Traffic deaths decrease 3.2% in first half, NHTSA says | Experts: Bridges deteriorating faster due to climate threats | Comp combined ratio likely to rise this year, Fitch says
A survey of members of APCIA and The Council of Insurance Agents & Brokers finds that the property casualty insurance sector is fostering better cyberhygiene. The results show that applications for cyberinsurance coverage have a better chance of approval if businesses have taken key steps that include implementing multifactor authentication and scheduling software security patch updates. "[Cyberinsurance] underwriting standards are helping to increase our nation's overall resiliency against evolving cyberthreats," APCIA's Gary Sullivan says.
US traffic deaths declined 3.2% year over year in the first six months of 2024, with an estimated 18,720 fatalities, marking nine consecutive quarters of decreases after a spike during the coronavirus pandemic, according to the National Highway Traffic Safety Administration. Meanwhile, vehicle miles traveled increased about 0.8% compared with the first half of 2023, NHTSA says.
Flooding, extreme heat and other climate threats are expediting the deterioration of US bridges, according to engineers. A study found that 1 in 4 of the country's steel bridges could collapse by mid-century because of extreme temperatures. Engineers, scientists and government agencies have just recently started crafting climate-resilience standards for bridges, says Jim Tymon, executive director of the American Association of State Highway and Transportation Officials.
The US workers' compensation insurance sector likely will see its average combined ratio increase to the mid-90% range or higher this year, after a 91% average in 2023 and nine straight years of underwriting profit, Fitch Ratings says in a report. An increase appears likely "given flat or declining premium volume, potential for rising claims costs from medical inflation, and a reduction in favorable reserve development," the report says.
The US jobs report for August revealed a lower-than-expected gain in nonfarm payrolls, with 142,000 jobs added compared with 165,000 expected in a Bloomberg forecast. The unemployment rate came down to 4.2%, and average hourly earnings rose by 0.4% month over month, suggesting that workers retain some bargaining power. Notably, revisions to prior months removed 86,000 jobs, underscoring a weaker payroll level than initially reported.
A disturbance in the Gulf of Mexico is forecast to produce heavy rain for parts of the Gulf Coast over the weekend, although winds likely will be "unfavorable for significant development of this system," the National Hurricane Center says. The center also is tracking three other disturbances in the Atlantic Ocean, and any development of those is forecast to occur slowly.
The Justice Department has seized 32 domains used by a pro-Russian propaganda operation, which aimed to reduce support for Ukraine and influence elections. The department says the Doppelganger operation was directed by the Russian government and used cybersquatting, fake influencers and false narratives generated by AI. The Treasury Department also sanctioned 10 people and two entities, while the State Department implemented new visa restrictions.