News from April 2024
By Business Daily | Apr 23, 2024
The first quarter of 2024 is projected to bring growth in earnings for the majority of US life insurers, both on a year-over-year and sequential basis. Analyst estimates compiled by S&P Global Market Intelligence indicate that out of 15 publicly traded US life insurers, 12 are expected to record year-over-year increases in first-quarter earnings. The same group is also anticipated to perform better sequentially, with eight projected to have higher earnings in Q1 2024 than in the preceding quarter.
By Business Daily | Apr 22, 2024
Flying Food Group has announced their annual donations to One Tree Planted will be directed specifically towards areas impacted by wildfires.
By Business Daily | Apr 22, 2024
Nationwide Chief Innovation and Digital Officer Chetan Kandhari recently addressed the key questions surrounding innovation in the insurance industry. In a podcast episode titled "The Future of Insurance," Kandhari pondered, "How does a Fortune 100 company innovate in a highly regulated industry? And where, and where doesn’t it, make sense to implement generative artificial intelligence?"Kandhari's insights shed light on Nationwide's strategic approach to innovation in an industry known for its stringent regulations and traditional practices. The discussion delved into...
By Business Daily | Apr 22, 2024
The Resilient Waters Fund team from the University of Utah's David Eccles School of Business emerged as the winners of the 14th annual Kellogg-Morgan Stanley Sustainable Investing Challenge. Their proposal to save Utah's Great Salt Lake earned them the top prize of $10,000. The fund aims to protect the Great Salt Lake by catalyzing funds through a creative land trust mechanism, promoting irrigation efficiency, responsible cropping, and water savings.Jessica Alsford, Morgan Stanley’s Chief Sustainability Officer and CEO of the Institute for Sustainable Investing,...
By Business Daily | Apr 22, 2024
Goldman Sachs' HBCU Market Madness competition concluded with Spelman College emerging victorious for the third time in four years, securing a $1 million grant. The event, which is part of the firm's HBCU Possibilities Program, saw finalists from Delaware State University, Florida A&M University, Howard University, and Spelman College present case studies to top Goldman Sachs and Nike executives.Megan Hogan, Goldman Sachs' global head of Talent and chief diversity officer, expressed admiration for the talent showcased by HBCU students during the competition, stating, "The...
By Business Daily | Apr 19, 2024
Matt Ghanem, the founder of National Breathe Free Sinus and Allergy, underscored his organization's commitment to the C4 Foundation, an organization that supports Navy SEALs and their families. Ghanem made his statement to Business Daily on April 3.
By A. D. Bamburg | Apr 19, 2024
The Consumer Price Index (CPI-U) for the New York-Newark-Jersey City region rose by 0.4% in March 2024, reflecting a 3.4% increase over the past year, driven primarily by higher costs for shelter and energy, as reported by the U.S. Bureau of Labor Statistics (BLS).
By Business Daily | Apr 19, 2024
Shares in The Travelers Cos. Inc. experienced a dip this week following the release of first-quarter earnings that revealed unexpectedly high catastrophe losses, contrasting with other sector heavyweights. The insurer reported a first-quarter net income of $1.12 billion, an increase from $975 million during the same period in 2023. However, catastrophe losses also escalated due to severe wind and hailstorms in the central and eastern regions of the US, reaching $712 million pretax, up from $535 million in 2023.
By Business Daily | Apr 19, 2024
The global shipping industry is likely to experience a significant increase in freight, insurance, and crew wages in the near term due to Israel's retaliatory missile attack on Iran. However, ongoing loadings are expected to continue as usual, according to market participants on April 19.
By Business Daily | Apr 18, 2024
Enclave, an urban co-working space organization, announced the opening of a new location in Barrington, Illinois.
By M. N. Tirado | Apr 18, 2024
The American Tort Reform Association (ATRA) has recently published two reports examining the political donations and advertising of Nevada trial lawyers. The results of these studies offer insights into how these legal professionals influence politics and public opinion in the state.
By Business Daily | Apr 18, 2024
Nationwide, a Fortune 100 insurance and financial services mutual, recently celebrated the achievements of its innovative employees who have been actively inventing and patenting novel solutions. The company recognized 39 Nationwide inventors at the inaugural Nationwide Patent Award Ceremony, acknowledging their combined 55 patents and 21 patents pending from the U.S. Patent and Trademark Office.“Invention is the most important product of man’s creative brain,” wrote Nikola Tesla, emphasizing the significance of innovation in shaping the world. Tesla further highlighted,...
By Business Daily | Apr 18, 2024
In a recent podcast, Nationwide Chief Economist Kathy Bostjancic and Nationwide Business Solutions Group Vice President Jessica Dowdy discussed how business life insurance can assist business owners in navigating the challenges of the current economic and labor markets. Dowdy highlighted the importance of solutions like corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) in addressing these issues.Dowdy emphasized the impact of the COVID-19 pandemic on business owners, stating, “Business owners are still reeling from the impacts of COVID, facing...
By Business Daily | Apr 18, 2024
WASHINGTON –Today, the U.S. Small Business Administration (SBA) and SCORE, mentors to America’s small businesses and a resource partner of the SBA, announced the schedule for the 2024 National Small Business Week Virtual Summit. The two-day online event, co-hosted by the SBA and SCORE, will take place from April 30 to May 1. Attendance is free of charge, but registration is required. To register, visit National Small Business Week Virtual Summit registration.This year’s National Small Business Week’s theme – “Building on the Small Business Boom” –celebrates the surge in...
By Business Daily | Apr 18, 2024
On November 15, 2023, revised insurance risk-based capital adequacy criteria were released, assigning a UCO identifier to ratings that could potentially be affected by the change. This designation was used to highlight the possibility of a rating action on specific issuer and issue ratings. A UCO identifier was assigned to one or more ratings on 63 issuers, their subsidiaries, or related issues.
By Business Daily | Apr 18, 2024
WASHINGTON, D.C. (April 18, 2024) - Lackluster domestic demand for gasoline paired with decreasing oil prices led to the national average for a gallon of gas climbing just four cents to $3.67 since last week. With tensions running high over the past three weeks in the Middle East, the cost of oil reached the upper $80s per barrel. However, it has since fallen several dollars into the low $80s as the oil market watches to see if any further military actions occur."The situation overseas with war in both the Middle East and Ukraine has the oil market on edge," said Andrew...
By Business Daily | Apr 18, 2024
Morgan Stanley Wealth Management today announced results from its quarterly individual investor pulse survey, revealing that despite a drop in optimism, bullish sentiment remains strong among investors. According to the survey, three out of five investors (60%) are bullish this quarter, consistent with the previous quarter.Chris Larkin, Managing Director, Head of Trading and Investing at E*TRADE from Morgan Stanley, commented on the market trends, stating, “The US stock market is coming off one of its strongest first quarters of the past 20 years, and so it should not be...
By Business Daily | Apr 18, 2024
NORTHBROOK, Ill., April 18, 2024 – The Allstate Corporation (NYSE: ALL) released information regarding their March and first quarter 2024 catastrophe losses and implemented rates.According to the Allstate Corporation, the March month catastrophe losses totaled $328 million or $259 million after-tax. These losses stemmed from six events, with the majority of the losses, approximately 80%, attributed to one hail event. These losses were partially offset by favorable reserve reestimates for prior events.The total catastrophe losses for the first quarter of 2024 amounted to...
By Business Daily | Apr 17, 2024
NORTHBROOK, Ill., April 17, 2024 – Allstate customers who opt into the Allstate app's safe driving features are experiencing a significant decrease in severe collisions. According to Allstate and its mobility data and analytics partner Arity, those who choose to use Drivewise are 25% less likely to have a severe collision than those who don't. Driving behavior research from Arity also indicates that Drivewise customers exhibit safer driving habits compared to other connected drivers, handling their phones less, speeding less, and hard braking less by as much as 44%.Ginger...
By Business Daily | Apr 17, 2024
Nationwide's Chief Veterinary Officer, Dr. Jules Benson, recently analyzed data from more than 22 million pet insurance claims to unveil some surprising trends regarding certain dog breeds. Dr. Benson noted that some breeds, known as "Peter Pan pups," retain puppy-like behaviors well into their mature and senior years, which can lead to specific health risks.Dr. Benson stated, "Some dog breeds continue to submit claims for what we might think of as ‘silly puppy’ conditions – including trauma, foreign body ingestion, and toxicity – well into their mature and even senior...