Climate/Change/Sustainability/ESG
La Nina Weather 65% Likely to Develop in July-Sept: National Weather Service
There is a 65% chance of the La Nina weather pattern, characterized by cold temperatures in the Pacific Ocean, developing during July-September, a U.S. government forecaster said on Thursday.
This shift from the current neutral phase between La Nina and El Nina weather patterns is expected to persist into the northern hemisphere winter of 2024-25, with an 85% chance during November-January, the National Weather Service’s Climate Prediction Center (CPC) said in its monthly forecast.
There is a 65% chance of the La Nina weather pattern, characterized by cold temperatures in the Pacific Ocean, developing during July-September, a U.S. government forecaster said on Thursday.
This shift from the current neutral phase between La Nina and El Nina weather patterns is expected to persist into the northern hemisphere winter of 2024-25, with an 85% chance during November-January, the National Weather Service’s Climate Prediction Center (CPC) said in its monthly forecast.
The cycle between El Nino, La Nina, and a neutral phase typically lasts two to seven years and can spawn wildfires, tropical cyclones, floods, and prolonged droughts, impacting farmers worldwide.
News
How did Juneteenth get its name? Here's the story behind the holiday's title
Juneteenth became federally recognized in the U.S. in 2021, but the origins of the holiday and its name date back more than 150 years.
June 19 marks the third consecutive year of Juneteenth as a federally recognized United States holiday. Also known as Freedom Day, Emancipation Day or America's second Independence Day, Juneteenth commemorates the end of slavery in the U.S. after the Civil War.
Many Americans have celebrated it annually for more than a century, even though the holiday was not officially added to the national calendar until 2021. As the Black Lives Matter movement gained renewed power across the country and abroad the previous year with the police killings of Black Americans like George Floyd and Breonna Taylor, public calls grew louder for the federal government to acknowledge emancipation as the critical turning point it was in U.S. history. Advocates sought, again, for leaders to codify the Juneteenth holiday into law, decades after communities began to push for broader recognition of Juneteenth as an emblem of unity, power and resilience in the wake of the police beating of Rodney King in 1991.
Federal recognition came in 2021. A bill to solidify Juneteenth National Independence Day as a legal public holiday passed almost unanimously through both chambers of Congress before being signed by President Biden on June 18.
At a White House ceremony held for the occasion, Mr. Biden said: "All Americans can feel the power of this day, and learn from our history." It was the first time a national holiday was established in the U.S. since Martin Luther King Jr. Day was set to honor the late civil rights leader's birthday in 1983.
Juneteenth became a legal federal holiday in the U.S. on the eve of its earliest nationwide observance on June 19, 2021. It is observed and June 19 marks the third consecutive year of Juneteenth as a federally recognized United States holiday. Also known as Freedom Day, Emancipation Day or America's second Independence Day, Juneteenth commemorates the end of slavery in the U.S. after the Civil War.
Many Americans have celebrated it annually for more than a century, even though the holiday was not officially added to the national calendar until 2021. As the Black Lives Matter movement gained renewed power across the country and abroad the previous year with the police killings of Black Americans like George Floyd and Breonna Taylor, public calls grew louder for the federal government to acknowledge emancipation as the critical turning point it was in U.S. history. Advocates sought, again, for leaders to codify the Juneteenth holiday into law, decades after communities began to push for broader recognition of Juneteenth as an emblem of unity, power and resilience in the wake of the police beating of Rodney King in 1991.
Federal recognition came in 2021. A bill to solidify Juneteenth National Independence Day as a legal public holiday passed almost unanimously through both chambers of Congress before being signed by President Biden on June 18. At a White House ceremony held for the occasion, Mr. Biden said: "All Americans can feel the power of this day, and learn from our history." It was the first time a national holiday was established in the U.S. since Martin Luther King Jr. Day was set to honor the late civil rights leader's birthday in 1983.
Juneteenth became a legal federal holiday in the U.S. on the eve of its earliest nationwide observance on June 19, 2021. It is observed and June 19 marks the third consecutive year of Juneteenth as a federally recognized United States holiday. Also known as Freedom Day, Emancipation Day or America's second Independence Day, Juneteenth commemorates the end of slavery in the U.S. after the Civil War.
Many Americans have celebrated it annually for more than a century, even though the holiday was not officially added to the national calendar until 2021. As the Black Lives Matter movement gained renewed power across the country and abroad the previous year with the police killings of Black Americans like George Floyd and Breonna Taylor, public calls grew louder for the federal government to acknowledge emancipation as the critical turning point it was in U.S. history. Advocates sought, again, for leaders to codify the Juneteenth holiday into law, decades after communities began to push for broader recognition of Juneteenth as an emblem of unity, power and resilience in the wake of the police beating of Rodney King in 1991.
Federal recognition came in 2021. A bill to solidify Juneteenth National Independence Day as a legal public holiday passed almost unanimously through both chambers of Congress before being signed by President Biden on June 18. At a White House ceremony held for the occasion, Mr. Biden said: "All Americans can feel the power of this day, and learn from our history." It was the first time a national holiday was established in the U.S. since Martin Luther King Jr. Day was set to honor the late civil rights leader's birthday in 1983.
Juneteenth became a legal federal holiday in the U.S. on the eve of its earliest nationwide observance on June 19, 2021. It is observed and celebrated each year on that same date.
QBE to Non-Renew $500M of North American Mid-Market Biz
**QBE announced that it will start shutting down the middle-market segment in North America to focus on North American businesses where it has more meaningful market position, relevance and scale.
Three core businesses remain—Specialty, Crop and Commercial—and the actions on mid-market “will have no incremental impact on appetite or strategy” on those core businesses, QBE said.
The decision to commence an orderly closure of the middle-market business came after an extensive strategic review of the business, which represented about $0.5 billion in fiscal year 2023 and had experienced performance challenges over the last several years, QBE said in a market update statement today.
QBE will record a restructuring charge of roughly $100 million (pretax) in 2024 to account for associated costs.
QBE expects to begin reducing gross written premiums—in accordance with applicable state regulations—in FY2024 but the bulk of the action will take place in FY2025.
Research
Widespread worker anxiety spurs 'quiet vacation' trend
Many of today's employees are driven to surreptitiously take time off because they worry about how taking PTO will impact their job security.
First there was "quiet quitting," the idea of putting forth the least amount of work possible to keep one's job.
Now, apparently, some employees are taking the trend even further with "quiet vacationing," or taking vacation time without letting their employer know. One in 10 workers participated in quiet vacationing during the past year, and 1 in 8 plan to do so this summer, according to a Resume Builder survey of 1,050 corporate workers.
Of workers who took an unauthorized vacation:
18% took one secret vacation day;
43% took 2 to 3;
24% took 4 to 5; and
15% took six or more secret vacation days.
But rather than trying to pull a fast one on their boss, the survey revealed employees are largely driven to surreptitiously take time off because they are worried about the impact taking PTO will have on their job security, even though a majority of workers believe their direct manager supports the use of PTO.
The reasons employees took vacation days without their employer's permission included:
Being too anxious to ask for time off;
Not wanting to use paid time off; and
Believing taking a vacation day would make them look less hardworking.
In addition, 29% of respondents thought they'd be more likely to be laid off if they took vacation days, 26% had their request not approved, and 23% didn't have any paid time off left to use.
A Deep Dive Into the E&S Insurance Market | Insurance Thought Leadership
The excess and surplus insurance market is experiencing dynamic growth, creating major opportunities for insurtechs.
In the evolving insurance landscape, the intersection of technology and innovation continues to reshape traditional practices, particularly within the excess and surplus (E&S) insurance market. This sector has historically provided coverage for unique, high-risk or hard-to-place risks outside the scope of standard risk appetites. As emerging risks and complex underwriting challenges persist in a connected world, the E&S market is experiencing dynamic growth driven by technological advancements and shifting consumer demands.
Admitted vs. Non-Admitted Insurance
Insurance operates within two primary markets: admitted and non-admitted. Admitted insurance, backed by state regulations, ensures that if an insurer becomes insolvent, the state will cover necessary claims. Non-admitted insurance, or E&S insurance, operates under less stringent state regulations, allowing these carriers to assume greater risks. While both types of insurance cater to different consumer needs, the E&S market specifically addresses risks that are either unavailable or unaffordable in the admitted market.
E&S insurers offer coverage for high-risk scenarios such as hazardous materials removal, amusement parks and specialty business lines. This market’s flexibility in customizing coverage for new and emerging risks is one of its key strengths, providing solutions for non-standard, distressed, unique and capacity risks that standard policies do not cover.
Amir Kabir is a general partner at AV8 Ventures, where he leads the fintech and insurtech practice and has been one of the earliest investors in the insurtech space.
OEMs & Auto Insurance
A New Milestone for Stellantis Insurance: Stellantis Financial Services US Launches Embedded Insurance Program With bolt to Expand Customer Choice
Partnership across six iconic brands – Chrysler, Dodge, Jeep®, Ram, Fiat, and Alfa Romeo - will enable more customer purchasing options through tailored insurance products
Stellantis Financial Services US, the captive automotive finance company of Stellantis in North America, today announced a new partnership with bolt, the insurtech with the world’s largest technology-enabled insurance exchange, to support customers of Chrysler, Dodge, Jeep®, Ram, Fiat, and Alfa Romeo.
bolt’s technology will enable Stellantis customers to purchase auto insurance through Stellantis brand websites and mobile apps with a panel of insurers’ products.
Through this unique partnership, the automotive insurance purchasing journey will be simplified and personalized, with custom coverage options available through multiple distribution channels. The offering will scale to include usage-based choices through the use of telematics, data and analytics.
"Stellantis customers today want choice, context, and simplicity when selecting their auto insurer," said Mark Buffa, Managing Director of Insurance at Stellantis Financial Services US. "It’s important that insurance offerings keep up with customer demands. Partnering with bolt and their established insurer partners, we’re confident that customers and their vehicles will be better protected."
Ford Pro Insure Expands Its Reach To Additional U.S. States
Pro Insure – which is essentially auto insurance, but caters specifically to commercial fleet customers – debuted back in late 2022 as the latest product from the automaker’s dedicated business unit, which is aiming to provide those customers with a one-stop-shop approach.
Since then, Ford Pro Insure has expanded its reach on a state-by-state basis in the U.S., and now, it has added even more to that growing list.
Initially, Ford Pro Insure was available to customers that are based in Arizona, Illinois, and Tennessee when it launched in July 2023, and this past January, it added Indiana and Wisconsin to that list.
Now, Ford Pro Insure is also available for commercial fleet customers seeking insurance in Minnesota and Maryland, too.
Ford teamed up with Pie Insurance – a company provides distribution, underwriting, servicing, and claims – to create Ford Pro Insure, which is available through managing general agent Pie Insurance, though it’s also underwritten by a Blue Oval subsidiary dubbed The American Road Insurance Company (TARIC)
McKinsey: 46% of U.S. EV owners want to switch to ICE vehicles
Forty-six percent of current electric vehicle (EV) owners in the United States told McKinsey & Co. they would likely switch back to an internal combustion engine (ICE) vehicle during the firm’s 2024 Mobility Consumer Global Survey.
Globally, 29% of EV owners are considering switching back to ICE, the survey results show.
Thirty-five percent of respondents said an inadequate charging infrastructure was one reason they wanted to switch. Other top answers included total costs of ownership and too much impact on long-distance trips.
These also were the top concerns for 21% of respondents globally who said they would never want to switch to an EV. The number remained unchanged from 2022 and declined by 3% from 2021.
Eighteen percent of respondents said their next vehicle will be an EV, an increase from 16% in 2022 and 14% in 2021.
The survey also explored other mobility issues such as driving assistance features and autonomous vehicles (AV).
Claims
ServiceNow debuts as a Leader in P&C Claims Management Systems report by independent research firm
ServiceNow recognized with the highest strategy category score of all firms evaluated with a vision for Financial Services Operations for Insurance to “be the agile backbone for insurance operations..."
ServiceNow (NYSE: NOW), the AI platform for business transformation, has been named a Leader in the Forrester Wave™: P&C Claims Management Systems, Q2 2024 for the first time.
This rating recognizes ServiceNow’s Financial Services Operations for Insurance solution.
According to the report, “ServiceNow has entered the P&C claims management market with the strongest strategy of all the firms that Forrester evaluated. Its vision is to be the agile backbone for insurance operations that will enable insurers to deliver exceptional experiences for claimants.”
It goes on to say, “ServiceNow Claims capabilities for claims communications and servicing, analytics, visualization, and reporting excelled in our demonstration and was mentioned by reference customers.”
Canada
Alberta Premier says no to public auto
Alberta Premier Danielle Smith said public auto insurance is not in the running as a long-term auto reform option.
That’s despite a recent Oliver Wyman report that found a public auto model would lead to the lowest premiums for Albertans. The findings have been contested by industry representatives.
“I can tell you the sticker shock of bringing through a fully publicly funded auto insurance program in Alberta made all of the ministers’ eyes pop,” Smith said during a press conference.
“I would say that the appetite for a full Alberta-run public insurance system is very low.”
It would cost anywhere between $2.4 billion and $2.8 billion for the province to establish a new public model, a Nous Group report found. That’s split between a cost of $100 million to $500 million to establish the insurer, and up to $2.3 billion in available capital reserves to pay out claims.
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