The economic fallout of the coronavirus pandemic for Gulf states has done far more than play havoc with their revenue base and fiscal household. Leave aside whether Gulf states can continue to focus on high-profile, attention-grabbing projects like Neom, Saudi Arabia “s $500 billion USD 21st century futuristic city on the Red Sea. Most governments acted early…
Read morePlenty of companies have discovered how challenging the switch from in-house to remote operations can be. However, there are simple shifts your company can make to ensure success.
The NAIC’s Statutory Accounting Principles (E) Working Group adopted three interpretations related to COVID-19 last week.
As millions of Americans shelter in place, work from home, or face business closures and layoffs, the number of cars on the road has fallen precipitously and, as a result, the number of daily car accidents will diminish dramatically, consumer groups say.
Only about half of Americans say they would get a COVID-19 vaccine if the scientists working furiously to create one succeed, according to a new poll from The Associated Press-NORC Center for Public Affairs Research. That’ s surprisingly low considering the effort going into the global race for a vaccine against the coronavirus.
—Rabbi Shalom Rubanowitz looks forward to reopening his synagogue doors— if his congregation can balance the laws of God and California during the coronavirus pandemic. The Orthodox congregation of Shul on the Beach in Los Angeles County's Venice Beach will follow the guidelines, consulting with rabbinical authorities who place a high importance on…
—South Korea reported its highest number of new coronavirus infections in weeks on Wednesday and India reported another record single-day jump of more than 6,000 cases, as the pandemic expanded its grip across much of the globe. Still, optimism over reopening economies from business shutdowns to fight the virus spurred a rally on Wall Street, even as the…
That's because Congress mandated there would be no copays and no out-of-pocket costs for patients. When testing kits were still scarce, Vanderbilt University Medical Center in Nashville, Tennessee, fired up its clinical labs. In late March, Congress passed two laws, the.
As the federal government, states and — more important, perhaps — individuals start to design their own “Is it worth it?” calculus, Americans are subjectively measuring the stakes and unavoidably helping to frame a national referendum on risk.
The over-60 age group had been the largest group of life insurance applicants, but carriers have had to restrict new coverage for older consumers because of COVID-19.
After the disastrous mishandling of its COVID-19 battle, the Trump White House blames China for the virus, at the cost of American lives and worst contraction since the 1930 s. Blaming China for Trump’ s COVID-19 mishandling. On January 30, right after the‘ Phase 1’ trade deal and the national virus emergency in China, Commerce Secretary Wilbur Ross declared the…
Exact numbers won't be known for a few years, but based on the last recession it's likely that thousands of people who will earn at least $1 million this year but find themselves between work will hold out their hand asking Uncle Sam for an unemployment check. Joni Ernst, Iowa Republican, said Wednesday she wants to have Congress cut them off, calling it an affront to…
DES MOINES, Iowa- Strong concern about a second wave of coronavirus infections is reinforcing widespread opposition among Americans to reopening public places, a new poll finds, even as many state leaders step up efforts to return to life before the pandemic. It has been eroded over the past month by a widening partisan divide, with Democrats more cautious and…
–States, countries, and cruise lines are beginning to open for summer travel, but travel insurance consumer trends show COVID-19 concerns remain top of mind. Travel insurance comparison site, Squaremouth.com, reveals how COVID-19 has changed travel this summer. Domestic trips account for 48% of all planned summer travel, up from just 15% in 2019. Travelers…
Home prices across the United States rose at an annualized rate of 6.1 percent in April 2020 from March 2020, according to Radian Home Price Index data released today by Red Bell Real Estate, LLC, a Radian Group Inc. company. The Radian HPI is the most comprehensive and timely measure of U.S. housing market prices and conditions. Median home price in the U.S. rose to…
Mr. Trump relayed his optimism as transmission appears to be slowing, with the U.S. recording about 20,000-25,000 infections per day, compared to about 30,000-35,000 in late April. Mr. Trump said he talked about “everything you can discuss” with the Senate GOP, which will defend its majority this November in the face of polls that suggest they'll have a fight on…
—Japan’ s economy plunged into recession in the first quarter as the coronavirus pandemic squelched business activity, while leaders in the U.S. and Europe are weighing the risks and rewards of lifting COVID-19 restrictions knowing that a vaccine could take years to develop. Two of the new cases were in Jilin and residents were being required to show…
May 15– Tax incentives are increasingly used by cities, and sometimes states, to lure businesses to the area. Most involve some sort of tax break for the incoming business in return for negotiated levels of capital investment, quality jobs or new revenues generated. Tony Mastin, a tax attorney with McAfee& Taft and former executive director of the Oklahoma Tax…
They spoke anecdotally about a month into Indiana's stay-at-home order and travel restrictions. “Usually in the medical situations, it's important to have an advocate– somebody who's willing to be proactive, contacting doctors and nurses and whoever they can, and to find out what the situation is and what the options are,” said attorney Loraine Troyer.
May 14– JEFFERSON CITY– A plan to use federal funding to offset the cost of COVID-19 tests for Missouri residents advanced in the Senate on Thursday. During the debate on the measure, some Republicans objected to the potential costs of such a program. Dan Hegeman, R- Cosby, who chairs the Senate Appropriations Committee, amended the plan to add the $150 limit.
A pair of companies allegedly tried to scam the public by claiming to offer products to combat the COVID-19 virus, the Securities and Exchange Commission said today. The companies are based in New York and Florida, two states hard hit by the virus.
Eight San Diego area tribes notified Gov. Gavin Newsom that they plan to reopen next week, the Sacramento Bee reported Saturday, and they have also notified the county. A representative of Sycuan Casino, which plans to reopen May 20, told the Union-Tribune that the tribe disagrees that the county has jurisdiction over activities on the tribal reservation.
—Typhoon Vongfong slams into eastern Philippines during lockdown for coronavirus. A World Health Organization official says the debate between ensuring health and reviving the economy is a“ false dichotomy” and that countries must remain vigilant even as they move to lift restrictions. The WHO Western Pacific director Takeshi Kasai says the reopening of…
Everyone is talking about “a new normal” in the wake of the COVID-19 pandemic. But what does it mean for the financial services industry? A panel of four industry association leaders provided their thoughts of what the next year or so could mean for their members, and here are some of the highlights.
A Federal Reserve bank president says the economy is on its way back up. In the meantime, an economists’ report showed that the bounce has not yet begun.
A study by the National Bureau of Economic Research predicted that more than 11.6 million of the layoffs during the pandemic, or 42%, will become permanent job losses. The shutdowns in various states also have accelerated the dire condition of brick-and-mortar retail chains such as J.Crew and Neiman Marcus, both of which have filed for bankruptcy protection.
If you or your spouse has been financially impacted by COVID-19, the IRS has suspended penalties on early withdrawals from IRA accounts and employer-sponsored retirement plans for distributions up to $100,000. The distribution will still be subject to tax, but the IRS is allowing taxpayers to spread out recognition of the taxes in equal parts over the next…
Anthony Fauci will speak before the Senate Tuesday and is expected to present a stern warning as states begin to enact reopening plans. The top infectious disease expert, who has been a key figure in the White House coronavirus task force, shared with the New York Times what he will discuss. Fauci referenced the White House plan, titled Opening Up America Again,…
The lawsuit filed May 8 in the U.S. District Court for the Northern District of Texas says Hartford denied Grailey’s Fine Wines& Spirits’ damages claim made after Dallas County authorities ordered all non-essential businesses to close in March. Hartford is trying to make up an excuse after the fact and cite language not even in Grailey’s policy to reject this…
BetterBox's story is playing out elsewhere in Pennsylvania and other large metro areas in states hardest-hit by the coronavirus. Some of the severely affected states– such as New York, New Jersey, Michigan, and Pennsylvania– are getting fewer PPP loans than some Mountain and Midwest states on a per-small-business basis, according to a new report.
MetLife is offering paid voluntary leave to its licensed healthcare workers who join the fight against COVID-19, the company announced today.
—Plastic barriers and millions of masks appeared Monday on the streets of Europe's newly reopened cities, as France and Belgium emerged from lockdowns, the Netherlands sent children back to school and Greece and Spain further eased restrictions. With Monday's partial reopening, the French did not have to carry forms allowing them to leave their homes but…
Financial professionals have a sober view of the duration of this crisis. The majority expect it to last for many months and they don’t anticipate a quick recovery. Nearly two-thirds (66%) estimate that the crisis will last for three quarters or more.
Plenty of companies have discovered how challenging the switch from in-house to remote operations can be. However, there are simple shifts your company can make to ensure success.
The New York Department of Financial Services is requiring state-regulated health insurers to waive out-of-pocket costs, including cost-sharing, deductibles, copayments and coinsurance, for in-network mental health services for New York’s frontline essential workers during COVID-19.
Many clients may be feeling uncertain or panicked about their financial future. Communicating with them through social media and other online tools can provide reassurance and a source of stability.
The White House, governors, members of congress and state lawmakers are all getting pressured by business leaders who want to be shielded from potential lawsuits brought by sick workers. The issue has vaulted to the forefront of the debate in Congress over the next, and fifth, coronavirus relief bill that’ s still in its infancy. The safety of returning workers has…
NEW YORK- Unemployment in the U.S. is swelling to levels last seen during the Great Depression of the 1930 s, with 1 in 6 American workers thrown out of a job by the coronavirus, according to new data released Thursday. In all, roughly 26 million people- the population of the 10 biggest U.S. cities combined- have now filed for jobless aid in five weeks, an epic collapse that…
A majority of consumers are interested in increasing or buying life insurance, particularly younger people, according to a survey. But almost all of them do not want to go to an office for it these days.
Former Chicago Mayor Rahm Emanuel, who as President Obama's chief of staff during the Great Recession famously said “never allow a good crisis go to waste,” points out that after the Civil War came land grant colleges and the national railway system; after the Great Depression came rural electrification and Social Security; and at the height of the Cold War…
The chief executive officer of Travelers Cos. Inc. on Tuesday accused trial lawyers of filing“ frivolous lawsuits” for COVID-19 compensation as the property casualty insurer posted an $86 million charge in the first quarter for catastrophic losses related to the pandemic. Geragos& Geragos, a Los Angeles law firm, sued Travelers earlier this month for refusing…
This earnings season will be unlike any other, as travel restrictions and lockdowns related to COVID-19 have impacted results dramatically. The biggest economic hits came in mid-March, however, and won’t be fully captured in first quarter results.
–In response to the COVID-19 pandemic and the growing need to ensure the 4.2 million young people across the country experiencing homelessness receive the shelter, support, and services they need, Covenant House is hosting its first national digital Sleep Out America on April 24. Our national Sleep Out America campaign helps ensure we can continue to do this…
The NAIC’s Statutory Accounting Principles (E) Working Group adopted three interpretations related to COVID-19 last week.
President Donald Trump said Illinois Gov. J.B. Pritzker is “always complaining” after he criticized the Trump administration's response to the coronavirus. Those governors, all Democrats, have been outspoken in their criticism of Trump amid frustrations over a lack of testing kits and personal protective equipment.
More than 2,100 cities are bracing for steep budget shortfalls for the fiscal year that ends on Sept. 30, according to a survey conducted by the National League of Cities and the U.S. Conference of Mayors. That represents nearly nine in 10 of the 2,463 cities surveyed.
A new assessment of insurers’ financial strength ratings by DBRS Morningstar finds that capitalization will be the first area of impact if the recession continues. Insurers are going to lose the flexibility that comes with a strong capital cushion, the report concluded.
So, you’re Zooming and using all sorts of tools to work remotely. Well, that’s kind of the problem. A fixable problem. Here are some tips for a safe and protected home office setup.
With COVID-19, the volatile stock market and the stalled economy, we are in a perfect storm. Many financial professionals are struggling with the balance between just “being there” for their clients and continuing to grow their business. Here is a checklist of items to help you return to growth and be there for your clients.
The insurance industry’s traditional face-to-face consultative sales approach has proven to be remarkably resilient, but the COVID-19 pandemic has thrown a wrench into this distribution model.
New legislation is needed to further ease rules to enable retirement savers to retain and restore their nest eggs, said the Insured Retirement Institute. The IRI sent its “five-point plan” to President Donald Trump and members of Congress this morning.
The Coronavirus Relief Fund uses a formula based on population to parcel out tens of billions of dollars to the states while allowing local governments with more than 500,000 residents to apply directly to the Treasury Department for cash infusions. Amid the uncertainty, lawmakers and advocacy groups that include the National League of Cities and the U.S….
More than half of American workers are “very concerned” about their own jobs, and more than one-third worry that their companies will collapse due to COVID-19-related financial challenges, according to the findings of the first Kekst CNC COVID-19 international tracking survey.
The staggering economic consequences of the social distancing edicts adopted across most of the nation last month have led to a vigorous debate over whether, to use President Donald Trump's term, the “cure” for the coronavirus pandemic is worse than the virus itself. The groans were loud and on point when New York Gov. California, Oregon and Washington will sync…
Carolyn McClanahan, a physician turned financial planner and founder of Life Planning Partners, discusses the financial impact of the coronavirus. Q: With news of the novel coronavirus affecting financial markets, has your phone been ringing off the hook? A: Actually, not at all.
Tennessee banks are struggling to keep pace with the onslaught of applications for the federally-backed loans meant to help businesses hurt by the COVID-19 outbreak as businesses seek relief from the worsening economic crisis. The Paycheck Protection Program is a $350 billion portion of the $2 trillion stimulus package approved by Congress on March 27.
COVID-19 is impacting the insurance industry in multiple ways—from employee and business continuity issues to client service considerations to the financial outlook. Here are some key issues insurers face and potential action steps they could take.
A healthinsurance.com survey finds 52% don’t have enough money saved to cover COVID-19 medical costs. Unveiling the financial status of many Americans’, 46% would think twice about seeking medical care right now because of cost.
Assuming a 20% infection rate among the study population, the report estimates that more than 50 million Americans will become infected, with at least 5.5 million requiring hospitalization – of which 1.3 million will require intensive care.
In the midst of the COVID-19 pandemic, more than half (57%) of Americans are very or extremely concerned about the economy, LIMRA research found.
Apr. 8– On March 25, Philadelphia closed a deal on an order of 500,000 highly coveted N95 masks to protect police, firefighters, and other first responders from the coronavirus. At $2.8 million, or $5.60 per mask, the price was inflated by about five times normal, but officials were glad to get them. Adam Thiel, head of the city's Office of Emergency Management, knew…
Marketing is essential for advisors to get their message out, but it is also essential that the message matches the tenor of our times. Here are five risks to watch out for during the COVID-19 pandemic.
Market downturns can create annuity sales opportunities, but agents and advisors need to be taking steps to protect and prepare themselves because history will look back on how advisors and the industry conducted business during the crisis.
