Adequate unemployment insurance extension increases odds of finding “better jobs”

Unemployment insurance extension - Person leaping

A new study found that given more time, people are more likely to find employment suited to qualifications. Unemployed workers are more likely to find “better” jobs to suit their qualifications with an unemployment insurance extension, say new study results. This research indicates the opposite effect suggested in arguments made by Republican leaders. The Congressional debates over the next coronavirus stimulus package include the type of unemployment insurance extension that will be employed. Republican leaders have been cautioning against the added $600 per week in federal benefits for those who…

Read More

NAIC to address US insurance industry racism and discrimination

Insurance industry racism - racial equality - typewriter

A special committee has been formed in order to specifically focus on Race and Insurance. The National Association of Insurance Commissioners (NAIC) has announced that it has created a special committee to address insurance industry racism and discrimination. NAIC is seeking to improve the way its systems and coverage reflect and protect society. “Our regulatory system and insurance in general is a reflection of the society it aims to protect, and while state insurance regulators have worked to eliminate overt discrimination and racism, we all have been increasingly aware that…

Read More

New FTJ/FLS Vice President To Lead Technology Efforts

insurance industry news

KANSAS CITY, Missouri (August 3, 2020) – Forrest T. Jones & Company, Inc. (FTJ) and Fidelity Security Life Insurance Company (FSL) have appointed Chayan Dasgupta as vice president overseeing information technology (IT). Dasgupta, who goes by “CD,” will provide strategic leadership as a member of the FTJ/FSL executive team and manage a department of nearly 50 IT professionals. He will report to Brad Jones, FTJ/FSL Vice President. Dasgupta joins FTJ/FSL after more than 12 years at Overland Solutions, a leading provider of underwriting support services in the property and casualty…

Read More

New York Uber and Lyft drivers win battle for unemployment insurance benefits

Unemployment insurance benefits - Uber and Lyft drivers

The ride hailing drivers sued the state in May and a federal judge has now ruled in their favor. Lyft and Uber drivers recently won the right to receive unemployment insurance benefits immediately. The ruling was made by a federal judge who determined that the New York Department of Labor had taken too long to issue payments. The ruling was made by U.S. District Judge LaShann DeArcy Hall in Brooklyn this week. The judge cited a backlog of claims was occurring from ride-hail drivers who sued New York state in…

Read More

Chinese insurance industry takes moves away from centralized supervision

Chinese insurance industry - Office Buildings in China

The country is moving to decentralize the oversight of its $3.1 trillion industry. China is making the first moves to decentralize the oversight of the $3.1 trillion Chinese insurance industry as it seeks to enhance efficiency levels. The CBIRC has produced new guidelines granting local regulators more supervisory power. The China Banking and Insurance Regulatory Commission (CBIRC), the national Chinese insurance industry regulator, issued all new guidelines granting new supervisory powers to local regulators who will now be responsible for certain segments of the sector. This decision is expected to…

Read More

State Farm car insurance claims fall by as much as 50 percent in some states

State Farm car insurance - cars driving on road

The largest auto insurer in the country has been reducing its rates in response to the trend. State Farm car insurance rates have been reducing across the country due to the trends relating to the COVID-19 pandemic. Some of the insurer’s latest data has made it clear why it has been willing and able to make these reductions. Since the pandemic crisis began, the number of miles driven by Americans has plummeted. As a result, there have been far fewer State Farm car insurance claims, meaning the coverage is more…

Read More

Lemonade pet insurance launches for the first time

Lemonade Pet Insurance - Dogs and Cats

The online insurer is using this move to take itself into an entirely new coverage space. Lemonade pet insurance launched this week, taking the company into a new product category. This represents the company’s first step into a new vertical since 2016 when it first began offering its renters and homeowners insurance policies. Nearly three quarters of the company’s current policyholders are also pet owners. Approximately 70 percent of existing customers with the insurer own animals. That said, only about 1 to 2 percent of owners in the United States…

Read More