Puerto Rico has seen progress in terms of power restoration and economic recovery since Hurricane Maria, but thousands of people in the US territory are still living with tarps or plastic sheets as temporary roofs on their homes as a new hurricane season is underway. Federal and local officials say they are unsure how many homes need permanent roofs, and many residents are unable to make repairs on their own because they lack insurance.
A judge seeking a full hearing is likely the reason the 5th US Circuit Court of Appeals has not issued an official order to end the Labor Department's fiduciary rule, lawyer William Jay says. A three-judge panel vacated the rule in March, overturning a court decision in a lawsuit brought by NAIFA and other plaintiffs.
House Republicans unveiled a budget proposal Tuesday that would slash Medicare spending by $537 billion and funding for Medicaid and other health care programs by $1.5 trillion. The proposal would also fast-track a reconciliation process that would allow Senate lawmakers to repeal the Affordable Care Act with only 50 votes.
The attorneys general of Massachusetts and New York said they will sue the Trump administration over a rule that allows association health plans that are not required to meet Affordable Care Act requirements. The rule is unlawful and the plans could lead to fraud and mismanagement, they said.
The latest Natixis advisor survey shows financial professionals still see plenty of investor risk despite the continuing bull market, with rising interest rates expected to have a negative effect on portfolio performance. Among the survey's findings were that 64% of advisors said investors are not prepared for a market downturn and almost half said clients have acted emotionally during recent volatility.
Even with a decades-low unemployment rate, lower taxes and low inflation, many Americans are not benefiting from the vibrant economy, with a recent Oxford Economics analysis showing people in the lowest 60% of earners tap savings to pay for everyday expenses. Stagnant wages and rising gasoline and housing prices, along with student-loan debt and child-care costs, are among the reasons some people still struggle financially.
A MuleSoft survey has found 44% of consumers worldwide are fine with insurers using third-party data or collecting data from smart home devices and health-monitoring apps to reduce premiums and to get personalized service. "If such data is made readily available by social media sites to insurance providers, the industry should work with regulators to ensure processes are put in place to enable customers to indicate whether they want these additional data sources to be used to calculate a more personalized premium," says Jerome Bugnet of MuleSoft.
A report from the Pew Charitable Trusts says states are often unaware of their total spending on natural-disaster readiness and relief, which could mean states are covering too much of disaster-related costs before they receive federal aid. Several states are undertaking mitigation efforts in line with the Federal Emergency Management Agency's "Mitigation Moonshot," which aims for a fourfold increase in mitigation spending by federal, state and local governments along with private and nonprofit entities.
A high level of capacity in the market has caused property insurance rates to increase less than expected at July 1 renewals, despite the effects of 2017's natural catastrophes, according to industry executives. "Even though rate levels have dropped below a sustainable level across the entire global property market, increases are not across the board but rather vary by client," said Gary Love of FM Global.
Areas of Colorado experienced severe weather on Tuesday, with reports of hail damaging vehicles as well as one confirmed tornado and a suspected tornado. The storms also knocked a semi-trailer on its side in Keenesburg, north of Denver.