According to rating agency AM Best, 2023 saw the worst underwriting loss in a century for home insurers. It found insurance providers were hit with a $15 billion net underwriting loss. That’s when an insurance company has to pay out more in claims than expected.
The Justice Department is asking a federal appeals court to uphold a law that would ban TikTok. It gives Chinese owner ByteDance until January 2025 to sell TikTok’s U.S. assets or be banned.
The British government is warning Britons to get ready for some economic pain. The UK announced a raft of cuts to dig itself out of a $28 billion spending hole. In a statement to the House of Commons, its finance minister pledged to make the “necessary,” “urgent,” and “incredibly tough” choices to restore the country’s economic stability.
