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    18Jun, 2023
    Auto Accident Settlements Amounts

    According to Grossman Law Offices, APC, California’s average car settlement amount is around $21,000. In most cases, auto accident victims receive economic damages. Still, depending on the circumstances of your case, you might also be awarded non-economic damages, which will boost your compensation value.

    Auto Accident Settlements Amounts

    To receive the best possible auto accident settlement amount, you should consult with a car accident lawyer and present your case. They will be able to analyze your claim and inform you about how much your claim might be worth and how strong your case is.

    Understanding California’s Personal Injury Laws

    California is an at-fault state when it comes to car accidents. This means that whoever is responsible for the accident has to pay for all the injuries and property damage resulting from the accident.

    The pure comparative negligence system also plays a role here. Even if you are 99% responsible for the accident, you can still recover some damages as a car accident victim. When it comes to auto accident settlement amounts, you should work closely with a personal injury lawyer so that you can recover the highest possible amount for your injuries and property damage, especially since the pure comparative negligence system might deduct some of your settlement amounts.

    For example, the at-fault party might be able to prove that you weren’t wearing a seat belt during the accident, which will shift the liability to you rather than them. The argument could be that your wounds wouldn’t have been so severe if you were wearing a seat belt.

    However, if you work with a personal injury lawyer, they might be able to dismiss the seatbelt defense and argue that you suffer from a medical condition that prevents you from legally wearing a seatbelt or use some other legal strategy in your favor.

    This

    … Read the rest
    17Jun, 2023
    IBM says it will pause hiring as CEO says around 7,800 non-customer facing roles could be replaced

    Computing giant IBM has said it plans to pause hiring for roles that could be replaced with artificial intelligence in the next five years.

    CEO Arvind Krishna  said that up to 30% of non-customer-facing roles – tallying a figure of roughly 7,800 jobs – could be replaced by AI and automation in the near future. 

    These ‘back-office functions’, which include human resources, amount to a total of roughly 26,000 workers within the company, Krishna added. 

    From January to March, companies announced 270,416 job cuts – with the technology sector accounting for more than a third of the cuts in the first quarter at 102,391 layoffs, including cuts at Amazon and Google parent company, Alphabet – a 396 percent increase from the same period last year, according to a report on April 4 from outplacement firm Challenger, Gray & Christmas.

    Tasks which can be replaced involve providing employment verification letters or moving employees between departments.

    Computing giant, International Business Machines Corp (IBM) has said it plans to pause hiring for roles that could be replaced with artificial intelligence in the next five years

    Computing giant, International Business Machines Corp (IBM) has said it plans to pause hiring for roles that could be replaced with artificial intelligence in the next five years

    Arvind Krishna, CEO of IBM, said that up to 30% of non-customer-facing roles - tallying a figure of roughly 7,800 jobs - could be replaced by AI and automation in the near future

    Arvind Krishna, CEO of IBM, said that up to 30% of non-customer-facing roles – tallying a figure of roughly 7,800 jobs – could be replaced by AI and automation in the near future

    Other HR functions, however, such as evaluating workforce composition and productivity, won’t be replaced within the decade, he explained.

    IBM’s plan is one of the most drastic workforce strategies announced in response to rapidly advancing automation technology. 

    Job advice platform Resumebuilder.com surveyed 1,000 business leaders who either use or plan to use Microsoft AI breakthrough, ChatGPT.

    It found that about half of their companies have implemented chatbots. And nearly half of this group say that ‘ChatGPT has already converted employees at their companies’.

    ‘As

    … Read the rest
    16Jun, 2023
    Specialist Firms Synthetik Applied Technologies LLC and Saleria LLC Announce Merger

    AUSTIN, HOUSTON and LONDON, May 2, 2023 /PRNewswire/ — synthetik-technologies.com%2F&a=Synthetik+Applied+Technologies”Synthetik Applied Technologies and Saleria today announced the successful conclusion of negotiations to merge the two companies. The transaction creates a global research and development capability that will offer risk mitigation solutions across numerous sectors including defense, security, insurance and energy.

    The new entity will trade under the name Synthetik Applied Technologies, maintaining the Saleria brand for its line of physical products.

    Underpinning the merger are the synergies obtainable by combining Synthetik’s skills in computational risk analysis, insurance analytics and artificial intelligence with Saleria’s material testing capabilities and physical protection products. They will allow the integrated firm to design a wider and better range of risk mitigation more quickly in response to expanding global threats.

    CEO of Saleria, Brian Watson, who takes over as CEO of the new company commented:

    ‘We are delighted to bring the Saleria product line and our materials expertise to enhance the success of Synthetik Applied Technologies. Together we will be better able to develop technology, products, and services that meet the challenges of today and tomorrow. We look forward to working with our private and public sector clients and partners to help build a safer world.’

    Peter Vonk, co-founder of Synthetik, who moves into a new role as Chief Technology Officer, commented:

    “It makes perfect sense for the two organizations with a history of successful collaboration to combine into a world-class R&D company. The partnership will accelerate technology development in modelling and simulation, machine learning, artificial intelligence and physical protection, leveraging returns from existing offerings and speeding the identification and exploitation of new ones.”

    Vonk is joined on the executive team by Chief Science Officer, Dr. Jim Warren PhD, who brings extensive blast engineering expertise to Synthetik’s portfolio. Tim Brewer

    … Read the rest
    15Jun, 2023
    Sky launches smart home insurance package

    Sky has announced the launch of a new smart home protection service that offers customers home insurance and smart home tech worth £250.

    The Sky Protect Smart Home Insurance package is underwritten by Zurich Insurance and features a suite of smart home tech products including a video doorbell, indoor camera, leak detectors, motion sensor and contact sensors. Customers can view their devices through an all-in-one app.

    Stephen van Rooyen, Chief Executive Officer, Sky UK & Ireland and Chief Commercial Officer, Sky Group, said the platforms entry into home insurance was the latest innovation for the company. “We already make people’s lives easier at home through our TV, broadband and mobile services and with Sky Protect, we’ll be able to take the pain out of home insurance.”

    Research from Sky shows that over a quarter (27%) of those polled are considering purchasing new smart technology this year. A over a third (38%) of people cite the reasons for this as making them feel safer when away from home, allowing them to protect their home from intruders (33%) as well as increasing energy efficiency and saving money (28%).

    Tim Bailey, Zurich’s UK CEO, said: “Zurich is already developing new digital products and services to meet the evolving needs of our customers. This new partnership combines Zurich’s expertise and trusted insurance brand with Sky’s technology and significant customer reach, to help more people better protect their homes. By combining smart home technology with insurance, Sky Protect aims to prevent losses and provide financial peace of mind, should the unexpected happen.”

    In addition to the tech, the insurance package also includes Home Emergency Cover, including access to trusted tradespeople; Buildings & Contents insurance or just Contents cover; Family Legal Assistance; Cyber Assistance Cover and a 24-month fixed price policy.

    … Read the rest
    12Jun, 2023
    Oregon bill to restrict insurance company use of wildfire risk maps heads to governor

    A bill aimed at consumer insurance protections and Oregon’s wildfire risk map passed the Oregon House of Representatives on Tuesday. It now heads to Gov. Kotek’s desk to be signed into law.

    Senate Bill 82 would restrict how insurance companies can use wildfire risk maps. It’s in part a response to last summer’s controversial map, which outlined wildfire risk at the property ownership level across the state.

    Oregon has seen $3 billion of property loss this decade due to wildfire, said Rep. Pam Marsh (D-Ashland).

    “What that means is that insurance companies are increasingly looking at their portfolios and evaluating risk. And consumers are increasingly getting notifications that their canceled policies won’t be renewed, or that the policy price has gone up, or that they’re not insurable,” she said. “So we want to protect consumers during this period, recognizing that insurance companies are going to make the decisions that they’re going to make based on their financial needs.”

    Mary Bradshaw's fire-hardened home in Elkhorn, Oregon, on Feb. 26, 2021. It was one of few that survived the Beachie Creek fire in the area.

    Mary Bradshaw’s fire-hardened home in Elkhorn, Oregon, on Feb. 26, 2021. It was one of few that survived the Beachie Creek fire in the area.

    Kristyna Wentz-Graff / OPB

    SB82 states that insurance companies cannot use any state wildfire risk map as a basis for increasing a premium, canceling or denying to renew a homeowner insurance policy.

    Oregon’s wildfire risk map that was released last year was met with intense criticism over how it might affect homeowners’ insurance rates. Marsh said this new bill is partially an effort to address that critique.

    “That was an issue that came up big time last summer. We want to make it clear that that’s simply not allowed. We don’t think insurance companies are doing it anyway, by the way. But now it’ll be in statute that they’re not allowed to do it,” she said.

    The

    … Read the rest
    11Jun, 2023
    AM Best Revises Outlooks to Negative for Uzbekinvest Export-Import Insurance Company, JSC

    LONDON, April 28, 2023–(BUSINESS WIRE)–AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb” (Fair) of Uzbekinvest Export-Import Insurance Company JSC (Uzbekinvest) (Uzbekistan).

    The Credit Ratings (ratings) reflect Uzbekinvest’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

    The revision of the outlooks to negative from stable reflects pressure on Uzbekinvest’s balance sheet strength, due to the expected deterioration of the company’s risk-adjusted capitalisation at year-end 2022 (audited financial statements are yet to be finalised). This is due to the company’s significant business growth, combined with its lack of sophisticated accumulation management. The company is taking steps to re-build the buffers within its risk-adjusted capitalisation and to improve its exposure management. However, should the company fail to meet the capital requirements of its growing book of business, a rating downgrade is likely.

    Uzbekinvest’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects the company’s BCAR scores to remain above the minimum required for the strongest assessment, albeit with a lower buffer to absorb potential shock losses. In addition, the company has a conservative investment allocation strategy, with approximately half of its investments held in bonds and other fixed income securities outside of Uzbekistan, which are predominantly of excellent credit quality. Offsetting factors include the company’s relatively unsophisticated capital management capabilities.

    The marginal operating performance assessment considers Uzbekinvest’s high combined ratio, with a five-year (2017-2021) weighted average of 117.9%, as calculated by AM Best. Whilst the non-life loss ratio is low, overall underwriting results are negatively affected

    … Read the rest
    10Jun, 2023
    ‘Total nightmare:’ As Florida insurance companies go insolvent, homeowners pay the price

    SEMINOLE COUNTY, Fla. – What happens when your property insurer goes out of business?

    It is happening quite a bit in Florida and is leading to all policyholders paying more.

    The Florida Insurance Guaranty is adding a 1% assessment to policyholders starting in October to cover claims for insolvent companies.

    A Seminole County couple has lived without a fully functioning kitchen for three years because their insurer went out of business.

    [TRENDING: Become a News 6 Insider | SNOW WAY: Ice covers I-95 in Fla. | DeSantis vs. Disney: Governor responds to lawsuit]

    Sandra Braga Alfonso said what started as a leak under her sink has turned into a three-year nightmare.

    She said there was already a fight with her insurer to pay out the claim, but then the company went under and it got worse.

    Alfonso has a fridge and an oven but is missing lower cabinets, a stove, her normal sink, and a dishwasher.

    “It has been a total nightmare,” Alfonso said.

    It started in December of 2019 with a leak under her sink, she said.

    She eventually discovered water in all her lower cabinets and in the sheetrock behind the cabinets, she said.

    “The insurance company gave us approval to rip everything out that was damaged and now they don’t want to pay to put it back in,” Alfonso said.

    The insurance company cut a check for $4,800, she said.

    Of that $4,300 went to water mitigation to prevent mold. That left about $500, not nearly enough to replace her kitchen, she said.

    “We’ve tried to settle, go to mediation, everything,” she said.

    Finally, Alfonso and her husband filed a lawsuit against her insurer, but after two years of hearings and motions and waiting for a court date, her insurer went out of business.

    She was

    … Read the rest
    9Jun, 2023
    Bill to restrict insurance company use of wildfire risk maps heads to Gov. Kotek

    Senate Bill 82 would restrict how insurance companies can use wildfire risk maps. It’s in part a response to last summer’s controversial map, which outlined wildfire risk at the property ownership level across the state.

    Oregon has seen $3 billion of property loss this decade due to wildfire, said Rep. Pam Marsh (D-Ashland).

    “What that means is that insurance companies are increasingly looking at their portfolios and evaluating risk. And consumers are increasingly getting notifications that their canceled policies won’t be renewed, or that the policy price has gone up, or that they’re not insurable,” she said. “So we want to protect consumers during this period, recognizing that insurance companies are going to make the decisions that they’re going to make based on their financial needs.”

    SB82 states that insurance companies cannot use any state wildfire risk map as a basis for increasing a premium, canceling or denying to renew a homeowner insurance policy.

    Oregon’s wildfire risk map that was released last year was met with intense criticism over how it might affect homeowners’ insurance rates. Marsh said this new bill is partially an effort to address that critique.

    “That was an issue that came up big time last summer. We want to make it clear that that’s simply not allowed. We don’t think insurance companies are doing it anyway, by the way. But now it’ll be in statute that they’re not allowed to do it,” she said.

    The bill also says that if an insurer decides to cancel or not renew a homeowner’s policy because of wildfire risk, they have to tell the homeowner why.

    Marsh said this part of the bill is about transparency for consumers from insurance companies.

    “They also need to tell you if there are mitigation actions that you could take to your property, for

    … Read the rest
    8Jun, 2023
    An inside look at one company’s data collection protocols, user ‘consent’ details

    CerebrumX Labs, which describes itself as an artificial intelligence (AI)-driven automotive data services and product provider, uses “a highly secure, AI-based Augmented Deep Learning Platform (ADLP)” and, so far, has collected more than 100 million miles of data from vehicles. The data collected, with consent from automakers and drivers, includes personally identifiable information (PII) but what does “consent,” in this case, mean?

    Companies and unauthorized third parties collecting and/or selling data that many users may think is private is now commonplace not only in the automotive and collision repair space but in just about any cloud-connected or online-based service.

    Collision repair shops and consumers need to be aware of what’s collected and how to ensure their data is safe. It’s been previously suggested by the Society of Collision Repair Specialists (SCRS), the Database Enhancement Gateway (DEG), and Mike Anderson’s Collision Advice for shops to get authorization from their customers to reset or clear PII data for total loss vehicles or vehicles they intend to sell and have them sign a release to avoid any liability associated with the procedure.

    A new data privacy concern regarding scan tool end-user license agreements (EULAs) was brought to the attention of the collision repair industry earlier this month during the Collision Industry Conference (CIC)’s meeting in Richmond, Virginia. An Autel Technology Corp. EULA states a broad array of customer data can be collected from its diagnostic scan tools can be shared, and governed by the People’s Republic of China.

    CerebrumX CEO and co-founder Sandip Ranjhan told Repairer Driven News there are multiple levels of consent that end users agree to beginning with consent to collect from the company’s partners, including OEMs, media companies, insurers, fleet companies, and smart cities/municipalities. Then, the user must give consent for the data to be shared with

    … Read the rest
    7Jun, 2023
    Azerbaijan forecasts amount of insurance fees from sale of green cards to foreign drivers

    BAKU, Azerbaijan, May 2. Azerbaijan’s
    Compulsory Insurance Bureau forecasts up to 10 million manat ($5.82
    million) of insurance fees from the sale of green cards by
    Azerbaijani insurance companies for vehicles registered in Georgia
    and Kazakhstan, by the end of 2023, Executive Director at the
    bureau Rashad Ahmadov told reporters, Trend reports.

    According to Ahmadov, from January through April this year
    alone, insurance fees from the above activity amounted to 3.1
    million manat ($1.8 million).

    In 2022, the bureau made payments under the Green Card system in
    the amount of 910,421 manat ($535,540) in connection with traffic
    accidents that occurred abroad.

    The Green Card international vehicle liability insurance system
    has been operating since 1951. Its main goal is to settle claims of
    victims of road accidents committed with the participation of
    foreign motorists, in accordance with the national legislation of
    the country where the accident occurred.

    According to the agreement “On green card“, an insurance policy
    for motor third-party liability issued in any country participating
    in the agreement is valid in the territory of another country that
    is a member of this agreement.

    The national bureaus of the Green Card are part of a single
    organization – the Council of Insurance Bureau headquartered in
    Brussels, which operates under the auspices of the Working Group on
    Road Transport of the Inland Transport Committee of the United
    Nations Economic Commission for Europe.

    … Read the rest
    6Jun, 2023
    SBI Life Insurance Company stocks: Buy SBI Life Insurance Company, target price Rs 1350: ICICI Direct
    ICICI Direct has buy call on SBI Life Insurance Company with a target price of Rs 1350. The current market price of SBI Life Insurance Company is Rs 1136.85.

    SBI Life Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 113806.74 Crore) operating in Financial Services sector.

    SBI Life Insurance Company key Products/Revenue Segments include Premiums Earned and Other Operating Revenue for the year ending 31-Mar-2022.

    Financials

    For the quarter ended 31-03-2023, the company has reported a Standalone Total Income of Rs 21310.74 Crore, down -20.57 % from last quarter Total Income of Rs 26829.77 Crore and down -1.64 % from last year same quarter Total Income of Rs 21666.15 Crore. Company has reported net profit after tax of Rs 776.85 Crore in latest quarter.

    The company’s top management includes Mr.Dinesh Kumar Khara, Mr.Mahesh Kumar Sharma, Ms.Usha Sangwan, Dr.Tejendra Mohan Bhasin, Mr.Narayan K Seshadri, Mr.Deepak Amin, Mr.Shobinder Duggal, Mr.Ashwini Kumar Tewari. Company has S C Bapna & Associates as its auditors. As on 31-03-2023, the company has a total of 100 Crore shares outstanding.

    Investment Rationale
    SBIL’s share price has grown ~45% in the past three years. Lower proportion of high ticket business, strong distribution and diversified product mix along with lowest cost on relative basis is seen aiding business growth as well VNB margin. The stock is reasonably priced and is currently trading at 1.9xFY25E embedded value.
    Promoter/FII Holdings
    Promoters held 55.45 per cent stake in the company as of 31-Mar-2023, while FIIs owned 25.14 per cent, DIIs 15.09 per cent.

    (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, … Read the rest

    5Jun, 2023
    Azerbaijan’s Compulsory Insurance Bureau Reveals Volume Of Payments To Citizens For 2022
    (MENAFN- Trend News Agency) BAKU, Azerbaijan, May 2. The Compulsory
    Insurance Bureau of Azerbaijan paid about one million manat
    ($588,235) to citizens for causing harm to health by a third party
    in 2022, Executive Director at the country’s Compulsory Insurance
    Bureau Rashad Ahmadov told reporters, trend reports.

    According to Ahmadov, this year, the bureau’s payments to
    citizens whose health was harmed by an unknown or uninsured person,
    or by a stolen vehicle, will amount to or even exceed one million
    manat.

    “Any citizen who has suffered harm caused by an uninsured person
    or a stolen vehicle from 2011 to the present day can apply for a
    payment,” he added.

    According to the law on“Compulsory insurance”, third parties
    whose health was harmed by an unknown or uninsured person, or by a
    stolen vehicle, are entitled to compensation paid by the bureau,
    and in the event of the death of the victim, this right passes to
    members of the victim’s family.

    Besides, following the law, the insurance payment in case of
    death in an accident is 5,000 manat ($2,940), and in case of
    injuries it varies from 750 manat ($441.18) to 4,000 manat
    ($2,350).

    As of January 1, 2023, the total assets of Azerbaijan’s
    insurance companies amounted to 1.45 billion manat or $850 million
    (an increase of 18.8 percent over the year), and the volume of the
    companies’ obligations is about 1.02 billion manat ($600
    million).

    MENAFN02052023000187011040ID1106153507


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    … Read the rest
    4Jun, 2023
    VA Insurance Company Discusses Insurance For Truck Drivers

    Burton & Company, a Virginia insurance firm, has recently released a new article explaining what insurance truck drivers need. This new article was created to help make the process of finding insurance simpler for truck drivers and their managers.

    Martinsville, VA – April 27, 2023 – Burton & Company, a commercial trucking insurance company, has recently released a new article on its website that focuses on explaining what insurance truck drivers require. Burton & Company are proud to announce the launch of this new blog post and its ability to help educate truck drivers on the different benefits and drawbacks of the various insurance options that are out there. This in-depth article provides an informed discussion on a range of different plans and helps individuals make informed decisions about their insurance coverage.They highlight the importance of seeking professional help before entering into a plan that is overpriced or lacks certain important coverages.

    The blog post offers some important professional perspectives on different insurance plans, including how to choose plans based on your mileage, type of truck, and company requirements. Each method is assessed for its pros and cons regarding effectiveness, convenience, cost, and other factors. In the article, they explain the importance of considering the impact that each of these plans may have on your financial situation, and the importance of being comprehensively covered. They hope readers can understand the value of consulting professionals before making this important decision.

    At Burton & Company, each client is treated as an individual. Their team’s knowledgeable staff provides comprehensive advice based on the latest industry research to ensure that truck drivers can make an informed choice that best suits their business requirements. Their team of experts offers a range of services aimed at helping truck drivers find the perfect plan for

    … Read the rest
    3Jun, 2023
    Star Health and Allied Insurance Company stocks: Buy Star Health and Allied Insurance Company, target price Rs 650: ICICI Direct
    ICICI Direct has buy call on Star Health and Allied Insurance Company with a target price of Rs 650. The current market price of Star Health and Allied Insurance Company is Rs 586.55.

    Star Health and Allied Insurance Company, incorporated in the year 2005, is a Large Cap company (having a market cap of Rs 34124.10 Crore) operating in Financial Services sector.

    Star Health and Allied Insurance Company key Products/Revenue Segments include Premiums Earned, Interest & Dividend and Income From Sale Of Share & Securities for the year ending 31-Mar-2022.

    Financials

    For the quarter ended 31-12-2022, the company has reported a Standalone Total Income of Rs 3074.37 Crore, up 2.39 % from last quarter Total Income of Rs 3002.62 Crore and up 13.40 % from last year same quarter Total Income of Rs 2711.01 Crore. Company has reported net profit after tax of Rs 210.47 Crore in latest quarter.

    The company’s top management includes Mr.Venkatasamy Jagannathan, Mr.Utpal Hemendra Sheth, Mr.Deepak Ramineedi, Mr.Berjis Minoo Desai, Mr.Rajeev Krishnamuralilal Agarwal, Mr.Rajni Sekhri Sibal, PadmashriKaarthikeyan Devarayapuram Ramasamy, Ms.Anisha Motwani, Mr.Rohit Bhasin, Mr.Anand Shankar Roy, Dr.Subbarayan Prakash, Mr.Sumir Chadha. Company has V Sankar Aiyar & Co. as its auditors. As on 31-03-2023, the company has a total of 58 Crore shares outstanding.


    Investment Rationale
    Market leader in retail health insurance segment (~33% market share) with potential for sustained business growth and, thus, earnings trajectory.

    Promoter/FII Holdings
    Promoters held 58.28 per cent stake in the company as of 31-Mar-2023, while FIIs owned 35.24 per cent, DIIs 1.44 per cent.

    (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and … Read the rest

    2Jun, 2023
    Amazon Independent Contractors Wisconsin Unemployment Tax

    Related Practices & Jurisdictions

    Those doing business in the Badger State should take note — in a recent case, the Wisconsin Court of Appeals determined that delivery drivers who were paid as independent contractors were improperly classified as such.

    By way of background, Wisconsin statute uses nine factors to determine if workers are employees for purposes of unemployment insurance tax liability. The company bears the burden to establish at least six of the nine factors are met for individuals to be exempt and for the company to therefore avoid paying unemployment insurance tax on its independent contractors.

    In the recent Amazon Logistics, Inc. v. Labor and Industry Review Commission, et al.case, the Wisconsin Court of Appeals analyzed these nine factors in detail. The company, Amazon Logistics, challenged the Department of Workforce Development and Labor and Industry Review Commission’s determinations that its independent delivery drivers qualified as employees.

    Amazon Logistics coordinates product delivery via numerous pathways, including a smartphone application, “Amazon Flex,” used by individual drivers. Individual drivers download the app and apply to perform delivery services for the company. As part of the application, drivers sign off on the company’s “Independent Contractor Terms of Service.” Individuals accepted to the Amazon Flex program may then select blocks of time to make deliveries. During such delivery blocks, the drivers pick up packages from the warehouse, scan the packages into the app before loading them into their own vehicle, and then proceed to deliver the packages, indicating completion via the app. The app also provides a suggested delivery route. Individuals are paid when the delivery block is completed.

    Amazon Logistics contended these delivery drivers were not employees and did not trigger unemployment insurance taxation. Ultimately, however, the court concluded that the company could only meet five of the nine factors required

    … Read the rest
    1Jun, 2023
    AM Best Affirms Credit Ratings of Shinkong Insurance Company Limited

    HONG KONG, April 28, 2023–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Shinkong Insurance Company Limited (Shinkong Insurance) (Taiwan). The outlook of these Credit Ratings (ratings) is stable.

    The ratings reflect Shinkong Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

    Shinkong Insurance’s risk-adjusted capitalization remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s capital and surplus level dropped slightly due to unfavourable losses reported under other comprehensive income and a dividend payout during 2022. The company’s risk-based capital ratio remains at a healthy level and above the regulatory requirement with a good level of buffer. Shinkong Insurance’s investment portfolio has been liquid and stable with the majority of its investment assets held in cash and investment grade bonds. The company’s reinsurance dependency remains moderate and is placed with reinsurer panels of good credit quality. The company has incurred limited claims losses on its pandemic-related insurance policies, despite the pandemic being a capital event for Taiwan’s non-life industry.

    Shinkong Insurance continued to deliver positive underwriting results in 2022, supported by moderate top-line growth and stable operating expenses. The company’s net combined ratio remained stable in 2022, supported by favourable voluntary motor business and limited impact from large losses. The company recorded losses for its equity investments due to fluctuations in the capital markets. The company is expected to continue to invest in fixed-income products and long-term equity investments with stable investment income.

    Shinkong Insurance is the third-largest insurer in Taiwan’s non-life insurance market based on gross premium written. The company’s underwriting portfolio has been moderately diversified with

    … Read the rest
    31May, 2023
    RSA Insurance expanding marine offering with superyacht practice

    RSA Insurance has announced it will expand its marine offering with the launch of a new superyacht practice.

    rain garden

    The new practice will provide comprehensive cover for owners of superyachts and focus on the larger end of the market, according to a statement announcing the launch today (2 May 2023).

    RSA said it made the move with superyacht ownership growing “significantly” in recent years.

    Calvin Gray, London market marine director, said: “We continue to look for opportunities in the market where we can build pockets of lead or niche expertise, which can deliver a longer-term return for us as a business.

    “The superyacht market has been through significant remediation over the past four years and this represents a good opportunity for us to enter the market.

    “Through our market and competitor analysis, we believe that with our global capability there is an opportunity to bring a lead offering to the market and build a unique proposition with technical capability and expertise at its core.” 

    New appointment 

    As part of the move, Emily Grew will join RSA as a senior yacht underwriter in July 2023.

    She started her career in insurance broking and has worked for AIG, Miller Insurance Services, JLT Specialty and CRS Yachts.

    She moved to Chubb in 2019 as a yacht underwriter and is currently a senior yacht underwriter.

    During her time with Chubb, she was responsible for establishing and building out the company’s London yacht practice.

    She will report to Gray in her new role.

    Gray said: “I’m really pleased Emily has joined us to lead the new practice.

    “Once we decided this was an area we were going to expand into, there was only one person we wanted to build our offering.

    “Her expertise in this area is unrivalled and she has a great reputation

    … Read the rest
    29May, 2023
    FDIC recommends raising deposit insurance for businesses

    NEW YORK — U.S. businesses might be able to secure bank deposit insurance for accounts holding more than $250,000 if Congress agrees with the Federal Deposit Insurance Corp.’s new proposal to ease the industry turmoil that has sparked three bank failures in the past two months.

    The FDIC recommended the change Monday, rethinking the decades-old limit and seeking more flexibility to cover higher deposits on a “targeted” basis. Raising the insurance limit for business accounts that pay for company operations such as payroll would shore up accounts that pose the most risk to financial stability, the FDIC said.

    The proposed change appears to openly acknowledge that the FDIC is looking for ways to calm both depositors and markets as the agency contends with the third bank run this year. First Republic Bank became the second largest failure in history Monday when regulators seized it and JP Morgan Chase stepped up as a buyer.

    “The recent failures of Silicon Valley Bank and Signature Bank, and the decision to approve Systemic Risk Exceptions to protect the uninsured depositors at those institutions, raised fundamental questions about the role of deposit insurance in the United States banking system,” FDIC Chairman Martin J. Gruenberg said in a statement accompanying the regulator’s recommendations.

    The FDIC is a government agency formed during the Great Depression to restore faith in U.S. banking institutions.

    As of December, more than 99% of U.S. deposit accounts held less than $250,000, and so were automatically covered by existing FDIC insurance, Gruenberg said.

    However, the system remains subject to the sort of bank runs that brought down First Republic, despite a consortium of big lenders having pooled $30 billion in cash to stabilize the bank as recently as March.

    Last Monday, First Republic reported its first-quarter results, shocking investors when it revealed that

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    28May, 2023
    Fla. and La. must borrow millions to pay insurance claims

    The Gulf Coast insurance crisis has hit a new low as two state-chartered insurance associations are being forced to borrow hundreds of millions of dollars for the first time in three decades to pay the hurricane claims of insolvent insurers.

    Borrowing in Florida and Louisiana could reach a combined $1.35 billion and will be repaid largely by insurance policyholders across each state through premium increases or surcharges that will last for years.

    The emergency financial maneuver is the latest illustration of the collapsing property insurance market along the Gulf Coast following a series of destructive storms and a torrent of lawsuits. More than a dozen insurers have become insolvent, leading to soaring premiums and the cancellation of hundreds of thousands of homeowners’ policies.



    “We’re currently in the midst of an insurance crisis,” Louisiana Insurance Commissioner Jim Donelon said at a recent news briefing. The crisis is “largely as a result of hurricane activity in our state the last couple of years,” he said.

    The most recent financial blow was triggered by Hurricane Ian. Damages from the Category 4 storm plunged a large regional insurance company into failure, leading it to cancel tens of thousands of homeowners’ policies as hurricane season approaches and leaving millions of dollars in unpaid claims.

    The emergency borrowing in Florida and Louisiana has drawn attention to little-known nonprofit insurance associations that are created by states to pay claims of insolvent insurers. The associations are authorized to collect money by assessing insurance companies in their state a payment that is usually limited to 1 percent of the total premiums they collect.

    But in Florida and Louisiana, the unpaid claims became so costly that the assessments were insufficient and the associations had to borrow hundreds of millions of dollars at significant interest rates.

    “This is an

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