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The Top 12 Industry Challenges in Solar Industry Risk Management 0

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The Top 12 Industry Challenges in Solar Industry Risk Management

2023 Solar Risk Assessment Report highlights the need for robust strategies to ensure solar asset resilience, especially in extreme weather conditions Realizing the full benefits of the Inflation Reduction Act will require dedicated efforts from stakeholders San Francisco, CA (June 20, 2023) – kWh Analytics, the market leader in Climate Insurance, is pleased to announce the release of its 5th annual Solar Risk Assessment, a comprehensive report designed to provide an objective and data-driven evaluation of solar risk. Report contributors included leaders in the solar energy industry, such as NREL, EnergySage, RETC, Envision Digital, BloombergNEF, Clean Power Research, Raptor Maps, PVEL, ICF, and Wood Mackenzie. While the Inflation Reduction Act, a freeze of potential tariffs, and more robust supply chains have helped the market grow, more frequent weather events and a lack of skilled labor still present challenges as the solar industry grows to meet the decarbonization targets. The 2023 report offers detailed research on top risks including extreme weather, financial modeling, and operational risks to help the industry organizations overcome market hurdles and expand lines of business. Top 12 risk issues include: Extreme Weather Risk Proactive hail stow program can reduce property insurance premiums. Modules made with tempered glass...

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Russia Is Likely to Quit Black Sea Grain Deal in July: Ukraine Envoy

Article 0 Comments Russia is 99.9% certain to quit a U.N.-brokered deal on the safe wartime passage of Black Sea grain next month because it no longer needs Ukrainian ports to export ammonia, a senior Ukrainian diplomat said. The United Nations and Turkey brokered the Black Sea Grain Initiative with Moscow and Kyiv last July to help tackle a global food crisis worsened by Russia’s invasion of its neighbor and a blockade of Ukrainian Black Sea ports. Moscow has threatened not to extend the agreement beyond July 18 unless a series of demands, including the removal of obstacles to Russian grain and fertilizer exports, are met. The Black Sea export deal also allows for the safe export of ammonia – an important ingredient in nitrate fertilizer – but none has been shipped under the initiative. Russia has been pushing for the resumption of ammonia supplies via a pipeline through Ukraine to the Black Sea port of Odesa that has lain idle since last year. Olha Trofimtseva, Ukraine’s foreign ministry ambassador at large, said Russian ammonia producer Uralchem had found an alternative route and does not need to export ammonia via Odesa. “The grain corridor. 99.9% that Russia will leave it...

PwC Canadian Cyber Threat Intelligence Report 0

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PwC Canadian Cyber Threat Intelligence Report

More than two-thirds of Canadian executives consider cybercrime their most significant threat Canada’s cyber threat landscape is continuously changing with threat actors embracing artificial intelligence (AI) and other innovations to enhance their attack strategies A catastrophic cyberattack is the top scenario in 2023 resilience plans, globally London, UK (June 8, 2023) – PwC Canada has released the Canadian Cyber Threat Intelligence Annual Report, which shows how the Canadian cyber threat landscape has shifted radically in the last year. Changes to the threat landscape have been further fueled by mounting geopolitical tensions, fluctuating economic conditions and rapid digitization in the wake of the pandemic. In fact, 11% of Canadian CEOs believe their company will be either highly or extremely exposed to cyber risks over the next 12 months—18% over the next 5 years. (Source: PwC Global CEO Survey—Canadian highlights, 2022) As governments and businesses grapple with how to enhance their resilience in the face of the evolving risk environment, threat actors are embracing artificial intelligence (AI) and other innovations to enhance their attack strategies and power a broader array of increasingly complex and sophisticated cyber attacks. The report highlights the top cyber threats in the past year which include sophisticated attacks...

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Roth IRA Transfers and Divorce: Don’t Forget the 5-Year Rule

What You Need to Know It’s common for clients to transfer Roth IRA assets to a former spouse in a divorce. One critical issue that clients may overlook is the called five-year rule that applies to Roth IRA distributions. While the IRS has yet to provide concrete guidance on the issue, the rules that exist for inherited IRAs offer a clue. A divorce can throw a curveball into retirement income planning even for the most financially savvy client. When two spouses divide retirement plans in a divorce, it’s critical to pay close attention to the details. Roth IRAs can be particularly valuable to a client’s future retirement income planning because, most of the time, withdrawals are taken tax-free, so they won’t increase the client’s future taxable income. It’s not at all uncommon for clients to transfer these valuable Roth IRA assets to a former spouse in a divorce. After all, the bulk of a client’s assets may be tied up in retirement savings accounts. It’s important to remember that many clients simply look at Roth IRAs as a tax-free source of income, and they might not understand the nitty-gritty rules. One critical issue that clients may overlook when transferring Roth...

New York Governor to Propose State Regulation After Fatal Tour Boat Accident 0

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New York Governor to Propose State Regulation After Fatal Tour Boat Accident

Article 0 Comments New You can now listen to Insurance Journal articles! Gov. Kathy Hochul said Friday she wants the state to have regulatory authority over boats that operate in caves and similar waterways following a fatal tour boat accident in an underground water tunnel off the Erie Canal. The Office of Parks, Recreation and Historic Preservation regulates commercial boats, Hochul’s office said, but lacks authority to inspect those operating on non-navigable waters, like in the privately owned Lockport Cave. The Democrat will propose legislation to close that loophole, her office said. Earlier this week, a 65-year-old man died and nearly a dozen other passengers were taken to hospitals, mostly with minor injuries, when a flat-bottom boat with 29 people aboard flipped while inside the historic, human-made cavern system in western New York. After the June 12 accident at the Lockport Cave, a human services agency confirmed that a similar incident had occurred during a 2015 outing for clients and staff. ”As we mourn the loss of life resulting from the boat crash in the Lockport Caves, my administration is proposing legislation to prevent future tragedies,” Hochul said in a statement. “The Office of Parks, Recreation and Historic Preservation has...

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Should You Be a Big Fish in a Small or Large Pond?

This RIA takes a holistic approach to financial planning, offering numerous tools that appeal to large producers, including an in-house tax practice, insurance agency, 401(k) division, trust company, mergers and acquisitions support and employee benefits. Opportunities for growth abound. Depth and breadth of services help large producers build efficiencies so they can grow their client base, have more time, and make clients stickier and a more reliable source of referrals. Transition Notes Larger firms’ scale allows them not only to provide many services but to offer advisors larger transition notes to join them. When you are offered up to 100 basis points on your assets under management to join a firm, yes, you might use the transition money to buy a beach house or a new car, but many advisors use the proceeds to invest in the growth of their business. Succession Planning Beyond larger transition notes, larger firms also offer more succession/continuation opportunities and as a newer trend, direct purchases of books by larger broker-dealers. While a smaller firm may only have a couple of other advisors in your state for potential succession opportunities, a large firm may have multiple candidates within a 20-minute drive of your office with younger advisors...

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Wall Street Rally Wipes Away Year of Losses

The dollar’s strength, powered by rates, has also withered with the Bloomberg Dollar Spot Index trading near levels seen in April 2022, down nearly 10% since its record high. The S&P 500 index posted its mildest reaction on FOMC day in two years. Though it was the first in 11 meetings where policymakers held rates, they also lifted forecasts for higher borrowing costs of 5.6% in 2023, implying two additional quarter-point rate hikes or one half-point increase before the end of the year. Contrast that with markets that hung on every word Fed officials said in the last year. The bull market also flies in the face of 65% odds of a US recession within a year, by economists’ reckoning. The collapse of four regional banks and inversions all along the US Treasury curve back the case for an economic downturn. Wall Street veteran Bob Michele anticipates a recession by the end of the year that will force a Fed pivot to easy policy. For now, the American economy seems to have sustained the assault of rate hikes with resilient labor markets and mostly healthy corporate balance sheets. Among the market’s biggest bears, Bank of America strategists upgraded their target for U.S. stocks and...

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Justice Department Accuses Minneapolis Police of Systematic Discrimination After George Floyd’s Killing

Article 0 Comments MINNEAPOLIS (AP) – The Justice Department alleged Friday that Minneapolis police have systematically discriminated against Black and Native American people for years and often violated constitutional rights following a sweeping investigation that began after George Floyd was killed. The two-year probe found that Minneapolis officers used excessive force, including “unjustified deadly force,” and violated the rights of people engaged in constitutionally protected speech. The investigation also found that both police and the city discriminated against people with “behavioral health disabilities” when officers are called for help. “We observed many MPD officers who did their difficult work with professionalism, courage and respect,” Attorney General Merrick Garland told a news conference in Minneapolis. “But the patterns and practices we observed made what happened to George Floyd possible.” Garland said officers routinely disregarded the safety of people in their custody, noting numerous situations in which a person in custody complained that they could not breathe, and officers replied with a version of “You can breathe. You’re talking right now.” The report included allegations that police “used dangerous techniques and weapons against people who committed at most a petty offense and sometimes no offense at all.” Officers “used force to punish...

Blink Parametric Launches With Getcover.com 0

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Blink Parametric Launches With Getcover.com

Expanded AwayCare partnership provides an innovative, real-time flight disruption solution to US travellers worldwide Cork, Ireland (June 16, 2023) – Blink Parametric and Getcover.com, a trading name of Newpoint Insurance Brokers Limited, a London-based Lloyd’s broker, have partnered to launch a suite of bespoke online travel insurance products utilising a real-time parametric flight delay solution for their eligible travel insurance policyholders. Getcover.com is uniquely the first partner to access Blink Parametric-enabled technology via Firemelon’s Magenta Insurance System platform since the travel insurance sales and policy administration system provider forged a strategic alliance with Blink Parametric in January, enabling easy access to Blink Parametric technology. The product is underwritten by specialist insurer Financial and Legal Insurance Company Ltd (F&L). Announcing the deal, Carl Carter, Chief Commercial Officer of Blink Parametric said: “Getcover.com is a genuine pioneer of online direct to consumer travel insurance, leading the way with innovative, accessible insurance cover and benefit solutions. We are honoured to work with the team as they differentiate their travel insurance proposition within the hyper-competitive UK travel insurance market by providing a real-time flight delay service delivering a cash payment or an airport lounge pass in a traveller’s time of need. We look forward...

Auto Insurance Customer Satisfaction Plummets as Rates Continue to Surge: J.D. Power 0

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Auto Insurance Customer Satisfaction Plummets as Rates Continue to Surge: J.D. Power

Participation in usage-based insurance programs reaches record high as customers seek lower-cost policies Troy, MI (June 13, 2023) – Nearly one-third (31%) of U.S. auto insurance customers say they experienced a rate increase during the past year as the industry raises rates an average of 15.5%1 and insurers continue to fight the forces of record high loss ratios. Auto insurers lost an average of 12 cents on every dollar of premium they collected in 2022—the worst performance in more than 20 years—leaving them few alternatives but to raise rates at the expense of customer satisfaction. According to the J.D. Power 2023 U.S. Auto Insurance Study,SM released today, satisfaction with auto insurance has dropped 12 points (on a 1,000-point scale) year over year, the largest decline in the past 20 years. The decline is largely driven by lower satisfaction with the price customers pay for insurance, a factor that has declined 25 points this year. This phenomenon is driving an increase in adoption of usage-based insurance (UBI) programs, which base the cost of a policy on a driver’s behaviors using telematics data. Customers new to an insurer have a high UBI participation rate of 26%. “Overall customer satisfaction with auto insurers...