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Insurance to be shaped by drones, AI, blockchain: Capgemini
 We’ve had fintech, edtech, regtech and medtech. Now, it’s time for insurtech, according to Capgemini. The consulting firm’s report on how insurance firms will use technology paints a futuristic picture incorporating drones, artificial intelligence and big data analytics.

For its 2017 World Insurance Report, the company interviewed over 8,000 customers and 100 subject matter experts worldwide. It found that the insurance industry faces similar trends to the broader financial sector, with a less loyal, tech-savvy younger customer base looking for more digital interactions.

“Customers are seeking digital touchpoints. They are seeking three main things, which are convenience, agility, and personalization,” said Chirag Thakral, deputy head of the analysis group at CapGemini. “Younger customers are the most challenging in terms of their expectations and demands, and they are the most difficult to retain.”

Customers that Capgemini describes as “tech savvy” are looking for features such as online or via mobile devices according to the report, along with fast updates on claims status via similar channels. Digital policy renewal and cancellation, automatic connections with third parties to help with emergencies, and reward and incentive programs also top the list.

Incumbent vs incoming

This report – the company’s 10th on the topic – distinguishes incumbent insurance firms from insurance technology players that can bridge this gap by providing new customer experiences.

Each group has its advantages, the report said. Incumbent insurers offer brand identity and enjoy a higher level of trust among customers. Conversely, insurtech firms offer better value for money and efficient service. The two must work together, explains Thakral.

Capgemini’s research highlights several technologies that it said will change the game for insurance firms. Among them is blockchain-based computing, which it said will transform the exchange of information and improve fraud management. Artificial intelligence will also help to provide the personalized experience that customers crave, it said.

New technology will help insurance companies to streamline their back-end processes by reducing the human input necessary to process insurance contracts, Thakral suggested.

“Right now, for the simple cases it is easy to do that, and a lot of firms have already automated the process for making the underwriting decisions,” he said, adding that more complex use cases are emerging.

“Using artificial intelligence and machine learning, a lot of companies are still testing the proof of concepts,” he added. “For some of the more complex cases, they are using AI and robotic process automation to reduce the time for underwriting decisions.”

The report provides some examples of incumbent insurers that have been busy bolstering their technology story. Asian insurer AIA created an accelerator program to expose it to insurtech startups, in a similar move to others in the financial services sector such as CIBC and Scotiabank.

The report comes at a troubling time for the insurance market, with hurricanes Harvey and Irma having caused billions of dollars in damage in America’s southeastern states, and with forest fires ravaging Canada’s western provinces. How can insurance companies use technology to help cope with increasingly frequent and more violent natural disasters?

“Using predictive analytics, they are trying to make sure that the product availability and pricing is done in the right way,” he said.

He also sees technology making claims processing easier for insurance companies. “They don’t need to send somebody manually into these areas where it can be really dangerous with floods and fires,” he said. “They can send drones to survey the area, especially for these aggregated claims.”

The use of new technology such as IoT sensors will raise some interesting questions for the insurance sector in the future, though, he concludes. For example, he wonders who will be insured as driverless cars hit the roads.

“The whole point of insuring the driver goes away. I think it’s the car that gets insured, and do we need insurance for that if a large company like Google insures themselves?” Collaborations between insurance companies and the incoming insurtech firms will help to answer those questions, he predicts.

Output: Blockchain-based computing, drones and artificial intelligence are among the technologies that will reshape the insurance industry, according to a report from global consulting firm Capgemini. The adoption of these technologies will allow insurance companies to better streamline their back-end operations, the report noted. In particular, AI can be used to provide a more personalised client experience while also speeding up underwriting decisions, while blockchain can help with security and fraud prevention.


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CO2 emissions static in 2016
 Global emissions of climate-warming carbon dioxide remained static in 2016, a welcome sign that the world is making at least some progress in the battle against global warming by halting the long-term rising trend.

All of the world’s biggest emitting nations, except India, saw falling or static carbon emissions due to less coal burning and increasing renewable energy, according to data published on Thursday by the Netherlands Environmental Assessment Agency (NEAA). However other mainly developing nations, including Indonesia, still have rising rates of CO2 emissions.

Stalled global emissions still means huge amounts of CO2 are being added to the atmosphere every year – more than 35bn tonnes in 2016 – driving up global temperatures and increasing the risk of damaging, extreme weather. Furthermore, other heat-trapping greenhouse gases, mainly methane from cattle and leaks from oil and gas exploration, are still rising and went up by 1% in 2016.

“These results are a welcome indication that we are nearing the peak in global annual emissions of greenhouse gases,” said climate economist Prof Lord Nicholas Stern at the London School of Economics and president of the British Academy.

“To realise the goals of the Paris agreement and hold the increase in global average temperature to well below 2C, we must reach peak emissions as soon as possible and then achieve a rapid decline soon afterwards,” Stern said. “These results from the Dutch government show that there is a real opportunity to get on track.”

Jos Olivier, the chief researcher for the NEAA report, sounded a note of caution: “There is no guarantee that CO2 emissions will from now on be flat or descending.” He said, for example, a rise in gas prices could see more coal burning resume in the US.

The flat CO2 emissions in 2016 follow similar near-standstills in 2014 and 2015. This lack of growth is unprecedented in a time when the global economy is growing. As the number of years of flat emissions grows, scientists are more confident a peak has been reached, rather than a temporary halt. In July 2016, senior economists said China’s huge coal burning had peaked, marking a historic turning point in efforts to tame climate change.

Stern said many of the big emitting nations had achieved significant reductions in 2016: “However, all countries have to accelerate their emissions reductions if the Paris goals are to be met.” He said this could also drive development in poorer nations: “We can now see clearly that the transition to a low-carbon economy is at the heart of the story of poverty reduction and of the achievement of the UN Sustainable Development Goals.”

The new Dutch report shows CO2 emissions from China, the world’s biggest emitter, fell 0.3% in 2016. US CO2 emissions fell 2.0% and Russia’s by 2.1%, with the EU flat, although UK emissions tumbled by 6.4%, as coal burning plunged.

Of the top five emitters, only India’s CO2 emissions rose, by 4.7%. Significant increases were also seen in Indonesia, Malaysia, the Philippines, Turkey and Ukraine.

However, over a quarter of the warming effect seen by the world comes from non-CO2 greenhouse gases, with methane by far the most significant. Cattle belch the gas and are responsible for 23% of global methane emissions, and this source rose by 0.4% in 2016. Scientists have warned that the growing global appetite for meat, especially beef, cannot continue if climate change is to be kept under 2C.

Another quarter of methane emissions come from fossil fuel production and leaks in gas distribution pipes. Since 2000, emissions from coal and gas production have grown by more than 65%.

Carbon emissions from forest destruction and other land use changes were not included in the main analysis as they are more difficult to estimate and vary strongly from year to year.

Output: Global carbon dioxide (CO2) emissions remained static in 2016, according to data released on Thursday by the Netherlands Environmental Assessment Agency. With the exception of India, all the world’s major emitting powers saw emissions fall or remain level due to a reduction in coal burning and the increased use of renewables. Many developing nations still saw CO2 emissions rise, however, and near-static emission levels were also recorded in 2014 and 2015. Emission levels for methane, another large contributor to global warming, continued to rise.


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Global drug supply risk due to hurricane-damaged Puerto Rico
 If Congress includes a provision to allow Medicare to negotiate the price of some prescription drugs in the major budget bill it's working on, Part D premiums could decline 15 percent by the end of the decade, according to a new analysis.

A report by the nonpartisan Henry J. Kaiser Family Foundation (KFF) shows that, according to Medicare's actuaries, if the U.S. Department of Health and Human Services were given the authority to negotiate directly with pharmaceutical companies, consumers would save a total of $14 billion in Part D premiums by 2029. This savings "translates into estimated per capita savings for Part D enrollees who pay premiums of $39 annually in 2023, increasing to $85 in 2029," the report says.

The proposals being debated in the House of Representatives and the Senate as part of a sweeping $3.5 trillion budget bill would allow price negotiations for some high-priced brand-name drugs, both under Part D prescription drug plans and for medications administered under Part B in doctors' offices.

"The biggest benefit of negotiation is that it would lower costs in particular for medications with no competition," says Tricia Neuman, senior vice president at KFF and coauthor of the report. When it comes to the pricing for these noncompetitive drugs, she adds, "the government's hands are tied, meaning the government has no ability or leverage to negotiate to bring down prices. And that puts a burden on patients and adds significant costs to the federal government."

Neuman says that while the KFF report specifically looks at the effects negotiations would have on premiums, if the government could successfully negotiate prices, that would bring down other out-of-pocket costs for all consumers in addition to producing savings for the Medicare program. The Biden administration has endorsed proposals that would apply the lower prescription drug prices resulting from negotiations to all those who buy such medications. The nonpartisan Congressional Budget Office has estimated that allowing Medicare to negotiate prices would save government health plans more than $450 billion over 10 years.

Output: There is a risk of a global drug shortage due to the damage caused by Hurricane Maria on Puerto Rico. As of last year, pharmaceutical and medicine manufacturing on the island was a $14.5bn industry that made up over 72% of Puerto Rico's total exports and was the largest exporter of pharmaceuticals of all the US states. Around 50 pharmaceutical manufacturing plants based in Puerto Rico are facing months of problems without reliable electrical power. Eli Lilly, AstraZeneca, Johnson & Johnson and Amgen have all had to shut down manufacturing at their plants.


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Drone health monitors may help boost developing-world infant care
 Credit: The Lead

Drone technology is being developed to perform routine health checks remotely in a bid to reduce infection spread in neonatal care.

Researchers from the University of South Australia have successfully trialed the use of drones to remotely measure heart and breathing rates in humans aged between two and 40 using advanced image-processing systems.

Sensory Systems Professor Javaan Chahl said the breakthrough drone system initially began as a reflex response to fatalities resulting from problems with electrode instruments or shortages of instrumentation in developing countries.

"The norm is to stick electrodes on children to measure heart rates. Without any ill-intention, sometimes doctors in developing countries would re-use these electrodes due to a shortage of instruments," Professor Chahl, the project's supervisor said.

"This has lead to an infection control problem, where you may move skin infections from one child to the next. So, you can see a need for having a non-contact sensor."

Other possible applications include monitoring the vital signs of residents in aged care facilities.

"The drones don't need to capture what you're doing. The image processing system can simply produce the variables of heart and breathing rate without having to see patients at all or invade their privacy," he said.

"There may also be situations in clinical settings where you wouldn't really think it's worth having electrodes and instruments to monitor patients, but if you can just have a camera do it, you may be able to put instrumentation where you wouldn't normally put it."

The drone technology detects heart and breathing rates as accurately as standard heart monitors using a stabilised Go-Pro camera. Sophisticated image-processing systems then assess the video footage collected on the device and extract the heart and respiratory rates of the person without difficulty.

The technology is also being developed to detect vital signs of people in war zones, trapped by natural disasters or stranded in difficult to reach locations

"The research has been going for about three years, but it still has another year to go. It's moving so quickly and we're really trying to explore all the possible options."

Professor Chahl said although the drone technologies were capable of monitoring several people in uncontrolled environments, the first goal was to pursue the initial aim of eliminating infection in neonatal subjects.

"The work with the neonatal subjects is something we are just going through the process of now," he said.

"It is quite involved and there's quite a lot of ethics to consider with filming and measuring information from babies, but there are a lot of potential benefits for neonatal care worldwide. Our current challenge is to get the original plan of neonatal instrumentation working well."

Provided by The Lead

Output: Researchers from the University of South Australia have successfully tested the use of drones to remotely measure heart and breathing rates in humans aged between two and 40. The technology is being developed to reduce disease transmission resulting from the reuse of topical neonatal health-monitoring equipment in developing countries. The drones use a stabilised Go-Pro camera to detect heart and breathing rates. Footage is then sent to a sophisticated image-processing system for assessment. Other possible applications include detecting vital signs of people in war zones, those trapped by natural disasters or monitoring people who live in remote locations.


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Ryanair subject to “enforcement action” by CAA over cancellations
 The Civil Aviation Authority has launched enforcement action against Ryanair for “persistently misleading passengers” about their rights, piling more woe on the airline as it announced a second wave of flight cancellations affecting 400,000 people.

In a letter to the Dublin-based carrier, the CAA said Ryanair’s chief executive, Michael O’Leary, was wrong to tell passengers last week that it did not have to arrange new flights for them, after an initial batch of cancellations was announced.

The airline regulator said Ryanair had further transgressed when it notified people of fresh disruption on Wednesday, by failing to tell passengers they could be rerouted with other airlines if there were no suitable alternative on one of its planes.

It added that Ryanair should correct any misleading statements and invited the airline to discuss the matter, warning that legal action could follow if the carrier is found to be in breach of consumer protection laws.

The CAA chief executive, Andrew Haines, said: “There are clear laws in place, which are intended to assist passengers in the event of a cancellation ... We have made this crystal clear to Ryanair, who are well aware of their legal obligations.”

Ryanair said on Thursday: “We will be meeting with the CAA and will comply fully with whatever requirements they ask us to.”

The regulator issued the warning as the airline said it would scrap 18,000 flights on 34 routes between November and March, and said it has emailed affected customers to offer a refund or an alternative flight.

Passengers will also receive a travel voucher for a £40 one-way or £80 return journey that can be used to book a Ryanair flight for travel between October 2017 and March 2018. Affected routes include London Stansted to Edinburgh and Glasgow, Gatwick to Belfast, Newcastle to Faro, and Glasgow to Las Palmas.

News of the cancellations came a week after Ryanair announced plans to scrap up to 50 flights a day until 31 October, citing a “mess-up” in how it schedules time off for pilots, affecting 315,000 customers. At the time, Ryanair dismissed a Guardian report that the disruption may not be over, saying: “There will be no further cancellations as a result of this rostering failure.”

List of the 34 routes suspended by Ryainair List of the 34 routes suspended by Ryainair

Announcing the latest cancellations, O’Leary apologised to customers for a second time, but defended the changes. “We sincerely apologise to those customers who have been affected by last week’s flight cancellations, or these sensible schedule changes announced today,” he said.

“From today, there will be no more rostering-related flight cancellations this winter or in summer 2018. Slower growth this winter will create lots of spare aircraft and crews, which will allow us to manage the exceptional volumes of annual leave we committed to delivering in the nine months to December 2017.

“We will start a new 12-month leave period on 1 January 2018 in full compliance with EU regulations and the IAA’s [Irish Aviation Authority] requirements.”

The airline said cancelling thousands of flights over winter would eliminate all risk of further flight cancellations.

But former and current Ryanair pilots, among them several who warned last week of further cancellations, said anger about working conditions could lead to more problems.

“It all depends if we manage to unionise,” said one current Ryanair pilot. He added that he and colleagues may “work to rule”, meaning they would stop doing things they are not obliged to contractually that help the airline manage its tight schedule.

This includes turning up for work early to ensure punctuality and fielding telephone calls from the company during days off.

“That would cause significant delays and some cancellations,” he said. “Striking is only a last resort, as we don’t want to harm the passengers. We only want Ryanair to reason with us and give similar contracts compared with other airlines, easyJet for example, so ultimately it’s up to Ryanair, and I’m sure they will not listen until we take collective action.”

One former pilot, who is in touch with their ex-colleagues, said: “They cannot rule it [fresh cancellations] out.” Both spoke on condition of anonymity in case their job prospects were affected.

Ryanair estimated that the total cost of its cancellations would be less than €50m (£44m), but said this would not change its prediction of annual net profit of between €1.4bn and €1.45bn.

But the airline admitted that the cancellations would slow its rapid growth, with 6 million fewer passengers due to fly with the airline by 2019 than otherwise would have done. It will also reduce fares in an effort to prevent further damage to its reputation.

The blunder has also forced Ryanair to pull out of its plans to bid for Alitalia, Italy’s bankrupt flag carrier. The Irish airline said it wanted to “eliminate all management distractions”.

Hannah Maundrell, the editor-in-chief of money.co.uk, said the latest flight cancellations were frustrating for customers. “It’s so disappointing for Ryanair passengers whose flights have been cancelled; even with more notice this time, it’s still seriously frustrating,” she said.

Twitter users reported problems rebooking and speaking to customer service representatives on Ryanair’s website as they tried to rescue holiday plans and make alternative arrangements for business trips.

@Ryanair good luck rebooking. The online flight change service doesn't work - i can only change one leg — marcus threadgold (@threadm) September 27, 2017

Ryanair dismissed suggestions that its scheduling problems have been exacerbated by an overall shortage of pilots, insisting it has recruited 186 since the problem began and has a long waiting list of applicants. But the airline declined to say how many of the pilots on its waiting list have the number of flying hours required to be a captain.

A former Ryanair pilot said: “There will be a large waiting list at what I call cadet level. The problem is that when experienced people leave, you can’t replace them with inexperienced people. You can’t replace a captain with one of those cadets.

“The flying Ryanair does can be more challenging than long-haul. It’s a different challenge. You’re operating at small airports with very little air traffic control and different procedures. You need experience.”

Ryanair also said reports from the Irish Air Line Pilots’ Association that more than 700 of its pilots have quit in the past year were exaggerated, insisting only 260 have left.

Many of Ryanair’s 4,200 pilots fly for the airline on a temporary contract basis, rather than as full employees, a situation that has been a bone of contention for some. In letters that have been circulated among Ryanair pilots at dozens of bases across Europe, some have demanded that the airline ditch the contract model in favour of local employment contracts.

Pilots and cabin crew have been turning to trade unions for advice and in some cases applying for membership in an attempt to secure improved conditions.

But Ryanair said it would not meet unions and would only meet “directly” with its “people”.

Output: Ryanair is facing “enforcement action” by the UK’s Civil Aviation Authority (CAA) for “persistently misleading passengers”. The authority has said that Ryanair CEO, Michael O’Leary, was incorrect when he told passengers that his airline did not have to arrange new flights for them with rival companies following cancellations due to errors in scheduling pilots’ leave. Ryanair, which recently announced that it would cancel 18,000 flights on 34 routes between November and March, has said that it “will comply fully” with the CAA’s requirements. Ryanair pilots have warned that the airline could face further disruption due to anger about working conditions.


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Coca-Cola sponsors fictional footballer in video game
 Coca-Cola has snapped up an unusual ambassador in the protagonist from EA Sport’s football simulator video game, Fifa 18, marking the first time it has snapped up a virtual athlete to ply its wares.

Fifa 17 was the first title in the series to introduce narrative-driven mode, The Journey, in which players take up the guise of young football prodigy Alex Hunter and rise through the ranks of English football. The mode looked to encapsulate many aspects of modern football, including brand endorsements, as such, Hunter actually starred in the Adidas First Never Follows campaign, both in the game and in real life.

Output: Coca-Cola's newest ambassador will be a virtual athlete in the football video game Fifa 18, the first such partnership of its kind. Alex Hunter, the fictional protagonist of the game’s story mode, will endorse Coca-Cola Zero Sugar as the player follows him through his career. The advertising campaign references Coca-Cola’s 1979 “Mean Joe” TV spot, in which a player drinks a bottle of Coca-Cola after a match. The ad is due to play across social media channels and on Coca-Cola's 3D TImes Square installation.


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Largest estate agents set to lose £26m after letting fees ban
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The UK’s three biggest listed estate agencies could have their profits hit by a combined £26m once the lettings fee ban is introduced.

A report by analysts Peel Hunt, looking at the prospects of listed agencies Countrywide, LSL and Foxtons, paints a bleak picture for them and the wider market.

Analyst Gavin Jago predicts the ban, expected in 2018, would hit Countrywide’s profits by £18m, offsetting any ongoing cost-cutting measures.

He said: “A cost-cutting/branch closure exercise is well underway, but the full effect on profits of a reduced presence on the high street is yet to be seen.

“A full ban on letting fees could materially impact profits from 2018. This will not help the leveraged balance sheet or the scope for dividends. We cut our dividend forecasts and target price, and retain our negative stance.”

Interestingly, the report was written when Countrywide’s share price closed at 123p on September 21 and showed a target price – the point at which a trader may sell – of 115p from 145p previously. But the share price has now hit a low of 113p.

Jago holds a similar stance with LSL, recommending investors reduce their holding. He predicts the agent will see its profits reduce by £8m from the fee ban.

He said: “To date, LSL’s branch closures have been small in number as management believes traditional agents will continue to represent the vast majority of the sales market until 2025.

“This remains to be seen, but what is more certain is the lettings fee ban that is now widely expected to come into force in 2018. Management has not provided a figure for the group’s exposure to lettings fees. However, we estimate that it could amount to around £8m per annum.”

Jago maintains a sell recommendation for Foxtons, predicting a £3m hit on lettings per year. He also warns its high commission fees are impacting the firm’s activity and may need to be reduced.

He said: “Trading remains challenging for Foxtons due to the low levels of housing activity in the capital.

“In our view, this is being exacerbated by the group’s relatively high commission fees, which are increasingly detached from average rates charged by its competitors.

“Self help could come in the form of a reduction in fees but, as yet, management seems reluctant to take such action. The lettings fee ban looks set to come into force in 2018, which will create a further drag on profitability.”

The report is kinder to Savills – and glowing about Purplebricks.

Jago recommends Savills stock as a hold, backing the diversity in the business, and backs Purplebricks as a buy. He claims profits from its US operations could eclipse the UK and Australia by 2022.

Jago said: “Against a backdrop of a slower UK housing market, Purplebricks’ growth has been very strong. Its market share of total transactions has doubled in the last year and it remains the dominant player amongst the online/hybrid peer group.

“The Australian business has been operational for a year and is trading ahead of the UK at the equivalent point of evolution. If Purplebricks captures only a small fraction of the US market, we estimate that US profits could be bigger than the UK and Australia combined by 2022.”

Looking at the wider agency market, the report says fees have fallen to 1% and are at 0.5% to 0.75% in some areas.

It claims the number of consumers using physical branches is diminishing due to the rise of hybrid and online agents, with Purplebricks the “clear winner”.

The report claims this is putting traditional agents under pressure and will mean more branch closures and less activity.

Read the full report

Output: The ban on letting fees payable by tenants due to come into force next year in the UK is likely to cost the country's three biggest estate agents at least £26m ($34.8m) in lost profits, according to market analysts Peel Hunt. Countrywide is predicted to lose the most, with an £18m fall, while LSL and Foxtons also face significant profit reductions. The analysts added that traditional agents are also under pressure from online and hybrid agents, with Purplebricks seen as the market leader among them.


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First engineering classes begin at Dyson's private university
 Today, engineering undergraduates begin their degree studies at the Dyson Institute of Engineering and Technology on the Dyson technology campus in Malmesbury, Wiltshire. Over 850 students applied for 25 places on the course and due to the exceptionally high calibre of candidates, 33 Undergraduate Engineers were accepted onto the four-year engineering degree.

According to Dyson, 27% of the undergraduate engineers starting this year will be female, significantly more than the UK average of 16%. Students who accepted places at the Institute included those with offers from top universities including the University of Cambridge and Imperial College London and 66% achieved at least one A* at A-Level.

The Dyson Institute builds on Dyson’s previous work in schools and universities to overcome the lack of engineers in the UK and is the first University of its kind following the passage of the Higher Education and Research Act on 27th April 2017.

The undergraduate engineers will be mentored by Dyson’s practicing scientists and engineers who will teach alongside academics from WMG, the University of Warwick. They will benefit from learning high level science and engineering theory, combined with real-world application on live projects.

Earning a salary throughout the course and the prospect of a graduate role with Dyson on completion of their degree means the students should come away from higher education debt-free.

James Dyson said: “Dyson’s undergraduate engineers will develop new technology alongside world-leading engineering practitioners, creating real products that end up in homes around the world and all alongside their academic work. I am looking forward to seeing what exceptional things they achieve over the next four years and hope they will want to work at Dyson for many years to come.”

Applications for 2018 entry open today (14th September 2017).

Output: There first engineering undergraduates at vacuum-cleaner giant Dyson's Institute of Engineering and Technology have begun their degree studies. Of 850 applicants, 33 were accepted onto the four-year course, which pays students a salary throughout their studies and offers the prospect of a job with Dyson upon graduation. The company said 27% of entrants are female, compared with the UK average of 16%. The course is taught by company scientists and University of Warwick academics at the institute's Wiltshire campus. Dyson has invested in education to tackle what it says is a shortage of skilled engineers in the UK.


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UK homeowners dash to remortgage expecting rise in interest rates
 Remortgaging was responsible for a record proportion of valuations in August, according to the latest research from Connells Survey & Valuation.

“Remortgaging is quickly becoming the dominant activity in the lending market,” commented John Bagshaw, corporate services director of Connells Survey & Valuation. “The record high in August was driven by consumers seeking out better value borrowing. Having benefited from a decade of low interest rates, consumers are sensing the risk that this era is nearing an end. Many older mortgage deals are expiring this autumn which will mean moving onto more expensive standard variable rates. As a result, homeowners on these deals are opting to refinance, taking advantage of the intense competition in the mortgage market right now.”

According to Connells, the proportion of remortgage valuations has risen three percentage points year-on- year to make up 37% of the entire market.

The growth in remortgaging, including buy-to- let remortgaging has been driven by high levels of competition from lenders who are reducing their rates to attract potential borrowers. Consumers are opting to lock in these lower rates, securing long-term, fixed-rate remortgages ahead of a potential base rate rise later in the year.

“Despite a slight slowdown in transactions this August, official figures suggest house price growth has held up,” continued Bagshaw. “This rise in property prices means homeowners could now get a better loan-to- value ratio when remortgaging than when they first borrowed – potentially allowing them to lower monthly repayments. With so much economic uncertainty and hints of a base rate rise, many are choosing to lock into a lower rate to see them through the next few years.”

Output: UK homeowners drove remortgages to record levels in August, as many sought out lower interest rates in anticipation of the era of low rates coming to an end, according to Connells Survey & Valuation. It revealed remortgage valuations had risen three percentage points year on year to make up 37% of the lending market. "With so much economic uncertainty and hints of a base rate rise, many are choosing to lock into a lower rate to see them through the next few years," said John Bagshaw, corporate services director of Connells Survey & Valuation.


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MIT engineer develops robot that detects leaks in water pipes
 Around the world, one in five people don’t have enough water, according to the United Nations, but that’s not because there isn’t enough fresh water for people to drink, bath, wash their clothes, or even water their lawns. It’s mainly because either the water has been polluted, pipes don’t exist to take water from lakes and streams, or aging infrastructure allows water to leak.

In 2008, Saudi Arabia approached MIT’s Mechatronics Research Laboratory to fund new technologies to help tackle the third problem. The country, notorious for its expensive desalinated drinking water, was losing one-third of its water every day due to leaking pipes, but existing detection methods, developed for metal pipes, proved incompatible with the plastic infrastructure.

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After nine years of research and development, You Wu, a fifth-year MIT mechanical engineering PhD candidate, has created an elegant solution. His invention: Robot Daisy, a flexible intelligent device that resembles a shuttlecock—or a blue-skirted woman, from which it gets its name.

Daisy works by floating through pipes and pinpointing water leaks. When water leaks through a crack in the pipe, it creates suction that grows linearly with its size and can be measured with sensors. These sensors compose Daisy’s rubber skirt. To identify leaks in a pipeline network, a technician inserts her into the underground piping through a fire hydrant, and she logs the location and force of any tugs on her skirt as she floats downstream. Once the technician retrieves her from the pipes, the computer chip storing all the data in her body connects to wifi and downloads a map of the leaks.

The design works regardless of piping material and comes different sizes to accommodate different pipe diameters. It also operates with a higher degree of precision and granularity than traditional acoustic-based technology. This allows Daisy to catch leaks in their early stages, which “could equate to preventing the loss of millions of gallons of water annually,” Mark Gallager, director of engineering and distribution at the Cambridge, Massachusetts water department, told MIT News. It could also “minimize the damage to infrastructure and the loss of water services to homes and businesses” during a pipe failure, he said.

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It took 11 prototypes for Daisy to successfully traverse the pipe infrastructure at a testing site in Saudi Arabia. Initial prototypes couldn’t distinguish the suction force from a leak from disturbances from dirt and rust caked on the pipes’ interiors. Nor could they clear sharp turns at T-junctions and adapt to changes in pipe size. Through iterative design improvements, Wu fine-tuned Daisy’s detection software and gave her a squishier body to squeeze around corners and through tighter diameters. Wu is now on prototype 16, which costs $150 of raw materials and four hours to build. He estimates the costs will drop once Daisy is manufactured at scale.

Wu incorporated PipeGuard earlier this year with co-founders Jonathan Miller and Daniel Gomez to commercialize Daisy and the company has raised funding from several pitch competitions, including the Booz Allen Hamilton Data Analytics Award and MIT’s Solve Challenge Finals, and received inquiries from dozens of utility companies and regional governments.

Wu, now in the final year of his PhD, has committed to three customers in the coming year: Wise County, Virginia, which loses nearly half of its water to leaks; the Lingang Industrial Zone in Shanghai, China, which loses 30%; and Monterrey, Mexico, which loses 42%, according to data from the respective utility authorities. After graduation, Wu plans to offer Daisy’s expertise as a service to more cities around the world.

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Wu says shortages in electricity growing up in Shanghai influenced his interest in developing something that helps fix water shortages. Factories were then required to stagger work hours to accommodate the energy grid, so he only saw his parents once a week. “I got this feeling of what a shortage of resource feels like, so I have this personal interest of sustainability,” he says.

“I have this fear about the future and about resource shortage,” he continues. “If the population grows to an extent that everyone has to sacrifice something, one day we won’t have water for showers so that someone else will have water to drink. This was basically my personal motivation behind it: How to make sure that one day we won’t have a no shower Mondays.”

Output: An engineer at the Massachusetts Institute of Technology, You Wu, has developed a low-cost, flexible robot that can detect leaks in water pipes, potentially saving many thousands of gallons of water. Dubbed Robot Daisy, the shuttlecock-shaped device floats along within water pipes while sensors on its "skirt" detect the suction effect caused by water outflows. The data is then collected and analysed, enabling any leaks to be spotted early. Wise County, Virginia, the Lingang Industrial Zone in Shanghai, China and Monterrey, Mexico, which all suffer significant losses to piped water supply, have all signed up to purchase Robot Daisy.


Instruction: create a high quality summary of the given input

Input:
Johnson Matthey to invest £200m in developing batteries for EVs
 The British multinational giant Johnson Matthey announced that it will make an initial investment of £200 million in 2018 in the wake of the anticipated rapid growth of the electric vehicle market in the years to come.

The British multinational giant Johnson Matthey announced that it will make an initial investment of £200 million in 2018 in the wake of the anticipated rapid growth of the electric vehicle market in the years to come.

According to the company’s estimations, by the time the electric vehicle market penetration reaches around 10 percent, the potential market value of its products could be more than $30 billion.

The information was revealed in the company’s recent Capital Markets Day, during which, the company outlined its strategy for growth and value creation across all its sectors.

Dr. Alan Nelson, Sector Chief Executive, New Markets and Group CTO said that the company is working on three new market opportunities, - i.e. alternative powertrains, life science technologies, and medical device components, of which battery materials to support alternative powertrains offer the greatest opportunity.

The £200 million investment in high-energy battery materials will be enough to manufacture up to 10,000 metric tons from 2021 to 2022.

The company will focus on a wide portfolio of cathode materials which will be able to be used in a wide range of electric vehicle applications.

At the moment, Johnson Matthey operates a Clean Air department, where it offers emission control catalysts and exhaust treatment solutions, including catalysts for light and heavy duty vehicles, diesel retrofits and stationary emissions control.

With regards to Clean Air, the company estimated that it will continue to be a lucrative sector for the next 2-3 years, but growth will fall as a result of the shift away from light-duty diesel vehicles worldwide.

Rober MacLeod, Chief Executive in Johnson Matthey said: "We will enhance our leadership in the high margin, technology driven growth markets we operate in through focused investment and efficiency throughout the group”.

“We are world class chemists. We have the expertise to solve our customers' complex and increasingly challenging problems by scaling up fundamental chemistry to provide commercial solutions which drive our growth”.

"This will create value and a cleaner and healthier world. Through the strategy, we aim to be one of the best performing, most trusted and admired specialty chemical companies in the world”.

Johnson Matthey first entered the lithium-ion battery market in 2012.

Output: British specialist metals and chemicals firm Johnson Matthey has unveiled plans to invest £200m ($270m) in electric vehicle (EV) battery technologies next year. The company believes that by the time EV market penetration reaches 10%, the estimated total value of EV products could be at least $30bn. Johnson Matthey also said it had achieved a breakthrough in lithium nickel oxide, which is used extensively in EV batteries. Its shares closed 15% higher following the announcement. The firm is a specialist in vehicle exhaust catalysts so the investment is aimed at protecting its future as internal combustion engines are phased out.


Instruction: create a high quality summary of the given input

Input:
Johnson Matthey to invest £200m in developing batteries for EVs
 W ill the wheels come off for Johnson Matthey once roads are packed with electric cars?

Investors were feeling far more confident about the catalytic converter maker’s future after yesterday’s capital markets day, as analysts urged them to pile in.

As well as revealing a £200 million investment in battery technology, Liberum said Johnson Matthey shocked guests with its claim of a breakthrough in enhanced lithium nickel oxide, the material used in electric vehicles.

“It would be remarkable and impressive if JM has pulled off a game-changing breakthrough so quickly,” analyst Adam Collins said.

Many have predicted Johnson Matthey, which makes most of its sales from exhaust catalysts, will suffer as drivers switch to electric cars.

Credit Suisse analysts were also impressed by the electric vehicle ambitions, topping up their target price by 200p to 3700p.

Even after yesterday’s rally, there was no sign of profit taking as the shares climbed a further 90p, or 2.7%, to 3480p.

Markets were on edge amid concerns about North Korea’s plans to detonate a hydrogen bomb as equities around the world drifted lower.

The FTSE 100 only suffered a minor fall though, down 2.51 points at 7261.39 as investors awaited Theresa May’s speech in Florence where she was expected to put forward the Government’s latest Brexit proposals.

Coca-Cola HBC, the soft drinks bottler, joined Johnson Matthey higher on the blue-chip index after an upgrade from Morgan Stanley.

The investment bank raised its rating from Underweight to Equal-Weight, encouraged by “good progress” towards its ambitious margin targets for 2020.

“Whilst we continue to believe the soft drinks industry faces structural challenges, we note that improving macro and a healthier consumer outlook across CCH markets should support a sustainable improvement in topline growth,” Morgan Stanley said.Shares rose 33p, to 2536p.

Engineer Smiths Group fell 75.78p, or 4.7%, to 1529.67p after its annual results showed its largest businesses, oil and gas arm John Crane and Smiths Medical, were under pressure.

Investors were concerned by comments that the performance for 2018 will be weighted towards the second half of the year.

Investors were encouraged by Pets at Home’s capital markets day yesterday. The pet supplies retailer, whose shares have come under pressure this year, was up 11.4p to 206p today.

Oil rig maker Lamprell plunged 9.5p to 89.75p after warning on revenues.

The company, which famously issued five profit warnings in 2012, said annual revenues would be between $370 million and $390 million, below previous guidance, which it blamed on “market conditions”.

Output: British specialist metals and chemicals firm Johnson Matthey has unveiled plans to invest £200m ($270m) in electric vehicle (EV) battery technologies next year. The company believes that by the time EV market penetration reaches 10%, the estimated total value of EV products could be at least $30bn. Johnson Matthey also said it had achieved a breakthrough in lithium nickel oxide, which is used extensively in EV batteries. Its shares closed 15% higher following the announcement. The firm is a specialist in vehicle exhaust catalysts so the investment is aimed at protecting its future as internal combustion engines are phased out.


Instruction: create a high quality summary of the given input

Input:
Frozen vegetable market to be worth $30bn worldwide by 2022
 NEED HELP FINDING THE RIGHT PRODUCT? Becky will help you find what you are looking for.

Output: The frozen vegetable market, valued at around $24.5bn globally this year, is set to grow at a 4.23% CAGR to around $30.2bn by 2022, according to a new report. Expansion in the market is being driven by factors including rising awareness of product's health benefits, increasing urbanisation and an expanding middle class. Changing lifestyles and larger disposable incomes in the Asia Pacific region are also expected to make a significant contribution to the expansion of the market. Key companies profiled in the report include Ardo, Bonduelle, Findus, General Mills, H J Heinz and Simplot.


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Arizona to offer free power to balance renewable energy system
 If you are looking for a good deal on energy in Arizona, here's a hint: around lunchtime in the month of March, it's usually free.

Arizona Public Service recently proposed a slate of efficiency and demand-side measures that include many of the usual suspects, along with new takes on traditional resources. The utility's plan includes incentives for smart thermostats, electric vehicle charging infrastructure, energy storage and water heater timers — along with a new "reverse demand response" product that aims to balance system load with excess renewable generation.

"Reverse demand response is really a reflection of our demand side planning and APS' commitment to partner with customers to act as system resources," explained Kent Walter, manager of customer technology and product development for the utility.

Source: California ISO load settlement reports

APS is a summer-peaking utility that experiences mild temperatures through three seasons. As temperatures heat up in the summer months, air conditioning sucks up available generation. But with more moderate temperatures nine months out of the year, the utility has access to an excess of energy that often has nowhere to go.

The utility is a member of the California ISO's Energy Imbalance Market, a real-time marketplace that helps several balancing areas voluntarily trade energy. The market sends 5- and 15-minute price signals, which on mild sunny days can show up as negative pricing: renewable generation that customers get paid to take, in order to avoid curtailments.

"We see a lot of load needs during the fall, winter and spring, reflecting themselves in negative pricing and steep ramps coming out of negative pricing periods," said Walter. "With the growth of solar generation, load growth hasn't kept up … We see opportunities to be able to engage our customers to help better balance the system in real-time, but also absorb negative pricing, which also lowers their bills."

Different than load shifting

"Reverse demand response is very different than load shifting," he added. "We encourage customers to shift loads and we have demand charges within our (commercial and industrial) rates ... we try to have customers manage the load, but reverse demand response is very different."

Specifically, APS is looking for dispatchable loads that "serve the community in some way," said Walter. The program has a relatively small budget of $200,000 to get off the ground, but is uncapped in the volume customers could take.

APS has left the program flexible, open to all non-residential dispatchable loads with at least 30 kW of demand. That could include C&I customers, but the loads must be non-essential. "They can't be counting on it," Walter said. Beautification efforts like, a town fountain that only runs during negative pricing, for instance, might be a qualifying load.

APS has a Power Supply Adjuster, so any benefit the utility receives from that Energy Imbalance Market goes directly to customers. During negative pricing periods, consumers able to take the power are paid by generators who want to avoid curtailment. Those revenues are used to help lower bills.

One more tool for integrating renewables

Brett Feldman, principle research analyst for Navigant, is working on a report due out this fall examining renewables integration through demand response, storage, reverse demand response and similar programs being used to balance the growing volume of intermittent resources on the grid. Lowering demand in times of tight supply is a well-known concept, he said, but so far the idea of turning up demand is relatively new.

"I definitely wouldn't say it's common, I only know a few programs," he said. But "as you see more wind and solar on the system, it's picking up... a lot of it can be addressed by energy storage, but this is a perfect application."

While APS' program is specific to dispatchable non-essential loads, Feldman said the same concepts can apply to a wide range of load types. Electric vehicle charging is one possibility, as is grid-connected energy storage. He pointed to a project between Bonneville Power Administration and EnerNOC a few years ago aligning refrigeration storage with excess wind energy.

On the residential side, some appliance usage could be shifted into negative pricing events.

"Normally you shift appliances to off-peak, but in theory you could do some of those things whenever you need to increase the load," said Feldman.

Texas is another area that has dealt with large amounts of renewables, and the balancing and pricing issues that accompany the resource. The Electric Reliability Council of Texas is an isolated system, with significant wind resources. Some utilities have offered free electricity to customers during off-peak hours.

"Load serving entities can make money by having more load. Even if they give it away for free to customers, they still make a profit because they're actually getting paid for it," said Feldman.

Creative uses for free energy

While traditional demand response signals the customer to decrease demand, and time varying rates incentivize shifting load, APS' reverse demand response is distinct. In instances where a customer in the reverse demand response program would access negative pricing, all other economic solutions have already been run through. It means the types of loads capable of participating may be limited, but APS said it expects customers to find creative uses for free energy.

"I like that we have remained flexible to work with customers around what brings value to them. We don't have a prescribed technology or approach. It really is an opportunity to flexibly engage our customers," said Walter, "And flexibility as a resource is important."

Negative pricing is not a new phenomenon, particularly in California. But as Utility Dive reported earlier this year, what has changed is the regularity and reliability of the events. CAISO curtailments rose steadily in the second half of 2016 as solar penetration reached new highs.

In March of this year, CAISO curtailed about 80,000 MWh — up from 47,000 MWh in March 2016.

But APS is hoping reverse demand response program will help balance the system and avoid renewables curtailments, while also creating value for the utility's customers.

"Because of our power supply adjustment, this is not something APS receives a direct benefit for," Walter said. "The value goes back to our ratepayers."

Output: Arizona's public utility company APS is piloting a system of offering free energy supplies at times of excess generation from renewable sources. The state's power grid experiences a fall in demand outside of the hottest summer months, leading to negative pricing on the Energy Imbalance Market. The "reverse demand response" programme being introduced by APS is aimed at giving non-residential users access to extra power during times of negative pricing. To qualify, the required energy must not be used for essential operations and should preferably be directed to projects that serve the community.


Instruction: create a high quality summary of the given input

Input:
HSBC launches mobile open banking platform
 HSBC UK announced today that it is making its first foray into open banking by launching a new test and learn mobile banking platform ahead of introducing a new app for customers in early 2018. The platform, HSBC Beta, will have a range of innovative new features that give customers more control over their money.

In a first from a major UK bank, the initial feature will allow customers to see all of their accounts on one screen, no matter who they bank with. Customers can add accounts from up to 21 different banks including Santander, Lloyds and Barclays and will allow users to see not only their current account but loans, mortgages and savings, too, if they are visible via online banking services.

>See also: Open banking: a friend of foe to traditional banks?

This is the starting point for a raft of new features such as Safe Balance and Spend Analysis that will be released on Beta over the next few months, including:

• Safe Balance – shows how much disposable money you have before the next payday.

• Spend Analysis – categorises spending, adds tags, notes and photos to transactions and analyse patterns for more informed decision making.

• Digital Coach – provides insights into spending and allows users to learn how to spend and save better.

• Goals – helps create savings goals and provides tips on how to reach your goals sooner.

• Savings Rules – building on the successful SmartSave trial, it helps you to save as you spend by rounding up amounts and sending the extra to a savings account.

HSBC has found that there are two main attitudinal groups of customers: ‘Planners’ want to know their actions now will pay off in the future, whereas ‘Responders’ want to focus on the things they really care about today. For both groups, time is their most precious asset.

>See also: Open banking leading financial services revolution

Becky Moffat, head of Personal Banking and Advance said: “As one of the UK’s biggest retail banks, it’s our job to understand our customers’ ever-changing relationship with their money and their financial needs. Customers now bank at home, on the bus, at work and even in bed, but managing money is still too often a complex and complicated task.”

“We want to provide customers with greater control and make their lives easier. Through our Beta app we want to give our customers a complete and joined-up view of their financial life and make it easier for them to choose confidently, taking the hassle out of checking dozens of statements and manually calculating what’s left.”

Raman Bhatia, Head of Digital, UK & Europe added: “Lots of people ask us if a big bank like HSBC is relevant in today’s competitive FinTech landscape. What sets us apart is that we have millions of customers, which provides a unique insight into how we can continue to improve our digital banking offering.”

“The HSBC Beta platform allows us to test, learn and develop in a live environment, and then deploy the new technology at scale. To achieve this, we have changed from the inside out putting in place digital delivery teams that are completely cross-functional, including all the skills we need in one place – developers, designers, risk and compliance and marketing.”

>See also: 2018: the year open banking shakes up Fintech

“This joined-up view of your money is just the starting point for new features that will be added to the Beta platform over the coming months. These features were developed to answer specific customer needs, such as joined-up banking, and allows us to examine behaviour in early demos before launching a brand new app to customers early next year.”

HSBC Beta builds on the SmartSave app, conducted last year in the FCA Sandbox, which applied smart algorithms to identify when it’s safe to spend through nudges and auto rules.

The customers saved £126 on average over a two month trial, and the best features of the trial and will be integrated into an updated version of SmartSave on Beta.

HSBC Beta will be trialled with 10,000 customers from the end of October ahead of general release in early 2018

Output: HSBC UK will test its mobile banking platform, HSBC Beta, with 10,000 customers starting from the end of October. HSBC Beta allows users to see details of all their accounts, mortgages, loans and savings together in one place, regardless of who they bank with. A series of additional features, aimed at helping people spend wisely and save efficiently, will be rolled out in due course, according to the bank. HSBC Beta is built on the SmartSave app, which was developed last year in the Financial Conduct Authority's sandbox. The app is set to launch nationwide in early 2018.


Instruction: create a high quality summary of the given input

Input:
Estate owners set to benefit from Trump's tax reforms
 Heidi M Przybyla

USA TODAY

WASHINGTON – President Trump is making one thing clear about his plan to cut taxes: It won't be a windfall for the richest Americans, including him.

"It's not good for me, believe me," Trump said in a speech unveiling the tax reform blueprint on Wednesday.

"We're targeting relief to working families," Trump said in Indianapolis. "We will make sure benefits are focused on the middle class, the working men and women, not the highest-income earners."

A lot would have to change before that's true.

Trump's initial plan – backed by Republican leadership on Capitol Hill – would eliminate the individual Alternative Minimum Tax and estate taxes. It would also tax so-called "pass through" businesses at 25%.

Both of these changes could greatly benefit Trump and his family's business empire.

More:Trump plans to enlist grassroots and Democrats to sell tax plan he will call biggest in history

More:How President Trump's tax plan affects you, and what we still don't know about it

More:In Indiana, Trump promises 'revolutionary change' to tax code

More:Analysis: Trump's political losses this week could hurt his policy agenda

Trump chose to maintain ownership of his businesses while president, an arrangement that government watchdogs have criticized due to the potential for conflicts of interest.

The Alternative Minimum Tax, or AMT, prevents people from avoiding tax entirely through deductions and credits – and is overwhelmingly paid by the rich. Previous analyses found repealing the AMT would have saved Trump $31 million in 2005, the year for which a partial Trump tax return is available.

Trump's initial plan also would tax so-called "pass through" businesses at 25%, instead of the income tax rate their owners would pay. Most U.S. businesses are taxed under their owners' individual income tax rate instead of the corporate rate. According to Vox, the “vast majority” of the Trump Organization is considered "pass through" as it revolves around real estate and branding deals, though it's unclear whether Trump's businesses would fall under this rate or not.

What's more, Trump wants to eliminate the estate tax, which is levied on the distribution of property as it passes from deceased persons to their heirs. This could save the Trump family as much as $1.4 billion, assuming a Forbes estimate that Trump is worth $3.5 billion. Currently, Trump's children would inherit $2.1 billion, assuming the top 40% estate tax rate.

Finally, Trump's plan collapses individual income brackets to three, lowering the top rate from 39.6% to 35%, which critics say would be a significant increase for the wealthiest Americans.

The White House pointed to language in the GOP framework that would allow the bill's negotiators to add a surcharge on high-income households to ensure it is "at least as progressive" as the current code. It also vows to eliminate "itemized deductions that primarily benefit the wealthiest families." Yet it doesn't identify those loopholes, other than a state and local deduction that is also used by many middle-class families living in coastal and blue states.

It’s impossible to determine exactly how much Trump would personally benefit since, unlike every U.S. president since Richard Nixon, he has never released his tax returns.

Trump is making clear he intends to succeed on taxes where his effort to repeal Obamacare failed – by working with Democrats.

His plan is likely to undergo significant changes in Congress if Trump wants to win their approval. For instance, he may be pressed to drop his bid to end the estate tax. Yet eliminating the estate tax has been a longtime goal of the GOP, which argues that it stifles family-owned businesses, including in the farming industry.

As he rolled out the plan in a Wednesday speech, Trump was joined by Sen. Joe Donnelly of Indiana, one of the most endangered Democrats sitting for reelection in 2018. Trump is courting moderate Democrats such as Donnelly and Heidi Heitkamp of North Dakota, who've yet to indicate what it will take to get their votes.

However, according to a Democrat familiar with their thinking, these lawmakers are unlikely to support the plan unless it brings in about the same amount of revenue from upper-income earners as the current tax code.

Progressive Democrats are already seizing the moment to renew their calls for the release of his tax returns.

Meanwhile, Trump is touting several provisions that will help lower income earners.

For instance, he said the first $12,000 in personal income for individuals and $24,000 for married couples would pay no taxes. Trump would also expand the child care tax credit and create a new $500 caregiver credit.

It's possible that, as the plan comes together, some of the substantial benefits the wealthy stand to gain will be offset by closing loopholes they currently benefit from.

Yet, until Republicans outline which loopholes are ending, the blueprint released this week promises substantial benefit for wealthier taxpayers.

The estate tax is charged only on estates worth about $5.5 million or more. It was created in part to reduce the ability of a small number of families to amass huge wealth over time. Supporters of its elimination say it can force family-owned businesses to be broken up and sold to pay taxes, affecting workers' jobs.

Yet according to the nonpartisan Tax Policy Center, only roughly 50 small business and small farm estates nationwide will face any estate tax in 2017, owing on average less than 6% of their value in tax. The provision also brings in significant revenue to the federal Treasury.

It's a similar story with the Alternative Minimum Tax. A small minority, 3% of all taxpayers, had to pay the AMT, according to IRS data of the 2014 tax year reviewed by Forbes magazine. Doing away with it would be costly, as it brought in over $28 billion in revenue the same year.

The precursor to the AMT was created in 1969 in response to outrage over a small minority of wealthy taxpayers earning over $200,000 a year who paid nothing in federal income taxes by maximizing preferences and special write-offs.

Finally, according to the Center on Budget and Policy Priorities, "pass through" income is highly concentrated among the wealthiest Americans.

Contributing: Herb Jackson

Output: US President Donald Trump recently unveiled plans to eliminate the estate tax, a change which stands to financially benefit his own estate. This contradicts Trump's earlier statements that his plans for tax cuts were "not good for me, believe me". The Republican party has long complained that the levy stifles the growth of family-owned businesses, particularly small farms. However the tax, which applies to estates worth more than $5.5m, would only affect around 50 small farms this year, according to the non-partisan Tax Policy Center.


Instruction: create a high quality summary of the given input

Input:
European EV market surges 32% as German plug-in sales double
 Europe Plug-in Sales for H1 of 2017 + Updates for July and August

Plug-in vehicle sales in Europe reached 135 100 units in the first half of 2017, 32 % higher than for the same period of 2016. These include all Battery Electric Vehicles (BEV) and Plug-in Hybrids (PHEV) in Europe, of passenger cars and light commercial vehicles. Plug-in share of the European light vehicle market reached 1,63 % in June, the trend so far indicates further increases during the reminder of the year. Results from July and preliminary August indicate that growth is accelerating.

The German market is the highlight of 2017, with over 100 % increase over 2016 H1, making it the second largest market for plug-ins in Europe, after Norway. Plug-in share in Norway is 29 % for BEV and PHEV combined. A good indication of what is possible with compelling savings on vehicle taxes, much lower running cost and a well developed charging infrastructure.

Nearly all countries post growth for 2017, many of them over 100 %, but from still low volumes. For the full year of 2017 we expect 305 - 310 000 plug-ins to be delivered in Europe, up 25 000 units from our previous forecast.

Output: Sales of battery and plug-in hybrid electric vehicles (EVs) rose to 135,100 during H1 2017, up 32% on the same period last year, according to EV world sales database EV-volumes.com. While Germany saw plug-in sales double during the first six months of the year, Norway remained significantly ahead of other European nations in terms of EV share. The report said the Scandinavian country's combination of generous tax and toll savings for EVs and a well-developed charging infrastructure provided a model for other nations to follow.


Instruction: create a high quality summary of the given input

Input:
Prescription drug pricing is totally broken, even for generics—here’s what happened
 Epipens. Sovaldi. Tysabri. Acthar. Harvoni. Every month, it seems, there’s fresh outrage–from president Trump, the Congress, in the media, and among the public–over the soaring cost of prescription drugs.

With good reason: The cash price for the average brand-name prescription drug has increased 48% since 2013. These increases put desperately needed treatments out of reach for many, and cost taxpayers (via Medicare and Medicaid) billions of dollars more every year.

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But as expensive as they are, the brand name drugs in the headlines actually treat relatively few people.

Much less attention has been paid to the price of prescription drugs that tens of millions Americans take every day–that is, the 85% of prescriptions that treat common chronic conditions such as high blood pressure, high cholesterol, chronic pain, diabetes, and depression–and are usually generic medications, not brand-name drugs. Generics are the versions of drugs that get released after a manufacturer’s patent expires, allowing other makers to sell the same compound for less money–well, that’s how it’s supposed to work, at least. More than 3 billion prescriptions are written for generics every year. And the story of generic drug pricing is even weirder than brands.

We should start with the good news: generic drugs are, on average, getting cheaper. Patents on many blockbuster drugs–Crestor, Abilify, Nexium–have expired in recent years, and in some drug categories–statins or anti-depressants, for example–most treatments are now available as generics.

In theory, that should mean cheaper prices. In practice, not so much. Here’s why:

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Until the last few years, insurance covered the cost of most generics; patients would chip in an average co-pay of about $10 and never think twice about the cost of their medications. Over the last decade, however, the $10 copay has slowly begun to disappear, and patients are exposed to prices that can vary wildly.

Part of this is driven by Obamacare. The ACA included prescriptions as an Essential Health Benefit, but it also allowed for very limited formularies, (the lists of drugs covered by insurers), extensive use of prior authorizations, (requiring extra approvals from doctor and insurer), and startlingly high deductibles–as high as $6,500 a year for entry-level Bronze plans–before those old-fashioned $10 co-pays kicked in.

At the same time, employee-provided insurance also changed dramatically. Plans that used to provide just one or two tiers of drug coverage now have as many as six, with patient costs ratcheting up with every tier. Meanwhile, copays are being replaced with “coinsurance”, where the consumer’s financial exposure is far greater–a percentage of the total cost, rather than a flat fee.

All this means that the average American has been quickly exposed to what’s called “usual and customary” (U&C) prices, which are the staggeringly high list prices for prescriptions that were never really intended for consumers to actually pay. Think of these prices like the sticker price on a car–most buyers know that the MSRP is a fool’s price, and the real, lower price is hashed out directly with the dealer. Same with the U&C price on drugs, except there’s no back office for consumers to negotiate with.

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Take atorvastatin, which came on the market as Lipitor but has been available as a generic since 2011; the cash price for the most common dosage is $120 or more per prescription. Gabapentin, an oft-prescribed pain reliever, has a cash price of $75. Nexium, which went generic in 2015, has a cash price at $250 per fill. The story is even worse with diabetes drugs, including insulin, which are often not covered on insurance formularies altogether, (same with medications for erectile dysfunction and many dermatological conditions).

These prices aren’t just what people without insurance–which still numbers 30 million Americans and could rise substantially if current laws change–will pay. Add up the people in high deductible plans, on Obamacare, and more than 50% of Americans are at risk of paying the full cash price for generic medications.

Fortunately, there are now ways for consumers to comparison shop and access tools to make prescriptions more affordable, even when insurance can’t help. Some pharmacies have created programs to discount limited lists of prescriptions. Manufacturers are beginning to provide discounts and assistance programs to help reduce costs for cash-paying patients. And, over the past decade, pharmacy benefit managers–the companies that actually negotiate prices between manufacturers, insurers, and pharmacies–have launched discount cards that offer lower prices. Together, all of these discounts can provide significant savings; up to 75% off more expensive generics. The company I co-founded, GoodRx, has brought the same technology used to compare prices for plane tickets and TV’s to healthcare. We built a comprehensive database of all available discounts that shows consumers to the best available discount based on pharmacy and location, free of charge. It’s just one solution among many that are needed.

Every year, more Americans are diagnosed with chronic conditions, adding to the 50% of Americans currently coping with such diseases. These are conditions where medicine can’t promise a quick cure, but more typically offers years of coping through one or more medication. For these Americans–which sooner or later will include most of us–it’s essential that any solution coming out of Washington, or out of the drug industry, look beyond the headlines about expensive brand name drugs, and include the vast number of drugs taken by the vast majority of Americans. If we’re really going to address the high cost of drugs in America, we need to understand the real problem.

Output: Epipens. Sovaldi. Tysabri. Acthar. Harvoni. Every month, it seems, there’s fresh outrage–from president Trump, the Congress, in the media, and among the public–over the soaring cost of prescription drugs.


Instruction: create a high quality summary of the given input

Input:
Why the War Over Health Care Isn’t Over
 The Trump era has conditioned us to brace for chaos, upheaval, and the next story. On Tuesday, after Mitch McConnell, the Senate Majority Leader, decided not to schedule a vote on a last-ditch Obamacare-repeal bill put forward by Senators Lindsey Graham and Bill Cassidy, it took only a few hours for the political world and much of the news media to move on to the next item on the White House’s agenda: tax reform. But, before running forward into this new legislative battle, it’s worth dwelling on what we’ve learned over the past few months, as successive G.O.P. health-care bills have faltered. Some of the lessons are encouraging, and some aren’t. Let’s start with the uplifting stuff.

Seven and a half years after Congress passed the Affordable Care Act, the central value it enshrines—that affordable health care should be available to everyone, regardless of age, income, or medical history—is now widely accepted. Opinion polls show almost universal support for this proposition. Donald Trump says he supports it, and so do Republican leaders such as House Speaker Paul Ryan (although they tend to use weasel words like “accessible” rather than “affordable”). That is why the Republicans got into such political trouble when—after years of promising to repeal Obamacare—they finally had to release details of their plans for doing so. It turned out that their ideas would lead to millions of poorer Americans losing coverage, while many seniors and sick people would see their out-of-pocket costs soar. The Party’s hypocrisy was exposed.

Another progressive idea included in the A.C.A. that has proven durable is the notion that expanding health-care coverage is important enough to justify higher taxes on the wealthy. When Donald Trump took office, Republicans were determined to repeal two Obamacare tax increases that had hit households earning more than a quarter of a million dollars a year: a 0.9-per-cent surcharge on Medicare taxes and a 3.8-per-cent investment tax. These increases had helped pay for the law’s insurance subsidies and its big expansion of Medicaid. Yet going after these tax increases left Republicans open to the accusation that their real motivation was to help the Party’s wealthy donors. After McConnell’s Better Care Reconciliation Act died, in mid-July, Republicans quietly stopped pushing to get rid of these taxes. McConnell’s so-called “skinny repeal,” which was voted down in the early hours of July 27th, and the Graham-Cassidy bill both would have left these taxes in place. For a Republican Party that views cutting taxes on the rich as one of its central missions, that was a big retreat.

The general point is that the enactment of Obamacare, despite all the criticisms it has received, has permanently shifted the political debate. It is no longer enough for Republicans to argue that America can’t afford a decent health-care system, or that the way to fix things is to simply repeal the A.C.A. and leave the rest to the market. Having seen the pluses and minuses of Obamacare, most Americans aren’t willing to junk it in exchange for vague promises. Any potential replacement must be able to withstand some detailed comparison shopping. Thus far, no Republican plan has been able to meet that challenge.

The ubiquity of the Internet has played a role here. As the action on Capitol Hill proceeded, practically everybody had access to the latest health-care analyses from independent institutions like the Congressional Budget Office, the Kaiser Family Foundation, and the Commonwealth Fund. Most people didn’t actually read the studies these organizations produced, of course. But the news media helped transmit the key findings, and so did the round-the-clock social-media efforts of experts including Kaiser’s Larry Levitt, the former Obama Administration official Andy Slavitt, and the Center for American Progress’s Topher Spiro. The C.B.O.’s studies, which showed that the G.O.P.’s plans would lead to big drops in coverage and much higher premiums for people older than fifty-five and those with preëxisting conditions, were arguably the single biggest factor in public opinion turning against McConnell and Ryan’s efforts. This month, when the Republicans tried to rush through the Graham-Cassidy bill, they scheduled things so that the C.B.O. wouldn’t have enough time to do a proper scoring. But this tactic rebounded: it was widely, and rightly, seen as subterfuge.

For once, real news and real analysis won out over fake news, and democratic activism defeated procedural stunts on Capitol Hill. On Tuesday, I noted that health-care-advocacy groups and Democratic activists had for months pursued Senator Susan Collins, of Maine, putting pressure on her to vote against her Party’s bills.

Of course, Collins might have decided to oppose the Republican repeal bills even without the protests. (And, as I noted, the nation owes her its thanks.) But there can be no doubt that the activism had an effect. Think back to what happened during April and May in the House of Representatives, when Paul Ryan, trying to pass his American Health Care Act, faced defections from moderate Republicans who represent places such as New York, New Jersey, and Pennsylvania, and who were being subjected to regular protests in their home districts. Ryan ultimately got his plan through the House, but the wider repeal effort never really recovered its momentum.

On the other side of the ledger, it must be acknowledged that, as the Duke of Wellington is reputed to have said of the Battle of Waterloo, it was a damn close-run thing. Had Collins, Lisa Murkowski, or John McCain voted the other way on the “skinny repeal,” back in July, the legislation would have proceeded to a House-Senate conference, where it would probably have been broadened and passed. We don’t know for sure how many Republicans would have supported the Graham-Cassidy bill if it had come to an actual vote, but it surely would have been close, too. Republicans have comprehensively lost the intellectual arguments: they can’t cite a single reputable study showing that their bills would preserve affordable coverage for the old, the sick, and the poor. But that doesn’t appear to be enough to sway most G.O.P. senators. Either because they feared primary challenges from the right or because they had trotted out the anti-Obamacare patter for so long that they had come to believe it, the vast majority of them toed the Party line. Especially after Tuesday’s Senate primary result in Alabama—where the insurgent Roy Moore defeated the Party favorite Luther Strange—there is no reason to expect this attitude to change. And there’s also no reason to believe that the Republican Party won’t, at some point, launch yet another repeal effort. In fact, it is only a question of when.

On Wednesday, Lindsey Graham, who had just watched his bill die, said that the Party would return to health care immediately after passing tax reform. But a legislative window for pushing through a health-care measure with just fifty votes is closing, and, going forward, the Republicans will need sixty votes to break a Democratic filibuster. Unless, of course, they pass another budget-reconciliation bill, which would give them another chance at a fifty-vote victory. Or they could get rid of the filibuster altogether, a step which Donald Trump urged them to do on Wednesday.

For now, it looks like the next repeal effort will have to wait until after the 2018 midterms. But another thing we’ve learned in the past few months is that you should never underestimate the determination of the Republicans, and of their wealthy donors, to dismantle Obamacare, or their eagerness to embrace practically any tactic that might help them achieve their goal. “Bottom line is the ACA is not remotely safe between now & 2018 election,” Andy Slavitt tweeted on Wednesday. The forces of enlightenment and progress have won another big battle. But the war isn’t over.

Output: The Trump era has conditioned us to brace for chaos, upheaval, and the next story. On Tuesday, after Mitch McConnell, the Senate Majority Leader, decided not to schedule a vote on a last-ditch Obamacare-repeal bill put forward by Senators Lindsey Graham and Bill Cassidy, it took only a few hours for the political world and much of the news media to move on to the next item on the White House’s agenda: tax reform.


Instruction: create a high quality summary of the given input

Input:
Most Medicare members say they aren't getting recommendations about chronic conditions
 Dive Brief:

Although most Medicare members have at least one chronic disease, only 10% of those recently surveyed said they received reminders or recommendations about their conditions, according to a new HealthMine Survey.

The survey found 44% of survey respondents said their health plan never communicates with them about their chronic condition.

The most frequently reported chronic conditions among those surveyed were high blood pressure, high cholesterol, diabetes, obesity, asthma and symptoms of depression.

Dive Insight:

The Centers for Disease Control and Prevention estimates that three out of four Americans 65 and older have multiple chronic conditions. Engaging people with co-morbidities is often a way to improve health conditions, but the HealthMine survey found that’s not the case for many in the Medicare population.

Research shows that engaging patients, especially those with chronic diseases, can improve health. The industry can also cut costs by figuring out how best to engage patients with chronic conditions. The Partnership to Fight Chronic Disease recently reported that chronic disease will cost the U.S. $42 trillion between 2016 and 2030, including $2 trillion in medical costs. The report predicted that 83 million Americans will have three or more chronic diseases by 2030 unless there are health improvements. That's more than twice the number of Americans with three or more chronic diseases now.

The issue of chronic illness and engagement isn’t just a Medicare population issue either. About 59% of Americans have at least one chronic disease, and those patients are driving healthcare costs, especially if they have co-morbidities. Only 5% of people account for 50% of healthcare spending.

Bryce Williams, president and CEO of HealthMine, a healthcare technology company that communicates health information to members in hopes of creating better outcomes and lowering costs, said corresponding with Medicare members is “imperative.” He added that health plans “have the data to connect with meaningful, timely help for reminders to members — and learn member’s communication preferences.” However, HealthMine's study found the Medicare population isn't benefiting from those communications.

Output: The Centers for Disease Control and Prevention estimates that three out of four Americans 65 and older have multiple chronic conditions. Engaging people with co-morbidities is often a way to improve health conditions, but the HealthMine survey found that’s not the case for many in the Medicare population.


Instruction: create a high quality summary of the given input

Input:
Messing With Medicare’s Prescription Drug Program Will Hurt Low-Income Seniors
 Members of Congress should never be forced to choose between low-income children and low-income seniors. However, that is the decision that lawmakers will face if congressional leaders rework Medicare benefits to pay for an extension of the Children’s Health Insurance Program.

The plan under discussion would dramatically increase out-of-pocket costs for low-income seniors who need brand-name prescription drugs. The change would effectively make this medicine more expensive for the Medicare population that can least afford higher prices.

This is a very real concern for people who can barely afford their existing drug coverage. Most of the people who qualify for low-income subsidies under Medicare, also known as “Extra Help,” make less than $18,000 a year. And they are more likely to suffer from a range of common ailments, including diabetes, heart failure and chronic kidney disease.

This is the problem with tinkering with patients’ co-pays. People often base their health-care decisions on financial incentives, but doctors and diseases do not. Low-income patients are particularly vulnerable to these changes because studies show they are more inclined to choose lower-cost medicine if the price increases for another, even if doctors recommend other treatments that would be more effective.

For Americans struggling to make ends meet, every penny matters, and research shows that even a modest uptick in out-of-pocket costs will force patients to choose lower-priced alternatives, even if they are less effective. Some forgo treatment entirely. One study found small increases in co-pays for cancer patients on Medicaid prompted them not to take the medicines they need.

Increasing co-pays for branded pharmaceutical products pose the biggest threat to patients who suffer from diseases for which there are not as many generic treatments. Low-income Americans are more likely to suffer from HIV, for example, and the most prevalent HIV treatments are branded biopharmaceutical products. Similarly, a change could limit the options available to physicians looking to treat psychiatric conditions.

This is not typically a partisan issue. Prominent Republicans have supported Extra Help in the past. The credits were established by the prescription-drug bill former President George W. Bush signed into law with the help of GOP majorities in the House and Senate. At the time, Oregon Rep. Greg Walden, who is now chairman of the powerful House Energy and Commerce Committee, penned an editorial endorsing the program and encouraging lower-income Oregonians to enroll.

Medicare’s prescription-drug benefit is hugely successful by every possible measure. A survey of 2,000 seniors over the summer found 87 percent are satisfied with their Part D drug coverage and 90 percent think the costs they pay for prescription drugs would be much higher if they didn’t have this coverage. In July, the Centers for Medicare and Medicaid Services announced that premiums for the popular prescription-drug plans will fall. The announcement was a welcome sign that Medicare is already helping to tame prescription-drug costs.

The program is also helping seniors live healthier lives. A study by the University of Illinois released earlier this year found that expanded access to prescription drugs has resulted in a noticeable drop in the mortality rate for American seniors. That means seniors, on average, are living longer lives.

This program is working well and has a demonstrated history of helping seniors from every income bracket. It does not make any sense to disrupt such a wildly successful program, especially for the very seniors who need it the most.

Medicare was designed to help older Americans meet their basic health care needs, just as the Children’s Health Insurance Program does for lower-income kids. Pitting one group against the other defeats the purpose of both programs. Surely Congress can find other ways to finance both programs, preserving two basic backstops for two groups who need the most help.

Output: Members of Congress should never be forced to choose between low-income children and low-income seniors. However, that is the decision that lawmakers will face if congressional leaders rework Medicare benefits to pay for an extension of the Children’s Health Insurance Program.


Instruction: create a high quality summary of the given input

Input:
Meals on Wheels America and Aetna Form Innovative Collaboration to Improve Senior Care
 Arlington, VA – September 27, 2017 – Meals on Wheels America announced today a new national program with Aetna to collaborate on groundbreaking research and innovative models for patient care coordination. The nonprofit and Fortune 50 health company will work together to facilitate access to critical health and social services for America’s seniors at all stages of medical need, from preventive to post-hospital discharge.

The objective of the collaboration is to create a best in class model for care coordination, integrating Meals on Wheels’ daily nutritious meals, social support and critical safety checks into a continuum of care required as people age. Meals on Wheels and Aetna will pilot this model in several markets, and identify best practices intended to improve vulnerable seniors’ health outcomes. Results from these pilots will help build a scalable operational model that will address the challenges seniors face in their daily living.

“More than three-quarters of older adults have at least two chronic conditions. Having a reliable support system in place to observe their health on a regular basis can be just as important as the care they receive at the doctor’s office,” said Mark T. Bertolini, Aetna chairman and CEO. “Our work with Meals on Wheels America will help us make better connections with seniors in their homes and communities, and enable us to establish truly meaningful relationships that can improve the lives of this vulnerable population.”

With the senior population projected to double by the year 2050, this joint program is intended to create a replicable model that will encourage healthcare entities across the country to utilize home- and community-based service providers to address the significant challenges present in the nation’s health care system.

“This collaboration is an important step to fully integrate Meals on Wheels into the health care system,” said Ellie Hollander, president and CEO of Meals on Wheels America. “We are thankful to Aetna for its generous support and leadership in working with health- and community-based service providers, and together, I am confident that we can support seniors in receiving the holistic care they need and deserve.”

About Meals on Wheels America

Meals on Wheels America is the oldest and largest national organization supporting the more than 5,000 community-based programs across the country that are dedicated to addressing senior isolation and hunger. This network exists in virtually every community in America and, along with more than two million staff and volunteers, delivers the nutritious meals, friendly visits and safety checks that enable America’s seniors to live nourished lives with independence and dignity. By providing funding, leadership, education, research and advocacy support, Meals on Wheels America empowers its local member programs to strengthen their communities, one senior at a time. For more information, or to find a Meals on Wheels provider near you, visit www.mealsonwheelsamerica.org.

About Aetna

Aetna is one of the nation’s leading diversified health care benefits companies, serving an estimated 44.7 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services, workers’ compensation administrative services and health information technology products and services. Aetna’s customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com and learn about how Aetna is helping to build a healthier world. @AetnaNews

Media Contacts:

Jenny Bertolette Young

Meals on Wheels America

571-339-1603

jenny@mealsonwheelsamerica.org

Ethan Slavin

Aetna

(860) 273-6095

SlavinE@aetna.com

Output: Meals on Wheels America announced today a new national program with Aetna to collaborate on groundbreaking research and innovative models for patient care coordination. The nonprofit and Fortune 50 health company will work together to facilitate access to critical health and social services for America’s seniors at all stages of medical need, from preventive to post-hospital discharge.


Instruction: create a high quality summary of the given input

Input:
Aging populations often thoroughly contemplate housing decisions, researchers find
 Credit: Pexels.com

As people approach their final stage of life, whether they decide to remain in their home or seek to move to a more supportive place, it's often a well-thought-out choice and not a reactive decision, according to a new study that includes a University of Kansas researcher.

"The literature discusses housing choices and decisions as people reacting to events, such as they become sick or the neighborhood changes around them," said David Ekerdt, professor of sociology and gerontology. "This model is that people are reacting to external events, but our view is that people are proactive and always thinking about what might happen and whether their living arrangement is good for them."

Ekerdt is the corresponding author of a study, "Residential Reasoning and the Tug of the Fourth Age," which will appear in the October issue of the journal The Gerontologist. His co-author on the paper is Catheryn Koss, a KU graduate, who is now at Sacramento State University.

The researchers interviewed 30 community-dwelling retirees ages 67-97 in the United States about how they prepared for the future, including their housing decisions.

Gerontology researchers have termed the "third age" as an active retirement where people have left their traditional work and family roles though they are still relatively independent. The "fourth age" refers to the next phase, which might include disability or a health decline toward the end of one's life.

The study is part of the larger international project "Aging as Future" supported by a grant from the Volkswagen Foundation in Germany. Ekerdt has joined with researchers from the Chinese University of Hong Kong, North Carolina State University at Raleigh, the University of Erlangen-Nuremberg in Germany and the University of Jena in Germany.

Ekerdt said the findings about how people later in life think about their housing decisions is important because it provides a different angle to the perception that people often wait and react based on a health event or some other immediate circumstance.

"In this case, people are constantly having the specter of the fourth age ahead of them. They are continually thinking about, 'Where is the best place that I should grow old?'" he said. "People are continually thinking about and evaluating the residences where they live."

The researchers did identify two categories of people based on how they did approach their housing decisions: pre-emptive and contingent. Participants who used pre-emptive reasoning anticipated their current homes would be suitable over the long term, and they explained why. Those who engaged in contingent reasoning imagined a possible future move to more supportive housing and possibly had a destination in mind.

Several factors could also influence which camp respondents landed in, Ekerdt said, including the effects of peers and relationship with spouses and children.

Either way, the process was something that seemed to be well thought out, he said.

"The fourth age is remarkably present to people's imagination about the future," Ekerdt said. "'What would happen if I was to become unable to function in the place that I'm living?'—as opposed to other decisions you might make and put aside."

These findings might be good news for companies who market senior housing or for those who renovate homes, he said.

"There is a great opportunity to try to reach people as they are processing their setting and their dwellings," Ekerdt said. "Later-life housing also has other implications. Homes are very important to health care and people's ability to fit into their environments. A dwelling not just a place to live. It's a place to manage your health."

More information: Catheryn Koss et al. Residential Reasoning and the Tug of the Fourth Age, The Gerontologist (2016). DOI: 10.1093/geront/gnw010

Output: As people approach their final stage of life, whether they decide to remain in their home or seek to move to a more supportive place, it's often a well-thought-out choice and not a reactive decision, according to a new study that includes a University of Kansas researcher.