Business Daily News
By Business Daily | Jan 26, 2024
The Illinois Public Interest Research Group (PIRG) revealed on Jan. 18 that the ten largest car insurance providers, by market share in Illinois, increased rates by a total of more than $1.25 billion last year. The year 2023 marked the second consecutive year that rate increases exceeded $1 billion in Illinois.
By Business Daily | Jan 26, 2024
Humana Inc. experienced a significant drop in stock value following the release of its fourth-quarter 2023 results, which revealed higher-than-anticipated costs associated with Medicare Advantage. Medicare Advantage refers to expanded versions of government-subsidized health plans aimed at seniors. The increased utilization of services led to elevated medical loss ratios, impacting managed care insurers throughout 2023.Humana's earnings call on January 25 highlighted the unexpected rise in Medicare Advantage medical costs, which reached 91.4%, surpassing the 89% estimate...
By Business Daily | Jan 25, 2024
CME Group has unveiled an advanced cross-margining arrangement with the Depository Trust & Clearing Corporation (DTCC), a move that is set to unlock capital efficiencies for clearing members involved in U.S. Treasury securities and CME Group Interest Rate futures trading. The new development is now live, extending these efficiencies to market participants.
By Business Daily | Jan 25, 2024
A group of National Women's Soccer League (NWSL) players recently took part in a unique professional development program offered by Nationwide, the insurance and financial services company. Dorian Bailey, Shea Groom, Savannah Madden, Addisyn Merrick, and Cassie Miller spent two weeks at Nationwide's corporate headquarters in Columbus, Ohio, as part of the program called "Experience Nationwide."During their time at Nationwide, the players had the opportunity to learn about various aspects of the company's business. They interacted with leaders and associates from...
By Business Daily | Jan 25, 2024
The US insurance technology, or insurtech, market is showing signs of recovery in 2024. Industry consolidation is well underway, and companies that have managed to weather the storm are making progress on their expense reduction plans. Public market investors are also showing renewed interest in growth stocks, leading to a rebound in insurtech stock prices.According to a report by S&P Global Market Intelligence, insurtech stocks have performed well in 2023, with a market-cap weighted index of these companies up 22.2% compared to a decline of 54.0% in 2022. This recovery...
By Business Daily | Jan 24, 2024
David Williams, the president of the Taxpayers Protection Alliance (TPA), a non-profit organization that provides analysis on the government's impact on the economy, has expressed concerns over mass tort litigation. In an opinion piece for the Washington Examiner, Williams noted that while such lawsuits can enrich lawyers, they ultimately cost the public money. He also pointed out that these lawsuits are increasingly being funded by third-party investors.
By Business Daily | Jan 24, 2024
The new year is a time for fresh starts and setting intentions for personal growth and well-being. According to Tina Thornton, a registered nurse and associate vice president of wellbeing and safety at Nationwide, creating a well-being vision involves thinking about who you want to be in the new year and setting intentions that are personal and meaningful to you.To begin, Thornton advises recording your vision by writing it down. This helps to solidify your ideas and give them more weight. By putting your vision on paper, it becomes a concrete goal rather than a vague...
By Business Daily | Jan 23, 2024
Nationwide's Medical Stop Loss (MSL) team is commemorating over 20 years of providing crucial protection to businesses with self-funded healthcare plans. As healthcare costs continue to rise in the United States, employers are exploring alternative methods to manage expenses. Self-funding health plans have emerged as a cost-effective solution, but they also carry the risk of businesses being liable for significant medical costs should their employees experience serious illnesses or catastrophic claims.Medical stop loss insurance serves as a safeguard for businesses,...
By Business Daily | Jan 22, 2024
Citi has recently revealed that LuminArx Capital is introducing Cinergy, a strategic financing vehicle designed to cater to the burgeoning private lending market. The initiative will offer private credit solutions to companies, extending its services to include Citi's global client base.
By Business Daily | Jan 22, 2024
The Institute for Legal Reform (ILR), a division of the U.S. Chamber of Commerce, recently published a report detailing the rise in commercial tort costs from 2020 to 2021. The report, released in December 2023, found that these costs escalated from $291 billion in 2020 to $347 billion in 2021.
By Business Daily | Jan 21, 2024
BMO Financial Corp has announced that it has received an outstanding rating in the Community Reinvestment Act (CRA) Performance Evaluation, as assessed by the Office of the Comptroller of the Currency (OCC). The OCC's evaluation is based on a bank's adherence to federal law requirements, which set a standard for commitment to community reinvestment.
By Business Daily | Jan 21, 2024
BMO has announced the expansion of its BMORE initiative, a program designed to eradicate employment barriers and bolster opportunities in banking and finance for historically marginalized communities. The initiative was launched three years ago in partnership with Cara Collective.
By Business Daily | Jan 21, 2024
Bank of America has launched CashPro Insights, a new addition to the CashPro Data Intelligence product suite. This digital tool is designed to analyze data within the CashPro platform, enhancing the capabilities of both CashPro Forecasting and CashPro Search. It provides users with advanced insights into the information processed through the platform.
By Business Daily | Jan 17, 2024
Californians who have their auto insurance with Allstate and State Farm will face substantial increases in their rates beginning in February. Allstate's rates are set to rise by 30%, while those of State Farm will go up by 21%.
By Business Daily | Jan 12, 2024
President Biden has renominated acting Secretary of Labor Julie Su, despite disapproval from Democrats over Su's progressive background in California. The White House released the list of Biden's nominations to be sent to the Senate for approval or rejection on January 8, 2024.
By Business Daily | Jan 11, 2024
The US Bureau of Labor Statistics (BLS) has disclosed a 7.5% increase in nonfatal workplace injuries and illnesses in the private industry for 2021-2022, amounting to 2.8 million cases. Illnesses surged by 26.1 percent, while injuries rose by 4.5 percent.
By Business Daily | Jan 9, 2024
A new year and winter season bring with them a reminder about the importance of winter weather awareness, particularly when it comes to frozen pipes and ice dams. These two phenomena can cause significant water and structural damage, leading to costly repairs and insurance claims.According to State Farm, from August 2022 to August 2023, they paid out over $806 million for more than 32,000 claims related to frozen pipe and water damage. The average claim amounted to $25,000. Comparing this to the previous year, from 2021 to 2022, State Farm paid $181 million for...
Mission for Area People: 'Forge has supported MAP a great deal with collections throughout the year'
By Business Daily | Dec 22, 2023
Mission for Area People (MAP), a Michigan-based non-profit faith agency, has expressed gratitude towards Forge Industrial Staffing company for its consistent support. MAP, which aids the poor, low-income and homeless in Muskegon and Holland, acknowledged Forge's specific contributions to its Teen Town Christmas event. This appreciation was publicly shared on Dec. 14 via a Facebook post.
By Business Daily | Dec 20, 2023
In a philanthropic gesture this holiday season, the airline catering facility Flying Food Group (FFG) at Newark Liberty International Airport (EWR). This marked the first time the EWR team participated in the initiative, with the aim of bringing smiles to the faces of children receiving special gifts.
By Business Daily | Dec 18, 2023
H.I.G. Capital has announced that BECO Holding Company (BHC) has completed the acquisitions of Electronic Supply Company ("ESC") and Grease Lock. The acquisitions will support the growth initiatives of both companies and leverage commercial synergies.