Banking & Financial Services News on Business Daily

The property/casualty industry continues to face challenges in underwriting losses, according to the latest report from the Insurance Information Institute (Triple-I) and Milliman. The 2023 net combined ratio for the industry is forecast to be 103.9, with commercial lines performing better than personal lines. Commercial lines have a net combined ratio of 97.7, while personal lines have a ratio of 109.9.The main driver of the adverse results is the record levels of severe convective storm losses. Despite this, the industry is experiencing growth, with a forecasted net...

A new study conducted by the AAA Foundation for Traffic Safety sheds light on the alarming dangers faced by roadside assistance providers who risk their lives daily to help others. The study reveals that the number of fatal crashes involving these workers may be significantly higher than previously reported.According to the study, 123 roadside assistance providers were killed by passing vehicles between 2015 and 2021, a figure that dwarfs the approximate 34 noted in national crash data. This discrepancy is attributed to the failure of state police crash report forms to...

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.

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...

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.

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...

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,...

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.

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.

Information Technology And Innovation Foundation, a non-profit think tank focused on promoting policies that advance innovation, technology, and economic growth said that companies such as Amazon and Walmart have created faster and faster methods of delivering products. In the wake of these developments policymakers are creating regulations that stifle innovation and limit product availability.

A U.S. court has determined that data from the Interactive Advertising Bureau (IAB), a prominent industry association dedicated to the growth and development of the digital advertising ecosystem, is crucial for ensuring a just resolution in a legal case involving Amazon. The Federal Trade Commission (FTC) had attempted to prevent the primary trade association from submitting an amicus brief that highlights issues with the agency's legal action against the online retailer. This decision comes amidst ongoing disputes over antitrust laws and freedom of speech in the rapidly...

``` Bank of America announced a new feature allowing clients to prequalify for auto financing without affecting their credit scores, providing information on potential borrowing amounts and estimated terms. The bank's Digital Car Shopping tool has also been enhanced with improved search functions, electric vehicle inventory filtering, integrated loan applications, and in-platform CARFAX™ reviews. This innovation is in line with the bank's commitment to simplifying finance processes for its clients.

North Carolina has scored some economic development wins lately, including plans by biotech and electric vehicle companies. Now, JPMorgan Chase is adding its name to the list.

Many companies now report that group health insurance costs are climbing at a faster rate than corporate revenue. And it’s not just the employers that are facing increasingly harsh headwinds; employees are struggling to cope with payroll deductions for insurance premiums that are further eroding their ability to make ends meet.

As a state that has part of its pension funds under BlackRock's management, South Carolina might want to consider whether BlackRock’s strategy aligns with what its citizens want.

Consumers’ Research recently published a warning letter to the public and states with pension funds invested in BlackRock, a firm that holds roughly $10 trillion under management worldwide, highlighting its ties to China.