Worst Losses for Home Insurers in 100 Years: Report; DOJ Asks Court To Uphold TikTok Sale Or Banned Law | Business Matters Full Broadcast (July 29)

2023 saw the worst underwriting loss in a century for home insurers. That’s according to rating agency A-M Best. It found insurance providers were hit with a 15-billion dollar 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 law that would ban TikTok. It gives Chinese owner ByteDance until January to sell TikTok’s U-S assets or else be banned.

The British government is warning Brits to get ready for some economic pain. The UK announcing a raft of cuts to dig itself out of a $28-billion-dollar 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.