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CA to Cap Health Care Providers’ Annual Price Increases at 3% California’s Health Care Affordability Board voted to limit annual price increases from doctors, hospitals and health insurers...
VT Retailers Fight Data Privacy Bill Orvis and other online retailers based in Vermont are mounting an effort to scale back comprehensive consumer data privacy legislation ( HB 121 ) that has been passed...
Even as states are falling behind on their greenhouse gas emissions goals , that topic remains a top priority in legislatures across the country. Numerous bills have been introduced this year that would...
States Loosening Occupational Licensing Laws In an effort to boost their workforces, states are advancing legislation to loosen their occupational licensing laws. For example, the Louisiana House passed...
ME House Passes Restrictive Data Privacy Bill Maine’s House narrowly approved a bill ( LD 1977 ) that would impose restrictions on the digital information that companies can collect. Businesses...
A report from global specialist insurance provider Hiscox indicates that U.S. small businesses are largely underinsured and lacking in insurance literacy, leaving them open to losses from property damage and lawsuits. Of the 1,000 U.S. small businesses with 1 to 50 employees surveyed by Hiscox in July, only 65% had general liability coverage, 45% had property insurance, 35% had workers compensation insurance and 32% had professional liability insurance. Eighty three percent of the respondents also failed to accurately describe what a general liability policy covers. (INSURANCE JOURNAL, HISCOX)
Despite Florida’s enactment of reforms in 2022 and 2023 aimed at helping stabilize its insurance market, premiums, which have doubled in recent years for some residents, are unlikely to go down, according to a report from catastrophe modeling firm Karen Clark & Co. The report concluded that the state’s exposure to “hurricane and severe weather risk” and “the ever-increasing costs of construction” would “continue to influence future homeowners premiums.” But the report also noted that the state’s recently enacted legislation should reduce the impact of excess litigation on insurance rates, keeping them from being even higher. (SOUTH FLORIDA SUN-SENTINEL, INSURANCE JOURNAL)
The use of financial products allowing hedge funds, commodity traders and energy companies to profit from or protect themselves against extreme climate events is on the rise. Average open interest in weather futures and options on the Chicago Mercantile Exchange in the period between January and September of this year was four times higher than a year ago and 12 times higher than in 2019. Trading volume on such derivatives has quadrupled in a year as well. (REUTERS)
—Compiled by SNCJ Managing Editor KOREY CLARK