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It’s Not Too Late to Plan a Road Trip for the Eclipse

WASHINGTON, DC (March 18, 2024) – Even though many eclipse enthusiasts have had April 8, 2024 marked on their calendars for years, there are some people who are just now deciding they want to experience this natural phenomenon in person. If this is you, it’s not too late.According to AAA booking data, Dallas, Austin, and San Antonio are the most popular cities along the path of totality for the upcoming eclipse on April 8, 2024. Indianapolis, Cleveland, and Buffalo are also top eclipse-viewing destinations, with Dallas experiencing a significant increase in reservations...

S&P webinar: Persisting volatility could weigh on APAC insurers' profitability

Amidst persisting volatility in capital markets, insurers in the Asia-Pacific region are facing uncertainties over earnings, prompting them to actively manage their investments. According to S&P Global Ratings analysts, 98% of rated insurers in Asia-Pacific have a stable outlook, but the ongoing market fluctuations are impacting profitability.Lead analyst Wenwen Chen highlighted that insurers in the region are reassessing risk-return balances and becoming more selective due to credit stresses, particularly in real estate and alternative investments. Chen also noted that...

Heritage, American Coastal Get Boosts from Strategy Shifts, Tame Weather

Shares of Heritage Insurance Holdings and American Coastal Insurance Corp., two Florida-based homeowners' insurers, have experienced significant increases in their stock prices as a result of strategic shifts and favorable weather conditions. Heritage Insurance Holdings' share price has surged by 115.9% to $7.86, while American Coastal Insurance Corp. has seen a remarkable 438.1% increase to $10.60.Heritage Insurance Holdings announced a strategic focus on commercial lines and the excess and surplus market, leading to its stock price rise. Similarly, American Coastal...

Japanese life insurers on track to achieve fiscal 2023 profit forecasts

Japanese life insurers Dai-ichi Life Holdings Inc., T&D Holdings Inc., and Japan Post Insurance Co. Ltd. are all making significant progress towards achieving their annual profit forecasts for the fiscal year ending March 30, 2024.Dai-ichi Life Holdings Inc. reported a remarkable 42.1% year-over-year growth in net income, attributing the increase to various positive factors. The company stated, "The improvement in T&D Holdings' nine-month profit was largely due to a 'reactionary decline' in large temporary valuation losses related to Fortitude, a foreign reinsurance...

AAA: Fear of Self-Driving Cars Persists as Industry Faces an Uncertain Future

ORLANDO, Fla. (Mar. 14, 2024) – AAA's latest survey reveals that a significant portion of U.S. drivers harbor apprehension towards fully self-driving vehicles, with 66% expressing fear and 25% feeling uncertain. This sentiment has remained consistent, indicating a persistent unease within the public despite advancements in autonomous technologies.The survey also highlights a contrasting trend, as interest in advanced driver assistance systems (ADAS) remains robust among consumers. AAA found that a majority of U.S. drivers are keen on features like Reverse Automatic...

Gas Prices Expected to Rise as Summer Approaches, Says AAA

WASHINGTON, D.C. (March 14, 2024)—The national average for a gallon of gas has been rising leisurely since last week, moving a mere two cents higher to $3.41. However, with the cost of oil crossing the $80 per barrel mark and gas demand popping with warmer temps and better weather, change may be coming to the pump. Another critical factor is the arrival of more expensive summer blend gas, which tends to increase pump prices by 10 to 15 cents."This is the time of year we normally see pump prices start to rise," said Andrew Gross, AAA spokesperson. "And while prices have...

NAIC head: Federal role, climate, AI on state insurance regulatory agenda

State insurance regulators are willing to work with the federal government but continue to maintain that they are best positioned to oversee the industry. The National Association of Insurance Commissioners (NAIC) is prioritizing mitigation to deal with the impacts of a changing climate. Insurers must be ethical and transparent in how they utilize artificial intelligence so as to not perpetuate bias.Connecticut Insurance Commissioner Andrew Mais, in his capacity as both president of the NAIC and a state regulator, discussed various pressing issues including the role of...

George Williams Appointed to Lead Nationwide's Small Market Commercial Lines Business

Nationwide has appointed George Williams to lead its Small Market Commercial Lines business. Williams, who previously served as the company's chief operating officer for commercial lines, excess & surplus, and specialty, brings over two decades of industry experience to the role.Russ Johnston, Nationwide's president of Commercial Lines, Excess & Surplus, Specialty, expressed confidence in Williams, stating, "Leading a small commercial platform requires a combination of underwriting, technology, operational excellence and customer focus. George has a proven background in...

California’s Regulatory Restrictions Contribute to Risk Crisis

NEW YORK, March 14, 2024—California’s regulatory restrictions on insurance pricing and underwriting, along with the need for more mitigation efforts, are significantly impacting the insurance industry in the state, as highlighted in the Insurance Information Institute’s (Triple-I) latest Issues Brief.The report, titled Trends and Insights: California’s Risk Crisis, discusses how Proposition 103 and its regulatory implementations are hindering insurers from adapting to the evolving risk landscape in California. Sean Kevelighan, CEO of the Triple-I, emphasized the need for...

Wells Fargo introduces Autograph Journey card for travel enthusiasts

Wells Fargo & Company recently announced an expansion to its Autograph rewards cards with the introduction of the Wells Fargo Autograph Journey Visa card. This new addition is designed for frequent travelers, offering accelerated rewards in popular travel categories.

US P&C Q4'23 earnings recap – Allstate logs 1st net profit since Q1'22

The Allstate Corp. reported a significant turnaround in its financial performance, with the company marking its first positive pretax net income since Q1'22. In the fourth quarter of 2023, Allstate recorded a net income before taxes of $1.83 billion, a stark improvement from a net loss of $410 million in the same period of 2022. This positive result was driven by rate increases and enhanced property-liability underwriting income and ratios.Analyst Meyer Shields from Keefe, Bruyette & Woods highlighted the effectiveness of the rate increases, stating, "We're still seeing...

Should my business use Generative AI?

Businesses are increasingly intrigued by the possibilities offered by Generative AI technology. The potential applications of this innovative technology across various aspects of the value chain have sparked significant interest. However, the decision to integrate Generative AI into business operations requires careful consideration and evaluation.Nationwide’s Chief Innovation and Digital Officer, Chetan Kandhari, sheds light on the crucial factors that companies contemplating the adoption of Generative AI must take into account. Kandhari emphasizes the importance of...

Flying Food Group’s inflight catering meals praised for quality and taste on STARLUX flights

Flying Food Group recently won praise for their catered meals from the toughest audience on Earth: the internet.

Nationwide Leaders Drive Critical Discussions on Finance and Economics

Nationwide, a Fortune 100 company and a prominent player in the financial services and insurance sector, has been actively engaged in critical discussions centered around finance services and economics. In recent engagements, Nationwide's thought leaders have shared valuable insights on various platforms.Jim Fowler, Nationwide’s Chief Technology Officer, recently participated in a panel discussion on Nasdaq TV where he discussed the impact of generative AI on customer service. Fowler highlighted how Nationwide has strategically invested in AI over the past decade to...

Nationwide and Annexus Celebrate 10-Year Partnership with NYSE Bell Ringing

Nationwide and Annexus marked a significant milestone in their collaboration by ringing the closing bell at the New York Stock Exchange on March 7. The event celebrated a decade-long partnership that has brought innovative solutions to the financial services marketplace, benefiting American retirement savers.Mike Morrone, vice president of Nationwide Annuity business development, highlighted the impact of the partnership, stating, "Our partnership with Annexus has enabled us to take our product innovation to the next level." This collaboration allowed Nationwide to enter...

Pump It Up – Gas Prices Rise Ahead of Daylight Saving Time

WASHINGTON, D.C. (March 7, 2024)—Pump prices have maintained a steady march higher, rising eight cents since last week to $3.39. More expensive oil is a likely culprit, as crude accounts for nearly 60% of pump prices. The cost for a barrel of oil is edging closer to $80, about $10 more per barrel than a few months ago."Spring is nearly here, with longer days, better weather, and more opportunities to hit the road," said Andrew Gross, AAA spokesperson. "And we are seeing this reflected in rising gasoline demand. But remember, we see this trend every year."For the...

Apple has been fined $2 billion by European Union for antitrust policy

The European Union (EU) has imposed a $2 billion fine on Apple for breaching antitrust policies. The EU alleges that Apple prohibited app developers from fully informing iOS users about more affordable music subscription services.

State Farm® Collaborates with SiriusXM for Listen Next Initiative

SiriusXM has unveiled a new initiative called Listen Next, aimed at nurturing diverse audio talent and fostering inclusivity in podcasting. The program will be supported by State Farm as its first launch sponsor and is set to work with leading, diverse-led production companies to assist up-and-coming creators in establishing successful podcasting careers. The inaugural season of Listen Next will kick off with the show "Stars and Stars with Isa," a collaboration between SiriusXM and Futuro Studios, scheduled to debut on March 19.State Farm's Marketing Director, Brent Malik...

Root CEO eyes nationwide presence after best-ever quarter

Root Inc., an insurance technology company, is planning to expand into new markets with the goal of establishing a nationwide presence for its car, home, and renters lines of business. The company recently reported its best-ever quarter, with CEO Alex Timm expressing confidence in their path to profitability.In an interview with S&P Global Market Intelligence, Timm discussed the company's expansion plans and the key role of technology in enhancing underwriting results and improving unit economics. He mentioned, "We're in 34 markets today and we don't see a reason Root...

The Quiet Killer Stalking Our Roads – Drowsy Driving

A new study by the AAA Foundation for Traffic Safety has shed light on the dangers of drowsy driving, revealing that the impact of this behavior is greatly underestimated. The research points to sleep loss as a significant factor in drowsy driving crashes, with the upcoming Daylight Saving Time potentially exacerbating the issue.According to the AAA Foundation's study, drowsy driving is responsible for far more traffic fatalities than official government statistics indicate. The study, based on crash investigations and national fatal crash data, estimates that drowsy...