In recent years, statisticians and researchers have continued to vigorously sound the alarm on the use and abuse of p-values in clinical studies and statistical modeling in general. Look no further than the official statement of the American Statistical Association (ASA), “The ASA’s Statement on p-Values: Context, Process, and Purpose,” that was published just two years ago in response to the ever more heated debate on the confirmatory role of p-values in quantitative science and the validity of statistical inference. While many in the scientific community have generated discussions and commentaries on the misuse of p-values, the ASA’s policy statement succinctly synthesizes “several widely agreed upon principles underlying the proper use and interpretation of the p-value.” The ASA’s statement puts forth six principles aiming to guide practitioners in their search for statistically significant effects, ameliorate the problem of false discovery rates and irreproducibility of results, and thus improve on the applicability of the scientific method.

Reforms to the California workers’ compensation system implemented over the past few years have led to moderating trends in both claim frequency and claim severity. The upward trend expected in future average wage levels is also serving to lower pure premium rates. Given the relative stability in costs over the past several years, the reduction in the average pure premium rates should contribute to a healthy, vibrant and competitive market.

This past March, a ransomware attack caused government operations in Atlanta to come to a complete standstill. It left courts unable to process warrants, residents unable to pay bills online, and travelers unable to use airport Wi-Fi. Attacks like these have become the rule rather than the exception for businesses, with former FBI director Robert Mueller saying it best: “…there are only two types of companies: those that have been hacked and those that will be hacked.” Everyone is a target, so the seeming inevitability of becoming a hacking victim has now made risk management strategies more important than ever.

During this year’s Pinnacle University (Pinnacle U) event, we presented an overview of parametric insurance. Unlike traditional insurance coverage, parametric insurance is not an indemnification product. Instead, it determines a benefit payable in advance of the policy purchase by estimating the loss as accurately as possible, subject to certain conditions being satisfied. The cost of the policy is based on a pre-determined trigger. Examples might include maximum sustained wind speed for hurricane coverage or earthquake magnitude as measured by the Richter scale.

Pinnacle recently hosted the 5^th annual Pinnacle University (Pinnacle U) event in our Bloomington office. The Pinnacle U program is a collaborative effort with Illinois State University (ISU) to provide training and development opportunities to both our employees and local college students. Consistent with our firm’s commitment to community, Pinnacle U is well-received in the Bloomington-Normal area.