2023: A Devastating Year for US Home Insurers

In 2023, US home insurers faced their worst loss this century. They experienced a $15.2 billion net underwriting loss.

This was the largest loss since 2000 and more than twice the previous year’s loss.

Natural disasters, inflation, and rising populations in high-risk areas were major contributors. States like California, Texas, and Washington saw significant population growth in the 2010s.

Christopher Graham from AM Best highlighted how development in disaster-prone areas raised the risk of floods and wildfires.

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Apple's First Union Contract

Apple signed its first-ever retail union contract in the US. The deal involves the Maryland store and includes a three-year agreement that will boost pay by 10%.

The contract covers scheduling, severance, and subcontracting rules. It ensures any discipline won't be "arbitrary, capricious, or without merit." It maintains current healthcare, retirement, and staffing benefits.

The International Association of Machinists represents the employees. The union announced the agreement, which still needs approval from 85 workers. Voting takes place on August 6.

Unions are gaining ground in the US. Amazon and Starbucks have seen similar movements. However, many of these new unions still lack formal contracts.

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Fiduciary Rule Halted

Two federal judges blocked the US Department of Labor's new fiduciary rule. The rule aimed to expand who qualifies as a fiduciary when advising on retirement plans.

The rule, called the "Retirement Security Rule," sought to ensure advice benefits the retiree, not advisers.

The blocked rule targeted loopholes involving fixed index annuities, which have grown popular but expensive. Critics say the rule would save retirees $5 billion a year.

Judge Jeremy Kernodle in Texas halted the rule nationwide citing high compliance costs.

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Alzheimer’s Diagnosis Blood Test Shows 90% Accuracy

A recent study found that a blood test was 90% accurate in identifying memory problems related to Alzheimer’s. This surpassed the accuracy of cognitive tests and CT scans, which were only 61% accurate.

Alzheimer’s affects nearly seven million Americans and over 32 million people worldwide.

Experts suggest that in the future, blood tests for cognitive impairment could become routine in primary care, much like cholesterol tests are today.

Several blood tests for Alzheimer’s already exist but are mainly used in clinical trials and by specialists to identify the cause of dementia.

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