HCC Life will pay a $5 million settlement to 41 states and Washington, D.C., over accusations it was deficient in handling claims for its short-term health insurance policies. The deal comes as President Donald Trump is considering ending a federal rule that limits short-term medical policies to 90 days and instead allowing states to set their own limits.
Experts warn that San Francisco needs stronger building codes to protect against earthquake damage, particularly with regard to skyscrapers that might not be equipped to withstand powerful seismic activity. A California State Assembly committee last week advanced a bill that would require new buildings to be equipped for "functional recovery" after an earthquake occurs.
The Federal Aviation Administration will direct airlines to conduct ultrasonic inspections of about 220 jet engines within six months. The order comes after the explosion of a Southwest jet's engine, which led to one passenger's death and which stemmed from metal fatigue that caused a fan blade to break apart from its hub.
In a PCI survey, 68% respondents say they see no heightened driving risk on April 20, which is National Weed Day, while a study found the likelihood of traffic deaths to be 12% higher after 4:20 p.m. on that day than a week earlier or a week later. The US needs a "sustained public awareness campaign" about the risks of marijuana-impaired driving, and the states and federal government should pursue investment and research in testing drivers for such impairment, PCI's Robert Gordon writes.
Alternative reinsurance capital expanded by nearly 10% in 2017 to $89 billion, outpacing the 2% growth in traditional reinsurance capital, according to Aon Benfield's April Reinsurance Market Outlook. Continued growth is likely in 2018, Aon said.
Wildfires continue to burn in western Oklahoma, destroying dozens of homes, with one fire torching an estimated 283,000 acres and being only about 3% contained Wednesday night. Rain is likely in the area Friday.
An excavator that knocked down a transmission line Wednesday cut power throughout Puerto Rico, causing major disruption to traffic and businesses, and it could take as long as 36 hours to restore power completely. Workers are looking into why a backup breaker didn't kick in when the outage began, a glitch that prompted the island's electrical grid to shut down as a protective measure.
The melting of snowfall that neared or surpassed record amounts in northern Montana has caused rivers and streams to flood roads and fields and prompted evacuation orders in one town. Ohio, meanwhile, has received a presidential disaster declaration for flood damage that affected 18 counties in February.
A survey from Merrill Lynch and Age Wave finds that 70% of women believe the financial-services industry caters to men, with financial models that default to men's career paths, salary and lifespan. The survey also finds that women are less confident than men about investing, especially younger women, with 46% of millennial women expressing confidence.
A Southwest Airlines flight from New York's LaGuardia Airport to Dallas on Tuesday made an emergency landing after an engine failed, leading to the death of one passenger and injuries to seven others. People who were aboard the plane said shrapnel from the engine broke a window and that a woman was nearly sucked out of the plane.