of respondents indicated they were more likely to buy a policy from an insurance provider that actively invests in new technology to improve the insurance claims process...

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Oklahoma Bulletin Addresses Upcoming Legislative Changes

Article 0 Comments Oklahoma Insurance Commissioner Glen Mulready addressed upcoming legislative changes in an Aug. 26 bulletin to insurers. The legislative changes, which go in effect on Nov. 1, include updates to contact information, due diligence search and delivery and storage of electronic documents. SB 542 36 O.S. § 109(C). Current Contact Information Required – All persons and organizations subject to the jurisdiction of the Commissioner shall keep any contact information deemed necessary by the Commissioner on file with the Insurance Department. Contact information shall be kept current and be submitted electronically in the manner and form prescribed by the Commissioner, along with any applicable fees. Any change in contact information shall be submitted within twenty (20) days of the change. Disclaimer: This legislative change does not supersede any other applicable provision of the insurance code. In the event of a conflict between the provisions of 36 O.S. §109(C) and any other section of the insurance code, the latter shall control. 36 O.S. § 607(E). Current Contact Information Required – Insurers under the jurisdiction of the Insurance Commissioner shall keep any contact information deemed necessary by the Commissioner on file with the Insurance Department. Contact information shall be kept current...

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Inszone Acquires Texas’ Keith Williams Insurance Agency

Article 0 Comments Inszone Insurance Services, a provider commercial, personal and benefits insurance, announced the acquisition of Keith Williams Insurance Agency, Inc. (KWI), a Victoria, Texas-based agency serving individuals and businesses throughout Texas. This strategic move underscores Inszone’s commitment to expanding its footprint in the Lone Star State, the company said. KWI offers business, home, auto, farm and ranch and life insurance. Topics Mergers & Acquisitions Texas Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Mergers? Get automatic alerts for this topic.

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Consumer Confidence Hits 6-Month High

“Consumers’ assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic,” Dana Peterson, chief economist at the Conference Board, said in a statement. “This likely reflects the recent increase in unemployment. Consumers were also a bit less positive about future income.” Some 32.8% of consumers said jobs were plentiful, the smallest share since March 2021 and the sixth straight decline. The share saying jobs were hard to get edged higher. The difference between these two — a metric closely followed by economists to gauge the job market — also fell to a more than three-year low. Image: Adobe Stock Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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BNY to Pay $5M Over Swaps Reporting

The reduced penalty reflects BNY’s self-reporting, the CFTC said. Last year, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. also settled cases with the CFTC over swaps reporting. “Accurate reporting is a core pillar of the regulatory regime for swaps, and every individual data field matters,” Ian McGinley, the director of the CFTC’s division of enforcement, said in a statement. “It is essential that swap dealers get this right.” Credit: Jeenah Moon/Bloomberg Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

PLATFORM Expands Reach Across Alberta & Western Canada with New Calgary Office 0

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PLATFORM Expands Reach Across Alberta & Western Canada with New Calgary Office

Toronto, ON (Aug. 5, 2024) – Platform Insurance Management Inc. (PLATFORM), a leading P&C insurance brokerage with a vertical focus on Construction, Infrastructure and Development, is excited to announce the opening of a new office in Calgary, Alberta. This expansion is a significant milestone in PLATFORM’s strategic growth plan, furthering their commitment to providing localized expertise and tailored solutions for clients nationwide. Overseeing PLATFORM’s operations across Alberta, will be led by Fraser de Walle, an industry veteran with a notable background in construction. Joining him are Stephanie Kuntz, Colin Hasick and Mitchell Taylor (based in Edmonton), who bring extensive experience and deep expertise in the construction risk sector from their previous roles. Their leadership and knowledge will ensure PLATFORM delivers the highest standards of service and innovation that their clients have come to expect. Industry specialists Deanna Walker and Barbara Murphy, also joining the team, will further solidify and expand PLATFORM’s reach in the province. With their strong reputations in the construction risk sector, they will serve clients across Alberta and Canada. Commitment to Localized Expertise The expansion into Alberta underscores PLATFORM’s dedication to offering personalized and locally-informed insurance solutions. The team will focus on serving the unique needs of...

Insurance experts provide guidance amid devastating wildfires 0

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Insurance experts provide guidance amid devastating wildfires

Toronto, ON (Aug. 5, 2023) – With nearly 200 active wildfires in Alberta, including a devastating fire in the Municipality of Jasper that forced thousands of people to evacuate, Insurance Bureau of Canada (IBC) has deployed its Virtual Community Assistance Mobile Pavilion (V-CAMP) to provide general insurance information to affected residents. IBC is in close contact with the provincial and federal governments and emergency management officials, as well as with municipal officials in the affected communities. This situation is changing extremely rapidly. “Unfortunately, the wildfire that has impacted the Municipality of Jasper was confirmed by Parks Canada to have caused structure loss. As the extent of the damage is being assessed, our thoughts continue to be with the impacted residents whose lives have been disrupted and whose property has been damaged,” said Rob de Pruis, National Director of Consumer and Industry Relations, IBC. “We applaud all the first responders who have been working tirelessly to protect lives and property. While recovery efforts continue, rest assured that anyone whose property or vehicle was damaged can contact their insurance representative when they are ready to start the claims process.” Insurers serve as “second responders” in the recovery period after catastrophe strikes. IBC’s...

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Louisiana Insurers Required to Submit Hurricane Season Data by Aug. 30 Deadline

Article 0 Comments Insurers in Louisiana have until Friday, Aug. 30 to compete a data call relating to property and casualty homeowners’ insurance policies and commercial lines property policies during the 2024 hurricane season. Louisiana Insurance Commissioner Tim Temple issued Directive 224 to all authorized property and casualty insurers and surplus lines insurers to collect information for policies in place for the months of June 1, 2024, through July 30, 2024. The directive asks insurers to complete the report through the Louisiana Department of Insurance’s Industry Access Portal, found here. According to the directive, the report shall include, but not be limited to, information for personal lines property policies and for commercial lines property policies and totals for each item specified, including premiums written for each property lines of business. The report shall include information for each parish, among them: Total number of policies in force. Total number of policies cancelled. Total number of policies nonrenewed. Number of policies cancelled due to hurricane risk. Number of policies nonrenewed due to hurricane risk. Number of new policies written. Insurers should refer to the LDI website for more information. Topics Catastrophe Natural Disasters Carriers Data Driven Louisiana Hurricane Was this article valuable?...

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Ex-Edelman Advisor Sues Over Non-Solicitation Rules

What You Need to Know The advisor alleges that company policies degraded his ability to serve clients. One provision bars him from contacting past, present and potential clients for two years post-employment. Felix Kwan also alleges that the firm breached his employment agreement. A recently resigned Edelman Financial Engines advisor has filed suit against the firm and related entities, challenging the non-solicitation provisions in his employee contract as unenforceable. The lawsuit, filed earlier in August in California Superior Court for Contra Costa County, also touches on shifts in custodial arrangements following Charles Schwab’s TD Ameritrade acquisition. Felix Kwan started working at Edelman as an associate director, financial planning, in April 2012, and entered into an employment agreement with a non-solicitation provision, according to the complaint, which seeks a jury trial. Barred from Soliciting Clients The provision, among other points, purportedly prohibits Kwan from initiating contact with past, current or potential clients to induce them to leave the firm for two years following the end of his employment, and from accepting business from clients during that period, the suit says. The employment contract’s non-solicitation provision is not enforceable under California laws banning non-compete and non-solicitation provisions, Kwan asserts.  “It is well...