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…

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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…

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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…

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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…

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Lack of TV and film insurance could bring Hollywood to a halt next year

Film insurance - clapperboard

Without the necessary coverage, movie and television series releases could be few and far between. TV and film insurance coverage availability has plummeted for independent movie and television productions for COVID-19 illness risk. This shift directly threatens the number of new video entertainment to be produced and released in 2021. Insurers and industry experts have joined Hollywood producers in stating that there could be a short supply of new productions for 2021. Thousands of television and movie productions came to a sharp stop around the world in March as the…

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Another State Farm Louisiana auto insurance rate reduction ahead

Louisiana auto insurance rate - Cars on highway

The insurer has already slashed its rates earlier this year due to the reduced claims during the pandemic. More Louisiana auto insurance rate cuts are on their way from the largest car insurer in the state. The reason for the latest reduction in State Farm premiums is the same as the last. The pandemic lockdowns have taken many cars off the roads, shrinking claims rates. State Farm currently covers about one in every three private vehicles in the state. State Farm provides car insurance to almost one third of all…

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National General to be acquired by Allstate for $4 billion

National General - Business Deal

The insurance giant is making the purchase to expand its auto reach and independent agent business. Insurance giant Allstate Corp announced this week that it will purchase National General Holdings Corp for about $4 billion. This will be a cash purchase, boosting the insurer’s auto insurance business just as the pandemic crisis has made that sector highly profitable. Auto insurance claims are way down due to the smaller amount of traffic on the roads. National General shareholders will be compensated with $32 per share in cash. They will also receive…

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