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Military service academies see drop in reported sexual assaults after alarming surgeDonald Trump’s transition team is taking aim at a Biden-era rule requiring automakers and tech companies to report crashes that involve fully or partially autonomous vehicles, . Scrapping the crash reporting rule would greatly benefit Tesla, which to date, has . In 2021, the National Highway Traffic Safety Administration (SGO) requiring automakers and tech companies to report crashes involving autonomous vehicles as well as Level 2 driver-assist systems found in millions of vehicles on the road today. Companies are now required to document collisions when an automated driving system was in use within 30 seconds of impact and report those incidents to the government. The idea was to create more transparency around the deployment of a new technology that purports to improve safety but has also been tied to a number of deadly incidents. Regulators argued that more data was needed to determine whether these new systems were making roads safer or simply making driving more convenient. Tesla, in particular, came under scrutiny. The company’s Autopilot and Full Self-Driving features, which are considered Level 2 systems that require drivers to pay attention, are both covered under the rule. Since it was implemented, Tesla has reported over 1,500 crashes to the federal government, says. An analysis of the crash data shows Tesla accounted for 40 out of 45 fatal crashes reported to NHTSA through October of this year. Tesla’s numbers were much higher than other companies, most likely due to the fact that it sells more vehicles equipped with Level 2 systems than its rivals and collects more data. But it also resulted in a huge headache for the company. NHTSA has into Tesla’s driver-assist technology, most of which centered on crashes reported under the SGO. Several sources close to Tesla told that the company “despises” the standing general order and concluded that it would need a change in administration in order to get rid of it. Tesla CEO Elon Musk was one of Trump’s most vocal defenders, spending at least $277 million of his own money to back his campaign. Musk has since been appointed to head the with the goal of cutting government spending. Trump is also considering , including generous subsidies for EV companies. Musk believes Tesla is better positioned to weather a subsidy-free environment than other automakers due to its scale and maturity. Musk is also lobbying Trump to ease restrictions on fully autonomous vehicles in advance of Tesla’s plans to produce its own . /
Roofing Chemicals Market which was USD 119 Billion in 2022 is expected to reach USD 218.63 Billion by 2030 and is expected to undergo a CAGR of 7.90% 11-21-2024 09:08 PM CET | Advertising, Media Consulting, Marketing Research Press release from: Data Bridge Market Research Private Ltd "Global Roofing Chemicals Market, By Type (Asphalt/Bituminous, Acrylic Resin, Epoxy Resin, Styrene, Elastomers), Application (Membrane Roofing, Elastomeric Roofing, Bituminous Roofing, Metal Roofing, Plastic (PVC) Roofing) - Industry Trends and Forecast to 2030. Data Bridge Market Research analyses that the Global Roofing Chemicals Market which was USD 119 Billion in 2022 is expected to reach USD 218.63 Billion by 2030 and is expected to undergo a CAGR of 7.90% during the forecast period of 2022 to 2030 Explore Further Details about This Research Roofing Chemicals Market Share Report https://www.databridgemarketresearch.com/reports/global-roofing-chemicals-market **Acrylonitrile Market Analysis:** **2021:** - The acrylonitrile market witnessed steady growth in 2021, driven by the increasing demand for acrylonitrile in various end-use industries such as automotive, construction, and electronics. Despite the challenges posed by the COVID-19 pandemic, the market showed resilience due to the versatility of acrylonitrile in manufacturing various products like acrylic fibers, ABS resins, and carbon fiber. The market was significantly impacted by supply chain disruptions and fluctuating raw material prices, leading to volatility in prices. However, increasing investments in research and development activities aimed at enhancing production processes and reducing environmental impact contributed to market growth. **2029:** - Looking ahead to 2029, the acrylonitrile market is poised for substantial growth due to the expanding applications of acrylonitrile in emerging sectors such as aerospace, healthcare, and packaging. The market is expected to benefit from technological advancements leading to improved production efficiencies and reduced carbon footprint. With the rising emphasis on sustainable practices, manufacturers are likely to focus on developing bio-based acrylonitrile to meet the growing demand for eco-friendly alternatives. Additionally, the shift towards lightweight materials in the automotive industry and the increasing adoption of acrylic fibers in textiles are projected to drive market expansion in the forecast period. **Market Players:** - Some of the key players in the acrylonitrile market include: - INEOS Group Holdings S.A. - Ascend Performance Materials LLC - AnQore - Lukoil - Repsol - Formosa Plastics Corporation - Mitsubishi Chemical Corporation - Asahi Kasei - Taekwang Industrial Co., Ltd. The competitive landscape of the acrylonitrile market is characterized by strategic initiatives such as mergers and acquisitions, partnerships, and product innovations aimed at strengthening market presence and enhancing product portfolios. Market players areThe acrylonitrile market is poised for significant growth in the coming years, driven by a multitude of factors that will shape the industry landscape. One key driver of growth in the acrylonitrile market is the expanding applications of the compound in various sectors such as aerospace, healthcare, and packaging. The versatility of acrylonitrile in manufacturing a wide range of products, including acrylic fibers, ABS resins, and carbon fiber, makes it a valuable component in these industries. As these sectors continue to grow and evolve, the demand for acrylonitrile is expected to rise correspondingly, providing ample opportunities for market expansion. Technological advancements are also expected to play a crucial role in shaping the acrylonitrile market in the forecast period. Improvements in production processes and the development of enhanced manufacturing techniques will lead to increased production efficiencies and reduced carbon footprint. This focus on sustainability and efficiency will not only drive market growth but also position acrylonitrile manufacturers as key players in the transition towards more environmentally friendly practices. The development of bio-based acrylonitrile is another significant trend that is expected to gain traction in the market, as manufacturers strive to meet the growing demand for eco-friendly alternatives. Furthermore, the automotive industry's shift towards lightweight materials and the increasing adoption of acrylic fibers in textiles are expected to be major growth drivers for the acrylonitrile market. Acrylonitrile's properties make it an ideal choice for these applications, as it offers excellent strength, durability, and chemical resistance. As the automotive industry continues to prioritize fuel efficiency and sustainability, the demand for lightweight materials like acrylonitrile-based products is likely to increase. Similarly, the textile industry's focus on performance fabrics and eco-friendly materials will drive the adoption of acrylic fibers, further boosting the demand for acrylonitrile. In terms of market competition, key players in the acrylonitrile market such as INEOS Group Holdings S.A., Asc**Market Players:** Asahi Kasei Corporation (Japan), Solvay (US), AnQore (Netherlands), DSM (Netherlands), Ascend Performance Materials (US), INEOS (UK), LUKOIL (Russia), Mitsubishi Chemical Corporation (Japan), Taekwang Industrial Co. Ltd (South Korea), Formosa Plastics Corporation (Taiwan), Sumitomo Chemical Co., Ltd (Japan), Lenntech BV (Netherlands), Repsol (Spain), Versalis S.p.A (Italy), LG Chem (South Korea), LUC Group (US), UNITED PLASTIC COMPONENTS INC. (US), Plastic Extrusion Technologies (US), RTP Company (US), Preferred Plastics, Inc. (US), Crafted Plastics Inc (US) SABIC (South Arabia). The acrylonitrile market is set for significant growth fueled by various factors that will shape the industry landscape in the coming years. The compound's expanding applications across sectors like aerospace, healthcare, and packaging are expected to be key drivers of market expansion. The versatility of acrylonitrile in the production of acrylic fibers, ABS resins, and carbon fiber positions it as a valuable component in these industries, driving demand for the compound. Technological advancements leading to enhanced production efficiencies and reduced carbon footprint will play a crucial role in driving market growth and positioning manufacturers as leaders in sustainability efforts. The development of bio-based acrylonitrile to meet the increasing Table Of Content 1 Introduction 1.1 Objectives Of The Study 1.2 Roofing Chemicals Market Definition 1.3 Overview 1.4 Limitations 1.5 Markets Covered 2 Roofing Chemicals Market Segmentation 2.1 Roofing Chemicals Market Covered 2.2 Geographical Scope 2.3 Years Considered For The Study 2.4 Currency And Pricing 2.5 Dbmr Tripod Data Validation Model 2.6 Multivariate Modeling 2.7 Primary Interviews With Key Opinion Leaders 2.8 Dbmr Roofing Chemicals Market Position Grid 2.9 Dbmr Vendor Share Analysis 2.1 Secondary Sources 2.11 Assumptions 3 Executive Summary............. Browse Related Reports: "https:// www.blogger.com/blog/post/preview/2082540787120326080/5014498096992220832 https://www.blogger.com/blog/post/preview/2082540787120326080/501449809699222083 https://strategicmarketresearch12.blogspot.com/2024/11/4d-printing-in-healthcare-market.html https://strategicmarketresearch12.blogspot.com/2024/11/automatic-sand-blasting-machine-market.html Contact Us: Data Bridge Market Research US: +1 614 591 3140 UK: +44 845 154 9652 APAC : +653 1251 975 Email: corporatesales@databridgemarketresearch.com About Data Bridge Market Research: Data Bridge set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process. This release was published on openPR.Surveillance tech advances by Biden could aid in Trump's promised crackdown on immigration
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Macron names ally Bayrou as new PM as he aims to restore political stabilityUCF and Tulsa will test their mettle against each other on Saturday afternoon in the Orange Bowl Basketball Classic in Sunrise, Fla. The Knights will make their first appearance in the event since recording a two-point loss to Missouri in 2022, while Tulsa's last trip to the Orange Bowl Classic was a loss to Florida State in 2012. UCF (7-2) may have something to prove being away from Addition Financial Arena. The Knights are 7-0 at home, whereas a November trip to the Greenbrier Tip-Off in West Virginia produced an 86-70 loss to Wisconsin and a triple-overtime setback against LSU. The Knights relied heavily on their defense in Sunday's 66-51 win over Tarleton State. After a sluggish start offensively, UCF found its rhythm during a 37-point second half. Jordan Ivy-Curry finished with a game-high 16 points and freshman center Moustapha Thiam collected 10 points, nine rebounds and six blocks. UCF's Big 12 opener draws closer (at Texas Tech, Dec. 31), but head coach Johnny Dawkins remains focused on daily improvement. "I feel a sense of urgency to get better, not with regards to Big 12 play to be quite frank, but every game," Dawkins said. "I don't look too far in the future. Pretty much I've always been in the moment as a player and as a person, and so for me it's about just getting better because it's our standards." Tulsa (4-6) looks to stop a three-game slide following a 70-66 home loss to Southern University last Saturday. Keaston Willis scored in double figures for the sixth time this season, netting a season-high 23 points off the bench. But Isaiah Barnes, one of three Golden Hurricane players to start all 10 games, was injured in the first half and played only eight minutes. To complicate matters, head coach Eric Konkol's team is 0-6 when trailing at halftime. "We got to get some guys healthy that can be healthy for next Saturday (against UCF)," Konkol said. "We got a couple other guys dealing with some different things, but then (also) having some planning to figure out what's the best way going forward for this group." --Field Level Media
US 30-year bonds have had a worrisome week. They've risen for five straight days in a climb to 4.61% from 4.31% and that's coming at the same time as Chinese debt heads in the other direction. Now some of that could be seasonal quirks and we're still within the post-election range. I worry about that range though. It's a narrow spot on the chart and we will need to go down and test 4% or 5% at some point, maybe more. I would like to think that will depend on how the economy evolves but I fear that it may hinge more on Washington and what Congress decides to do early in Trump's term. There is one line of thinking that the border/immigration and energy will be the first priority with taxes left for later. There is another that aims to extend Trump's tax cuts right away. Politically, I have no idea how that shakes out with the narrow Republican majority but I don't think fiscal hawks are in a position to put up a fight at the moment. That may mean it's the market that kicks and screams. Now it could also come down to the economy. There is deep uncertainty about the animal spirits that could be unleashed following the election. Many business surveys lamented Biden and pinned for a new administration and said they were holding back investment and hiring until the election. If that's the case, the US growth could surprise next year, even without Congressional help. In any case, the US dollar will be along for the ride. Japan isn't signalling a rate hike next week and the marekt has it priced at just 23%. With that, USD/JPY is climbing again, up 107 pips to 153.70 today and on a five-day winning streak that mirrors Treasury yields. More broadly, the quiet period in bonds has contributed to the euphoric mood in stocks. If the range in yields cracks to the upside, it might not be pretty. What to watch for next? I don't think a dovish Powell on Wednesday would be well-received by the bond market. Yes, it would push down short-dated yields but 30-year yields are likely to push higher as the market senses too much loosening at an uncertain time.
Derby have ended a six-game winless run in style with a 4-0 Championship victory over Portsmouth at Pride Park. Kane Wilson, Eiran Cashin and Ebou Adams all struck before half-time as the Rams ran rampant in the opening period. The visitors enjoyed plenty of possession but never threatened to get back into the contest and the result was put beyond doubt with Marlon Pack's own goal midway through the second half. Paul Warne made four changes from the midweek stalemate at Burnley as Nat Phillips, Callum Elder, Joe Ward and Dajaune Brown made way for Wilson, Craig Forsyth, Ben Osborn and Marcus Harness - who returned to the starting XI to face the club he made over 100 appearances for between 2019-2022. Portsmouth made three changes from their draw against Norwich as Andre Dozzell and Callum Lang returned from suspension and Tom McIntyre replaced Regan Poole at centre-back. Both teams played out goalless draws in midweek but it took Derby only eight minutes to open the scoring. John Mousinho said Pompey "got everything wrong." "It's difficult to figure out where that came from - we weren't expecting it. Going into the game I felt pretty confident," said Mousinho. "We'll have to unpick it over the weekend and go again. A bit of a strange one. "It wasn't very good, to say the least. We got exactly what we deserved and maybe got off slightly light. "The start was really poor, we invited too much pressure. We never really settled into the game." Derby spurned several opportunities to inflict further damage as the visitors failed to muster a shot on target. Manager Paul Warne said: "I think we've played better in other home games, weirdly, but goals change games and I thought we started really well - I was pleased with that. "We scored and I've always been critical of our play in the final third that we don't pick the right pass but tonight we did."
NoneWangaratta police have charged a man with ramming a police car, with the vehicle involved later found burning on a quiet rural road. or signup to continue reading Officers received a call over a suspicious person in the early hours of November 15. They arrived and tried to intercept a vehicle about 3am, and the driver conducted a three-point turn in a bid to avoid arrest. The car was involved in a minor collision with the officers' vehicle, with the offending car scraping down the side of the police car. The driver fled at high speed. The car was found burning on the Beechworth-Chiltern Road, near Black Dog Creek Road, at 4.30am. Firefighters attended and extinguished the car, which was gutted. Police arrested the alleged driver last week. The 29-year-old Wangaratta man was charged with dangerous driving while being pursued by police and reckless conduct endangering serious injury. He was bailed and will face Wangaratta court on March 3. Detectives continue to investigate the matter. DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily! Advertisement AdvertisementAKRON, Ohio--(BUSINESS WIRE)--Dec 2, 2024-- Babcock & Wilcox Enterprises, Inc. (“B&W” or the “Company”) (NYSE: BW) announced the following leadership changes that will become effective January 1, 2025. Lou Salamone, who has served as Chief Financial Officer since November 2018, has announced he will retire from his role. In connection with his transition from his current position, Mr. Salamone has entered into an agreement with the Company to provide consulting services, including transition support for the Chief Financial Officer role, for a one-year term commencing on January 1, 2025. “Lou’s leadership and support have been invaluable over the past six years as we worked through a number of challenges including the global impact of COVID-19,” Kenneth Young, B&W Chief Executive Officer, said. “Lou initially planned to join us for two years but signed on for another four, which shows his tireless efforts to support our Company and ensure it was on a strong path to future success. Lou will continue to provide strategic support and guidance to B&W under a consulting agreement for at least the next year as we look to refinance and reduce our debt obligations over the coming months.” With the retirement of Mr. Salamone, Cameron Frymyer is named Chief Financial Officer. Mr. Frymyer, who has served in various management positions for B&W for the past 20 years including his most recent role as B&W’s Senior Vice President, Business and Finance Operations, will work closely with Mr. Salamone to ensure an orderly transition of responsibilities. Chris Riker is named Chief Operating Officer, responsible for B&W’s global business operations and for the successful implementation of the company’s short- and long-term business growth and execution strategies as well as performance and cost-saving initiatives. Mr. Riker has led B&W’s Thermal Segment since August 2022 and has been instrumental in improving cash flows and margins within its global operations. Prior to that, he held several operational and finance-related leadership positions including Vice President of B&W’s Global Parts & Service operations, Vice President of B&W’s Industrial Steam Generation business, and Controller for B&W’s Diamond Power International, LLC subsidiary. He has nearly 15 years’ experience with B&W. Jimmy Morgan is named Chief Commercial Officer, responsible for leading the commercial and business development for B&W’s ClimateBrightTM and BrightLoopTM suite of products as well as select biomass and waste-to-energy projects that will leverage B&W’s new and emerging technologies. This a key role to drive growth from carbon capture and hydrogen technologies that will provide long-term revenue growth for B&W. Mr. Morgan has more than 31 years of large energy project experience including eight years with B&W where he has provided key leadership for a number of areas, including completing the challenging waste-to-energy projects in Europe. Gillianne Hetrick is named Senior Vice President, Corporate Operations, and will lead B&W’s Human Resources, Environmental Health, Safety & Security, Information Technology, Communications & Marketing, Facility Services, and Global Travel organizations. Ms. Hetrick has over 20 years’ experience in the energy and communications industries, with both public and private companies. “As we look to streamline our operations, reduce overhead costs and expand our new technologies, I am pleased to announce these new roles for Cameron, Chris, Jimmy and Gillianne,” Young stated. “Each of these highly talented individuals have demonstrated exceptional business experience, strategic vision and strong leadership skills as we’ve worked to reduce our debt, grow our business and transition B&W for the future. This leadership team is poised to help B&W expand and grow B&W’s Thermal, Renewable and Environmental segments, launch our new technologies and continue supporting our strong global base of customers.” About Cameron Frymyer Mr. Frymyer joined B&W in 1997 and has served in a number of senior-level Finance & Accounting and operational leadership roles during his 27 years with the company, most recently as Senior Vice President of Business Operations. Mr. Frymyer has a Bachelor’s Degree in Accounting from The University of Akron and a Juris Doctor from The University of Akron School of Law. About Chris Riker Mr. Riker joined B&W in 2010 and most recently served as Senior Vice President, Thermal, since 2022, a role in which he was responsible for the Company’s global thermal energy business that provides advanced technologies and equipment, as well as replacement parts and services, to keep thermal and industrial plants operating efficiently. Prior to joining B&W, he served as a consultant with KPMG LLP. Mr. Riker has a Bachelor’s Degree in Finance and Economics from Florida State University and a Master of Business Administration from the University of North Carolina. About Jimmy Morgan Mr. Morgan joined B&W in 2016 and has served as Chief Operating Officer since 2022. Before joining B&W, he was Executive Vice President for Allied Technical Resources, Inc. Previous positions included serving as Chief Operating Officer with BHI Energy, Vice President of Installation and Modification Services with Westinghouse and as Managing Director for AREVA T&D. He began his career with Duke Energy as a Maintenance Engineer. Mr. Morgan has a Bachelor’s Degree in Electrical and Computer Engineering from the University of South Carolina, and a Master’s of Business Administration from the Darla Moore School of Business at the University of South Carolina. About Gillianne Hetrick Ms. Hetrick joined B&W in 2019 and has served as Vice President, Corporate Operations, since 2022. Prior to joining B&W, Hetrick held a number of positions at small to mid-sized publicly traded companies, where she led Human Resources, IT and Safety functions, and focused on business strategy, as well as process and operational efficiency improvements. Ms. Hetrick has a Bachelor’s Degree in Public Relations, Advertising and Applied Communication from Northern Michigan University. About Babcock & Wilcox Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com . Forward-Looking Statements B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to changes in the Company’s executive leadership team. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. View source version on businesswire.com : https://www.businesswire.com/news/home/20241202071472/en/ CONTACT: Investor Contact: Investor Relations Babcock & Wilcox 704.625.4944 investors@babcock.com Media Contact: Ryan Cornell Public Relations Babcock & Wilcox 330.860.1345 rscornell@babcock.com KEYWORD: OHIO UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: OTHER ENERGY UTILITIES OIL/GAS ENVIRONMENT COAL ALTERNATIVE ENERGY ENERGY NUCLEAR SOURCE: Babcock & Wilcox Enterprises, Inc. Copyright Business Wire 2024. PUB: 12/02/2024 04:48 PM/DISC: 12/02/2024 04:48 PM http://www.businesswire.com/news/home/20241202071472/en
Consumers will be hit with another steep rise in their household and car insurance premiums this year as general insurers push revenue growth ahead of rising inflation costs. Actuarial group Finity is forecasting a 12 per cent jump in premiums this year for two of the biggest general insurance sectors – home and car insurance – based on industry statistics and recent forecasts from the industry including listed insurers like IAG and Suncorp. It says the big price rises have helped ensure that insurer’s profit margins are at the top of the curve, although that could change rapidly thanks to the volatility of climate change. The 2020 floods in northern NSW and southern Queensland provided a financial shock for insurers that is still being felt by customers across Australia. Credit: Josh Dye Rising premiums are just one of the fronts where general insurers have been coming under pressure over their actions in the $100 billion market – including an inquiry into their tardy response to flooding in Queensland and northern NSW in 2022. “The insurance sector has been under significant scrutiny, following the reviews into the devastating flood events, the challenges associated with affordability and accessibility and the media commentary on insurers’ strong financial results of the latest reporting season,” APRA’s Suzanne Smith told an insurance industry conference in October. “Consumers have now faced multiple years of substantial premium increases, driven by the rising costs of these natural disasters along with inflationary pressures, increased re-insurance costs, higher building standards and advanced technologies, to name just a few.” The soaring premiums provide a double-whammy for struggling households. The first hit is the direct cost of soaring insurance bills, the second is its outsized impact on inflation – ensuring interest rates also stay higher for longer. The cost of vehicle and household insurance has risen by $11.7 billion over three years, Finity estimates. So any suggestion that investors are profiting from customers’ financial pain is sensitive to say the least. “Profitability for the industry (last year) was towards the top end of the target range ... that was largely due to strong premium growth,” Finity principal Pravesh Ponna, says. This year is expected to be another stellar year for the owners of our big insurers with Finity forecasting that return on equity (ROE), a key measure of financial returns, is expected to be at the top end of the sector’s long-term average at 15 per cent. And it is reflected in the share prices of Australia’s listed insurers like the $20 billion IAG – the company behind brands like NRMA and CGU – which has only traded higher than its current share price for a brief period in 2018. IAG chief executive Nick Hawkins says insurance costs are easing but not enough to prevent premium increases well above the inflation rate. Credit: Dominic Lorrimer Suncorp – which owns AAMI, GIO and still tips the scales at a valuation of $25 billion despite the recent sale of its banking business to ANZ – has not traded this high since 2007. Both have said recently that their overall general insurance premiums are set to rise mid-to-high single digit amounts this year – above inflation but below the increases of recent years. IAG chief executive Nick Hawkins also said inflation is easing in motor vehicle policies, but double-digit inflation in costs for housing insurance will be reflected in its pricing. “We continue to see labour rates in the high single, or early double-digits, and we are seeing building supply costs still high,” he told analysts and investors. Loading The group is forecasting an insurance profit margin of up to 15.5 per cent this year. But following the release of Finity’s report on the sector last month, Ponna warned against reading too much into these fat financial margins. For one, investment returns on funds retained for potential insurance payouts – which hit a decade high of 6 per cent last year – helped boost financial returns. But more importantly, general insurers benefited from a respite from the perilous weather events that could quickly swamp this financially sunny outlook. Macquarie Research noted the Australian September quarter results for global insurer, Allianz, which reported a “benign NatCat” (natural catastrophe) experience, not just “very strong” premium rate rises. Catastrophe events are defined by the industry as an occurrence “which is sudden and widespread and which causes substantial damage to property over a large area”. To get an idea of the impact of catastrophe events, you only have to look back to the 2022 floods which triggered a fundamental restructure of the general insurance cost base in Australia. “That was a really big event for the industry,” Ponna says. “It caused a lot of losses for insurers, and caused a lot of losses for reinsurers.” Reinsurers – global financial giants which allow insurers to take out their own insurance against catastrophes – recalibrated both their costs and risk appetite in a manner which has filtered all the way through to consumer costs. Climate change is increasing the frequency of extreme weather across the globe. Credit: AP Reinsurers increased the costs of their service significantly, says Ponna, and they also reduced their exposure to these perils in Australia. This means local insurers have had to take on significantly more risk for the next big catastrophe event. They have had to increase pricing significantly to both cover the higher reinsurance costs and build the financial buffers to protect themselves from higher financial exposure. “That happened over the course of two years. There were two pretty tough renewals for the insurance industry, and that obviously plays out in terms of more volatility for direct insurers to accept, and also higher reinsurance costs which flow through to the prices that consumers pay,” Ponna says. The issue for investors is that local insurers won’t really know how well protected they are until the next catastrophe occurs. IAG cites a recent reinsurance deal with Warren Buffett-backed National Indemnity Company as a significant mitigator for its business. Loading “The deal will provide greater certainty over the cost of natural perils cover for our customers, stabilise our earnings and reduce our capital requirements,” Hawkins says. While this year’s reinsurance increases are more benign, the growing weather volatility due to global warming means there is no assurance the new status quo will remain for any significant length of time. “What we’ve learned with climate change, and the impact of natural catastrophes, is there’s more volatility associated, and you get a more unique sort of events now that you haven’t seen in the past, which might trigger reinsurers to rethink those models again,” Ponna says. “We now think we’re in a steady state with the reinsurance market, but time will tell.” Unusually catastrophic weather is not the only cloud on the horizon for some insurers. IAG is still in a legal battle with the Australian Securities and Investments Commission (ASIC) which has alleged the insurer deliberately pumped up premiums for loyal customers. The matter, which IAG is defending, is now the subject of a class action. But this is a small problem next to the rising issue of insurance stress for cash-strapped households. A report in August from the Actuaries Institute detailed the growing problem which is leading to an insurance gap as more homes effectively become uninsurable. It said more than 1.6 million households were experiencing home insurance affordability stress as at March 2024 – defined as paying premiums equal to more than 4 weeks gross pay – up 30 per cent on the prior year. “The most significant driver of affordability stress is exposure to flood risk,” the report said. Across the country, the average flood premium paid by these stressed households is around 16 times higher than non-stressed households. The affordability problem is also on the radar of the prudential regulator, APRA. “What comes through loud and clear is that Australians continue to face significant challenges with the affordability and accessibility of insurance. Much more needs to be done to reduce the widening protection gap for consumers, who already struggle with the increased cost of living,” APRA’s Smith says. The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon . Save Log in , register or subscribe to save articles for later. License this article General insurance IAG Suncorp Colin Kruger is a senior business reporter for the Sydney Morning Herald and The Age. Most Viewed in Business LoadingAKRON, Ohio--(BUSINESS WIRE)--Dec 2, 2024-- Babcock & Wilcox Enterprises, Inc. (“B&W” or the “Company”) (NYSE: BW) announced the following leadership changes that will become effective January 1, 2025. Lou Salamone, who has served as Chief Financial Officer since November 2018, has announced he will retire from his role. In connection with his transition from his current position, Mr. Salamone has entered into an agreement with the Company to provide consulting services, including transition support for the Chief Financial Officer role, for a one-year term commencing on January 1, 2025. “Lou’s leadership and support have been invaluable over the past six years as we worked through a number of challenges including the global impact of COVID-19,” Kenneth Young, B&W Chief Executive Officer, said. “Lou initially planned to join us for two years but signed on for another four, which shows his tireless efforts to support our Company and ensure it was on a strong path to future success. Lou will continue to provide strategic support and guidance to B&W under a consulting agreement for at least the next year as we look to refinance and reduce our debt obligations over the coming months.” With the retirement of Mr. Salamone, Cameron Frymyer is named Chief Financial Officer. Mr. Frymyer, who has served in various management positions for B&W for the past 20 years including his most recent role as B&W’s Senior Vice President, Business and Finance Operations, will work closely with Mr. Salamone to ensure an orderly transition of responsibilities. Chris Riker is named Chief Operating Officer, responsible for B&W’s global business operations and for the successful implementation of the company’s short- and long-term business growth and execution strategies as well as performance and cost-saving initiatives. Mr. Riker has led B&W’s Thermal Segment since August 2022 and has been instrumental in improving cash flows and margins within its global operations. Prior to that, he held several operational and finance-related leadership positions including Vice President of B&W’s Global Parts & Service operations, Vice President of B&W’s Industrial Steam Generation business, and Controller for B&W’s Diamond Power International, LLC subsidiary. He has nearly 15 years’ experience with B&W. Jimmy Morgan is named Chief Commercial Officer, responsible for leading the commercial and business development for B&W’s ClimateBrightTM and BrightLoopTM suite of products as well as select biomass and waste-to-energy projects that will leverage B&W’s new and emerging technologies. This a key role to drive growth from carbon capture and hydrogen technologies that will provide long-term revenue growth for B&W. Mr. Morgan has more than 31 years of large energy project experience including eight years with B&W where he has provided key leadership for a number of areas, including completing the challenging waste-to-energy projects in Europe. Gillianne Hetrick is named Senior Vice President, Corporate Operations, and will lead B&W’s Human Resources, Environmental Health, Safety & Security, Information Technology, Communications & Marketing, Facility Services, and Global Travel organizations. Ms. Hetrick has over 20 years’ experience in the energy and communications industries, with both public and private companies. “As we look to streamline our operations, reduce overhead costs and expand our new technologies, I am pleased to announce these new roles for Cameron, Chris, Jimmy and Gillianne,” Young stated. “Each of these highly talented individuals have demonstrated exceptional business experience, strategic vision and strong leadership skills as we’ve worked to reduce our debt, grow our business and transition B&W for the future. This leadership team is poised to help B&W expand and grow B&W’s Thermal, Renewable and Environmental segments, launch our new technologies and continue supporting our strong global base of customers.” Mr. Frymyer joined B&W in 1997 and has served in a number of senior-level Finance & Accounting and operational leadership roles during his 27 years with the company, most recently as Senior Vice President of Business Operations. Mr. Frymyer has a Bachelor’s Degree in Accounting from The University of Akron and a Juris Doctor from The University of Akron School of Law. Mr. Riker joined B&W in 2010 and most recently served as Senior Vice President, Thermal, since 2022, a role in which he was responsible for the Company’s global thermal energy business that provides advanced technologies and equipment, as well as replacement parts and services, to keep thermal and industrial plants operating efficiently. Prior to joining B&W, he served as a consultant with KPMG LLP. Mr. Riker has a Bachelor’s Degree in Finance and Economics from Florida State University and a Master of Business Administration from the University of North Carolina. Mr. Morgan joined B&W in 2016 and has served as Chief Operating Officer since 2022. Before joining B&W, he was Executive Vice President for Allied Technical Resources, Inc. Previous positions included serving as Chief Operating Officer with BHI Energy, Vice President of Installation and Modification Services with Westinghouse and as Managing Director for AREVA T&D. He began his career with Duke Energy as a Maintenance Engineer. Mr. Morgan has a Bachelor’s Degree in Electrical and Computer Engineering from the University of South Carolina, and a Master’s of Business Administration from the Darla Moore School of Business at the University of South Carolina. Ms. Hetrick joined B&W in 2019 and has served as Vice President, Corporate Operations, since 2022. Prior to joining B&W, Hetrick held a number of positions at small to mid-sized publicly traded companies, where she led Human Resources, IT and Safety functions, and focused on business strategy, as well as process and operational efficiency improvements. Ms. Hetrick has a Bachelor’s Degree in Public Relations, Advertising and Applied Communication from Northern Michigan University. View source version on : CONTACT: Investor Contact: Investor Relations Babcock & Wilcox 704.625.4944 Media Contact: Ryan Cornell Public Relations Babcock & Wilcox 330.860.1345 KEYWORD: OHIO UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: OTHER ENERGY UTILITIES OIL/GAS ENVIRONMENT COAL ALTERNATIVE ENERGY ENERGY NUCLEAR SOURCE: Babcock & Wilcox Enterprises, Inc. Copyright Business Wire 2024. PUB: 12/02/2024 04:48 PM/DISC: 12/02/2024 04:48 PMJordan Ivy-Curry, UCF aim to topple Tulsa