Parts and labor shortages are crimping production at truck-trailer factories, undermining trucking companies’ efforts to expand capacity in a constrained freight transport market. According to transportation data provider ACT Research, manufacturers produced 25% more dry vans—the most common type of semitrailer used to haul goods—in 2019 than they do now, and industry turnaround times for… Continue reading Supply-Chain Disruption Hits Production of Trailers Required to Haul Goods
Author: Farkas Laura
Fed Reserve Chair Powell Prepares for Possible Pivot If Inflation Risks Continue
Federal Reserve Chair Jerome Powell said on Wednesday that the US central bank must be prepared to respond if inflation does not fall in the second half of next year as most forecasters currently expect. Powell reiterated in his second day of congressional testimony that he and fellow policymakers will consider a faster wind-down of… Continue reading Fed Reserve Chair Powell Prepares for Possible Pivot If Inflation Risks Continue
The Road Ahead for Personal Lines in 2022
AM Best maintains a stable market segment outlook for the U.S. personal lines insurance industry through 2022, owing to the property/casualty segment’s strong risk-adjusted capitalization, underwriting actions limiting volatility in the homeowners segment, and the acceleration of technology adoption in the pandemic environment. According to AM Best’s new Best’s Market Segment Report, “Market Segment Outlook:… Continue reading The Road Ahead for Personal Lines in 2022
Big Tech’s Liability Shield In Jeopardy
In what is expected to be a showdown between Washington and Silicon Valley, House lawmakers signaled Wednesday that they would move forward with legislation to make internet platforms more accountable to online users. Legislators are attempting to weaken the legal safeguards that allow social-media platforms like Twitter Inc. and Meta Platforms Inc.’s Facebook to post… Continue reading Big Tech’s Liability Shield In Jeopardy
AM Best Revises U.S. Commercial Property Market Insurance Industry Outlook to Stable
According to a new AM Best report, AM Best has revised its market segment outlook for the US commercial property market in its report from negative to stable. The revision is based on the following factors: Segment carriers’ strong risk-adjusted capital Ongoing rate increases and underwriting discipline The decrease in business interruption claims, as well… Continue reading AM Best Revises U.S. Commercial Property Market Insurance Industry Outlook to Stable
Cargill Sues Insurer Over Non-Payment in $45 Million Employee Fraud Claim
Cargill is suing its insurance company it claims should have paid out under a crime loss policy after losing $45 million in an employee fraud scheme. Cargill filed the lawsuit against National Union Fire Insurance Company of Pittsburgh in U.S. District Court in Minnesota on November 24, 2021. Cargill, based in Minnesota, discovered the fraud… Continue reading Cargill Sues Insurer Over Non-Payment in $45 Million Employee Fraud Claim
Michigan Drivers Have Until Year-End to Take Advantage of Auto Insurance Amnesty
Detroit Mayor Mike Duggan joined state and community leaders on Tuesday in encouraging all Michigan residents to sign up for auto insurance before the amnesty period expires and rates rise. One provision of Michigan’s historic auto no-fault reform legislation, which went into effect in July 2020, was to grant previously uninsured drivers amnesty, which meant… Continue reading Michigan Drivers Have Until Year-End to Take Advantage of Auto Insurance Amnesty
High Street Insurance Partners Purchases 27 Former Nationwide Exclusive Agencies
High Street Insurance Partners (“HSIP”) has completed the acquisition of twenty-seven former Nationwide exclusive insurance agencies in North Carolina, South Carolina, Pennsylvania, Tennessee, and Maryland. All Agency Presidents will continue to work in the industry and will now report to Karl Sherrill, Regional President at HSIP. “We are thrilled to be able to provide our… Continue reading High Street Insurance Partners Purchases 27 Former Nationwide Exclusive Agencies
DOL Extends Comment Period on COVID Vaccine & Testing Standard to January 19
The U.S. Department of Labor’s Occupational Safety and Health Administration has extended the comment period for the COVID-19 vaccination and testing emergency temporary standard to Jan. 19, 2022. OSHA extended the comment period by 45 days to allow stakeholders additional time to review the ETS and collect information and data necessary for comment. Submit comments… Continue reading DOL Extends Comment Period on COVID Vaccine & Testing Standard to January 19
Ryan Specialty Acquires Transportation Wholesaler Crouse and Associates
Crouse and Associates, a transportation specialist, has been acquired by Ryan Specialty Group, a leading international specialty insurance firm. Crouse is headquartered in San Francisco, California, and has offices throughout California, Oregon, and Dallas, Texas. The Crouse team has joined RT Specialty, Ryan Specialty’s wholesale brokerage division, expanding the firm’s transportation offering. Crouse, which was… Continue reading Ryan Specialty Acquires Transportation Wholesaler Crouse and Associates