Safehold Special Risk, a division of Innovation Growth Partners Specialty, LLC, has announced the launch of its new Specialized Equipment Coverage Program, expanding tailored insurance solutions for contractors operating in agriculture, construction, and forestry.

Developed in partnership with Concert Specialty Insurance Company®, a member of the hybrid fronting carrier Concert Group®, the program is designed to address the unique risk exposures associated with owning or leasing specialized equipment in these sectors. With underwriting flexibility and coverage designed for both single units and large fleets, the program offers a competitive, customized insurance option for today’s equipment-intensive operations.

“We’re delighted to partner with Safehold in support of this highly specialized program,” said Joe Alberti, Chief Underwriting Officer of Concert Group. “As we continue to build a diversified book of business, we look for opportunities to provide innovative solutions to niche sectors of the market. This program is nicely aligned with that objective.”

Industry-Specific Expertise Built In

With over 30 years of experience supporting equipment-heavy industries, Safehold’s team brings deep industry knowledge and underwriting precision to the table. The program offers:

• Standalone or bundled coverage options
• Blanket coverage for larger schedules
• Access to admitted paper rated A- (Excellent) by AM Best
• In-house underwriters with specialized equipment risk expertise

“Whether it’s a single tractor or a multimillion-dollar equipment schedule, our goal is to provide the right coverage at the right price,” said John Paulk III, President of Programs for Safehold. “By partnering with Concert and leveraging our decades of experience, we’ve created a best-in-class insurance solution for contractors.”

Availability and Contact Information

The Safehold Specialized Equipment Coverage Program is available across most U.S. states, with current exclusions including Alaska, California, Colorado, Connecticut, Hawaii, Massachusetts, Minnesota, Maine, New Jersey, New York, Oregon, and Wisconsin.

For more information, email equipment@safehold.com or call 1-800-842-8917. You can also click here to learn more.

About Safehold Special Risk Safehold Special Risk, a division of Innovation Growth Partners Specialty, LLC, is a national program administrator providing access to customized insurance solutions for a wide range of niche businesses and industries throughout the United States. Safehold acts as a managing general underwriter with delegated carrier underwriting authority, placing coverage with admitted and non-admitted carriers rated A- or higher. With more than 20 industry-specific programs, our tailored solutions help protect critical business assets, such as people, property, and reputation. For more information, please visit www.safehold.com.

About Concert Group^® Concert Group is a privately owned insurance holding company, which, through its wholly owned subsidiaries, Concert Insurance Company^® and Concert Specialty Insurance Company^®, offers insurance fronting and related services in the United States. For more information, please visit www.concertgroup.com. Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.

Mary Campbell has joined Alliant Insurance Services as Vice President within its Employee Benefits Group. Based in the Pacific Northwest, Campbell brings nearly three decades of experience designing and deploying alternative funding strategies for large, multi-state employers. “Mary is a strategic thinker with a proven ability to deliver long-term value and creative solutions for her clients,” said Kevin Overbey, President, Alliant Employee Benefits. “She brings both deep technical knowledge and a collaborative approach that builds trust and drives results.” Campbell joins Alliant with a multifaceted background spanning strategy development and implementation, federal and state compliance, and keeps current on innovative solutions for her clients. She is highly regarded for her ability to balance enterprise-wide strategic thinking with hands-on problem solving. Prior to joining Alliant, Campbell served as a benefits consultant with a national insurance brokerage and employee benefits firm. A recognized thought leader in the industry, she has authored numerous articles and is a frequent speaker at industry events. Campbell earned her bachelor’s degree in communication from Portland State University. About Alliant Insurance Services Alliant Insurance Services marks a century of success as the nation’s leading specialty broker. We operate through a network of specialized national platforms and local offices to offer our clients a comprehensive portfolio of risk solutions built on innovative thinking and personal service. The business of managing risk is complex, and Alliant meets this complexity head-on with creativity and agility. Alliant has changed the way our clients approach risk management and benefits, giving them complete access to our resources and expertise, regardless of where the resource is located, to capitalize on new opportunities to grow and protect their organizations and their people. Alliant is recognized as a leading destination for top-tier brokerage talent in the U.S., attracting brokers and specialists across a diverse spectrum of disciplines who are eager to advance their careers. With the advantage of being majority employee-owned, professionals choose Alliant for autonomy, unparalleled resources, and a unique equity ownership opportunity. As a testament to our commitment to excellence, Alliant maintains an impressive 99% producer retention rate and has earned Forbes’ prestigious title of one of America’s Best Large Employers. Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.

As the 2025 hurricane season begins, uncertainty surrounds the future of the Federal Emergency Management Agency (FEMA), the nation's key disaster response agency. Despite public statements about eliminating the agency, recent behind-the-scenes efforts indicate FEMA will remain operational, at least for now.

Calls for Change Amid Unfinished Plans

Earlier this year, Homeland Security Secretary Kristi Noem made headlines by stating that FEMA should be “eliminated.” The comment reflected a broader push within the administration to significantly reduce or restructure the agency’s role in disaster response.

However, eliminating FEMA is no simple matter. The agency plays a critical role in coordinating disaster relief, responding to emergencies, and reimbursing states for recovery efforts. Without a clear replacement strategy, removing FEMA entirely could create a dangerous vacuum during one of the most vulnerable times of the year.

Quiet Support for Continued Operations

While the public rhetoric has been bold, internal decisions tell a more complex story. In mid-May, Secretary Noem approved a request to extend the terms of over 2,600 FEMA employees, members of the Cadre of On-Call Response/Recovery Employees (CORE), whose contracts were set to expire before the end of 2025.

These workers represent a significant portion of FEMA’s temporary workforce. Without their continued service, the agency would have faced a dramatic loss of personnel at the onset of hurricane season.

The decision surprised many within the agency and suggested a practical acknowledgment of FEMA’s essential function, even amid broader political efforts to dismantle it.

States See Long-Awaited Reimbursements

Around the same time the CORE employee extensions were approved, the White House authorized disaster recovery reimbursements to 10 states, some of which had been waiting for months. These approvals made up 20 percent of all such reimbursements granted during the current administration’s term, reflecting an unusually large wave of action in a short period.

Sources familiar with the matter indicate that Secretary Noem has played a more active role than her predecessors in pushing for these approvals, advocating for FEMA’s capacity to assist states despite calls to reduce the agency’s footprint.

Balancing Reform and Readiness

As policymakers debate FEMA’s long-term future, the 2025 hurricane season highlights a central challenge: reforming federal emergency response systems without compromising public safety. Whether FEMA is eventually restructured, replaced, or retained, one thing is clear. States and citizens rely on its resources and expertise when disaster strikes.

For now, FEMA remains operational, staffed, and positioned to support the country through another unpredictable storm season.

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VENTURA COUNTY, Calif. — May 29, 2025 — A construction site located at 935 E. Front Street in Ventura County experienced a significant ground collapse Thursday morning, resulting in a sinkhole that engulfed multiple vehicles and at least one structure. The incident began unfolding around 9:00 a.m.

According to the City of Ventura, the sinkhole was triggered by the failure of temporary construction shoring at the site, which is currently under active development for a new apartment complex. In response, the site was red-tagged as a precaution, effectively halting all operations and deeming the area unsafe for entry.

While some vehicles were moved away before the full collapse, others were not as fortunate and fell into the developing sinkhole. No injuries have been reported at this time.

Local authorities responded quickly, cordoning off the scene to ensure public safety and prevent unauthorized access. On-site observations showed heavy equipment, including an excavator, present near the affected area.

The event underscores the potential risk exposure construction companies face when temporary safety measures, such as shoring systems, fail. As investigations continue, the focus remains on the structural integrity of support systems and the necessity of rigorous safety standards to prevent similar occurrences.

Further updates are expected as city officials and construction crews assess the damage and determine next steps.

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On May 13, 2025, the Edison Ballroom in New York City transformed into a joyful gathering of therapy dogs, their handlers, and supporters of The Good Dog Foundation. The occasion marked the organization’s annual gala, an event that raised nearly a quarter of its yearly budget to expand its vital work across the Greater New York / Tri-State area.

Recognizing the Power of Animal-Assisted Therapy

The evening celebrated the life-changing impact of therapy dog visits with the presentation of the Annual Healing Awards. Honorees included:

• The Juilliard School: For using therapy dogs to comfort students and staff during high-stress periods such as rehearsals and final exams.
• Ulster Regional Drug Treatment Court: For supporting individuals in addiction recovery through animal-assisted emotional support.
• Barclays: For integrating therapy dog visits into its employee wellness programs, enhancing workplace morale.

A short film, Dogs Who Save The World, showcased the profound effects of these partnerships.

Addressing the Rising Demand for Mental Health Support

According to Bruce Fagin, Executive Director and Chief Advancement Officer of The Good Dog Foundation, the organization currently supports more than 100,000 people annually across 300 partner facilities—including hospitals, nursing homes, schools, and businesses. However, the demand for therapy dog teams continues to grow in response to rising anxiety and depression rates, especially among young adults.

To meet the increasing need, the foundation has launched a summer fundraising campaign aimed at doubling its therapy dog corps. Each new team requires approximately $1,000 for recruitment, training, certification, deployment, and essential liability insurance—highlighting a key intersection between therapy work and the insurance industry.

Therapy Dogs in the Workplace and Beyond

Corporate settings are increasingly turning to therapy dog programs to bolster employee well-being. Barclays’ Managing Director, Betty Gee, emphasized the effectiveness of these visits in easing workplace stress, calling them “an immediate, easy-to-implement solution.”

Scientific research backs these outcomes. Rachel McPherson, the foundation’s Founding President and Chief Science Officer, notes that therapy dogs stimulate oxytocin release—a hormone linked to trust, stress relief, and social bonding. These benefits extend from hospitals and schools to corporate environments, demonstrating the broad applicability of therapy animals in stress mitigation and productivity enhancement.

Highlights from the Gala

Guests experienced firsthand the joy that therapy dogs bring through "Therapy Dog Love Sessions," enjoyed a live jazz performance by Juilliard musicians, and participated in live and silent auctions. The positive energy of the evening was so infectious that guests lingered until closing time.

The Good Dog Foundation is recognized globally for its leadership in animal-assisted therapy. For organizations — whether educational, medical, or corporate — considering therapy dog programs, it's essential to plan for the appropriate risk management and liability insurance to support safe, effective implementation.

For more information or press inquiries: Info@TheGoodDogFoundation.org.

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Adidas has announced (May 23, 2025) that it was the target of a recent cyber attack resulting in the theft of customer data. According to a statement posted on the company’s website, criminals gained access to “certain consumer data,” primarily consisting of the contact information of individuals who had interacted with Adidas’ help desk.

The global sportswear brand emphasized that no passwords, credit card information, or other payment data were compromised in the breach. "We remain fully committed to protecting the privacy and security of our consumers, and sincerely regret any inconvenience or concern caused by this incident,” the company stated.

Adidas has taken immediate steps to contain the breach and has launched a comprehensive investigation, enlisting the support of leading information security experts. The company also noted that it is in the process of informing potentially affected customers and has notified relevant data protection and law enforcement authorities in accordance with applicable laws.

Lisa Barber from consumer advocacy group Which? urged Adidas to keep consumers informed with timely updates. She advised affected individuals to monitor bank accounts and credit reports for suspicious activity and to be cautious of unsolicited phone calls, emails, or messages that could be scams exploiting the breach.

The attack on Adidas comes amid a broader surge in cyberattacks targeting major retailers. Marks & Spencer (M&S), Co-op, and Harrods have all recently experienced significant breaches, some of which severely impacted their operations. Authorities are investigating the possibility that an English-speaking hacker group known as Scattered Spider may be behind those incidents. M&S, in particular, has estimated a loss of approximately £300 million due to the attack, about a third of its annual profit.

Adidas has not indicated any operational disruptions resulting from the breach, and there is no evidence linking the attack to the Scattered Spider group. However, the company did previously disclose other data breaches involving its operations in Turkey and South Korea.

The incident underscores the growing cybersecurity threats facing global brands and the importance of robust data protection measures for both companies and consumers.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.

A recent study — Performance of IBHS FORTIFIED Home Construction in Hurricane Sally, conducted by the Alabama Department of Insurance and the Center for Risk and Insurance Research at the University of Alabama — provides new evidence supporting the use of climate-resilient construction methods to reduce storm-related damage. The analysis examined insurance claims related to Hurricane Sally, which made landfall on the Alabama coast in 2020 with wind speeds reaching up to 105 miles per hour, and found that homes built or retrofitted to Fortified standards experienced significantly better outcomes.

Key Findings on Fortified Construction

The study focused on homes built or retrofitted to meet Fortified standards — a set of voluntary construction guidelines developed by the nonprofit Insurance Institute for Business and Home Safety (IBHS). These standards are designed to mitigate wind and rain damage through structural improvements such as upgraded roof fasteners, impact-rated doors and windows, and stronger wall-to-foundation connections. The Fortified program includes three designation levels: Roof, Silver, and Gold.

Data collected from over 40,000 homes with a combined insured value of $17 billion revealed that Fortified homes experienced significantly fewer and less severe insurance claims. Specifically, the study found:

• Claim frequency reduction: 55% to 74%, depending on designation level
• Loss severity reduction: 14% to 40%
• Claim representation: Although Fortified homes made up nearly a quarter of the policies studied, they accounted for only 9% of total claims

The researchers concluded that, had all affected homes in Mobile and Baldwin counties met Fortified standards, insurers could have reduced payouts by up to 75%, saving approximately $112 million. Homeowners could have saved up to $35 million in deductibles — a 65% reduction.

Implementation in Alabama

Alabama began exploring resilience strategies following Hurricane Ivan in 2004. In response, the state enacted two major initiatives:

• Mandatory minimum insurance discounts for Fortified homes, with potential savings of up to 50% on the wind portion of homeowners’ premiums
• The Strengthen Alabama Homes grant program, which has awarded $86 million since 2015 to support 8,700 home retrofits

These initiatives have led to widespread adoption of Fortified standards, with over 53,000 Fortified-designated homes now in Alabama, out of 80,000 nationwide.

Broader Impact and Interest

The Fortified approach is being used not only by individual homeowners but also by disaster recovery nonprofits such as Habitat for Humanity, Team Rubicon, and SBP. These organizations have implemented the standards in rebuilding projects across nine states, often with funding support from insurance companies.

Though the Fortified upgrades add costs, ranging from 0.5% to 3% for new construction and 6% to 16% for retrofits, the study highlights long-term financial benefits. It also notes that Fortified does not address all types of storm damage; nearly half the claims analyzed were due to fallen trees, which require separate mitigation strategies.

Looking Ahead

Alabama is expanding its grant program to three additional counties this year. State Insurance Commissioner Mark Fowler stated that the program has helped stabilize the insurance market and hopes it will encourage more insurers to offer wind coverage in coastal areas. He also recently spoke in support of California’s proposed Safe Homes Act, which would provide grants for wildfire-resistant upgrades.

Fowler emphasized a proactive approach to natural disasters: “You must find ways to build stronger before the event so you will have less damage after the event.”

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.

A newly released 2025 benchmarking report from The Baldwin Group, produced in collaboration with Nasdaq, suggests that some public companies may be carrying significantly more Directors & Officers (D&O) insurance than their risk exposure requires. The report is based on data from over 250 companies and provides a sector- and market-cap-specific analysis of D&O insurance structures and costs.

Decline in Premiums and Retentions Continues

Soft market conditions extended into 2024, with average retention levels dropping from $2.5 million to $1.5 million and the average premium for $5 million in limits falling to $277,985, down from $315,222 in 2023. The overall average rate change was -9.7%, with the technology and healthcare sectors experiencing the largest reductions at -15.0% and -13.6%, respectively.

Coverage Levels Exceeding Risk Exposure

The report highlights a notable gap between insurance purchasing behavior and actual claims data. Among mid-cap public companies — those valued between $500 million and $1 billion — many are purchasing up to $40 million in D&O coverage. However, based on data from Stanford Securities Litigation Analytics and Baldwin’s own benchmarking, average securities class action settlements are approximately $8.2 million, with total costs including legal fees ranging between $12 million and $15 million.

This suggests that such companies may be over-insured by $10 million to $20 million, based on historical claims trends.

Executive Commentary

“This year’s data, like the past few years, still shows rates are coming down at renewal; however, we still believe most companies aren’t deploying their capital strategically,” said Michael Tomasulo, Senior Managing Partner & National Practice Leader at The Baldwin Group. “Our data shows that while a company may be purchasing $40 million in D&O limits, their actual claims exposure might be a fraction of that.”

Dan Galbraith, President of The Baldwin Group and CEO of its Retail Brokerage Operations, added: “Too often, insurance decisions get treated as one-off transactions. At Baldwin, we take a different approach — advising companies on the smartest path forward based on their actual risk exposure, business goals, and capital priorities.”

Benchmarking and Strategic Alignment

The Baldwin Group’s report includes benchmarking tools that allow companies to compare their D&O insurance programs against peers based on sector and market cap. While ongoing premium reductions suggest short-term savings, the report emphasizes that misaligned coverage levels could reduce the long-term strategic value of these programs.

For more information or to request access to the full benchmarking report, visit www.baldwin.com.

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Assurity has been named the 2024 Voluntary Sales Growth Leader in the small carrier category by Eastbridge Consulting Group. It's the 5^th time Assurity has earned the title in recent years, adding to a four-year span from 2018-2021. "Assurity's regular appearance at the top of the small carrier category demonstrates its commitment to meeting the needs of brokers, employers and employees in the voluntary market," said Nick Rockwell, president of Eastbridge. Assurity's voluntary sales increased by 26.3 percent in 2024, while the overall industry growth rate was 2 percent. "The small carrier market is so competitive. The honor of earning this title once again is not lost on us," said Jack Douglas, Assurity's Vice President of Worksite Sales. "Assurity works hard to be responsive to trends and adapt to what the industry is asking for, so this recognition means a great deal." "Our sales growth doesn't happen without the efforts and dedication of our agency partners and all the brokers who have chosen to make Assurity their go-to carrier for worksite business. Our brokers' expertise, backed by a dedicated worksite sales team and our home office's strong commitment to service, creates a winning combination that sets us apart. We look forward to continued growth—and to helping our brokers build their businesses while providing valuable insurance protection for employer groups and their employees." Eastbridge recognizes carriers that exhibited voluntary sales growth above industry averages for the previous three years after publishing its annual "U.S. Voluntary/Worksite Sales Report." The report tracks new annual sales for insurance companies in the worksite space. All carriers participating in the survey with at least $10 million in annual sales are eligible for the sales growth recognition. To be considered this year, companies must have exceeded the overall industry growth rates from 2022-2024. About Assurity - For over 130 years, Assurity has been a source of stability for American families. We provide peace of mind with accessible insurance solutions to protect what matters most. As a mutual organization and Certified B Corporation, we prioritize people over profits, taking the long view and ensuring our customers always come first. Together, we're building a brighter tomorrow. About Eastbridge Consulting Group - Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is proud to announce its acquisition of Boelzner & Associates Insurance Services Inc., a benefits-focused agency based in California. This strategic acquisition further strengthens Inszone’s position in the health and life insurance marketplace, particularly across small group, large group, and Medicare segments. Founded in 1993 by Paul Boelzner, Boelzner & Associates quickly established itself as a trusted resource for both employer-sponsored and individual health insurance solutions. Today, the agency serves over 850 Medicare clients and more than 400 individual policyholders, focusing exclusively on health, life, and disability insurance. After decades of dedicated service, the decision to merge with Inszone was sparked by a trusted referral. “We’ve been friendly competitors with John Henry for 35 years,” shared Josi Boelzner, the agency’s owner. “When John’s agency joined Inszone, he introduced me to the team. I knew immediately that it would be perfect, I didn’t even consider another company.” With a career spanning over three decades, Josi knew the time was right to transition the agency. “Partnering with Inszone ensures my clients are in good hands and can continue to receive the same level of service they’ve always known.” Chris Walters, CEO of Inszone Insurance Services, commented on the acquisition: “We are thrilled to welcome Boelzner & Associates to Inszone. Their expertise in Medicare and health insurance, combined with long-standing client relationships, makes them an ideal fit for our growing benefits division. We look forward to continuing their tradition of service while expanding the solutions available to their clients.” Clients of Boelzner & Associates will continue to receive the personalized attention they’ve come to expect, now backed by Inszone’s broad carrier access, national support infrastructure, and innovative technology platforms. About Inszone Insurance Services Founded in 2002 and headquartered in Sacramento, California, Inszone Insurance Services is a full-service insurance brokerage firm offering a wide range of property & casualty and employee benefits solutions. Inszone continues to expand organically and through strategic acquisitions, now serving clients through offices in California, Arizona, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Missouri, Nevada, New Mexico, Oklahoma, Oregon, South Dakota, Texas, Utah, and Washington, with additional expansion planned nationwide. For more information about Inszone, visit www.inszoneinsurance.com. Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.

The arrival of autonomous semi trucks on U.S. highways marks a new chapter in freight transportation. In April 2025, Aurora Innovation, a Pittsburgh-based company, became the first to operate a fully driverless 18-wheeler on an American interstate. As reported in The New York Times, the company’s trucks have already logged over 1,000 miles on Texas highways and are currently transporting goods — without a human driver in the cab — along Interstate 45.

Addressing Challenges in the Trucking Industry

Autonomous trucking is being promoted as a potential solution to challenges faced by the shipping industry, including:

• A persistent shortage of long-haul drivers
• Demanding work conditions
• Growing demand driven by e-commerce

Supporters claim that driverless trucks offer several advantages: they do not require rest, they avoid reckless behavior such as speeding or aggressive driving, and they are not subject to the 11-hour daily driving limits imposed on human drivers. According to Aurora CEO Chris Urmson, this capability could significantly expand the reach of businesses transporting perishable goods.

Technology Overview

Aurora’s trucks are outfitted with a comprehensive sensor suite that includes 25 laser, radar, and camera systems, enabling near-360-degree visibility and the ability to detect objects up to 1,000 feet away. The company has stated that its trucks drive conservatively in inclement weather and use blasts of high-pressure air to clean sensors. However, autonomous operation in snow remains a future goal.

Concerns from Drivers and Safety Experts

Despite the technological advances, concerns remain. Some veteran drivers and safety experts have voiced apprehension about the reliability of robotrucks in unpredictable traffic or weather conditions.

• Angela Griffin, a long-time truck driver, cited scanner malfunctions in misting rain and questioned the ability of autonomous systems to handle situations such as inaccurate construction signage or sudden obstacles on the road.
• Byron Bloch, an auto safety expert, described the pace of deployment as “alarming” and federal oversight as “totally inadequate.”
• Other concerns include the potential for slower emergency response times and the challenge of handling accidents involving large, heavy vehicles, especially those carrying hazardous materials.

The Current Regulatory Landscape

There is no comprehensive federal regulatory framework governing automated trucks at this time. The U.S. Department of Transportation has stated that regulations are in development and that it is working with stakeholders to modernize safety oversight. Some states, including Texas, have welcomed the technology. Governor Greg Abbott has expressed support for the deployment of Aurora’s vehicles in Texas, citing the state’s business-friendly environment.

Several other companies, including Kodiak Robotics, are also actively developing autonomous trucking technology. Kodiak has begun tests on dirt roads in Texas.

Public Sentiment and Industry Outlook

Public opinion reflects hesitation. A 2025 AAA survey found that:

• 61% of U.S. motorists are fearful of self-driving vehicles
• 26% are unsure
• 13% expressed confidence

Labor organizations, such as the Transport Workers Union of America, have expressed concern about job losses and safety risks. Union President John Samuelsen characterized the rollout of autonomous trucks as a potentially “disastrous” shift.

Nonetheless, not all truckers are opposed. Gary Buchs, a driver with decades of experience, suggested that autonomous vehicles may reduce accidents and free up opportunities for shorter-haul jobs, potentially creating different roles within the industry.

Expansion Plans

Aurora plans to scale its driverless operations to at least 20 trucks by the end of 2025. While the company temporarily returned observers to the driver’s seat at the manufacturer’s request, it has stated its commitment to continuing driverless deployments, particularly in favorable weather conditions.

Research from McKinsey & Company projects that 13% of the heavy-duty truck fleet in the U.S. could be autonomous within the next 10 years.

Final Observations

Experts generally agree that autonomous trucks may outperform humans in routine driving conditions. However, they also caution that the technology is untested in edge cases and that outcomes remain uncertain.

“This technology is really good at things it’s practiced, and really bad at things it has never seen before,” said Philip Koopman, an engineering professor at Carnegie Mellon University.

As the industry advances, the balance between innovation, safety, and regulation remains a central point of discussion.

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Orange County's housing market has seen a significant downturn, with home sales declining 31% over the past three years. This shift aligns with broader changes in the U.S. economy, particularly those influenced by the Federal Reserve’s monetary policies aimed at curbing inflation.

Home Sales Reach Historic Lows

According to Attom’s March 2025 report, Orange County recorded 2,157 home sales, covering both existing homes and new construction. This marks the third-lowest sales total for March since 2005 and represents a 27% drop compared to the month’s 20-year average.

When looking at the longer term, monthly average home sales since March 2022 — the start of the Federal Reserve’s current rate-hiking campaign — have dropped to 2,087 homes. That’s down from a monthly average of 3,031 in the three years prior (2019–2022), reflecting a 31% decrease and coming in 23% below the long-term average.

Broader Housing Trends in California and Nationwide

The sales decline is not limited to Orange County. Since the Federal Reserve began raising interest rates:

• California home sales have declined by 29%.
• National home sales have decreased by 22%.

Home Prices Hold Steady Despite Slowdown

Despite reduced sales activity, Orange County home prices have not declined. In fact, the median selling price in March 2025 was $1.2 million, matching the previous peak set in May 2024. Over the past year, prices have increased by 4.3%, and over six years, they’ve risen by 70%.

Mortgage Payments Surge

The cost of financing a home has risen sharply. Since March 2022, mortgage rates in Orange County increased from 4.3% to 6.7%, while home prices rose 19%. As a result, estimated mortgage payments have surged by 57% over that three-year span.

In contrast, during the previous three years (2019–2022), interest rates fell to a historic low of 2.9% before rising again to 4.3%. Home prices rose by 43% during that time, but payment increases were limited to 42%.

Widening Affordability Gap

Home affordability has eroded dramatically:

• Over six years, estimated monthly mortgage payments have increased by 122%.
• Incomes in Orange County rose just 25% during the same period.

According to the California Association of Realtors, only 12% of Orange County households could afford to buy a home in Q1 2025, as reported by The Orange County Register. That figure stood at 24% six years earlier; the long-term average since 2006 has been 21%.

To close the current affordability gap, data estimates suggest one of the following would be required:

• A 44% drop in home prices,
• Mortgage rates are falling to 1.8%, or
• A 77% increase in household incomes.

The Orange County housing market is experiencing a sharp downturn in sales volume amid steady home prices and rising mortgage costs. These trends have created a significant affordability challenge for prospective homebuyers, with fewer households able to qualify for a mortgage under current conditions.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.