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Climate change is increasing flood risk around the country. Insurance rates are not keeping pace, report finds
Currently, there are nearly 4.3 million residential properties around the country with a substantial risk of financial loss due to flooding. The report defines “substantial risk” as carrying a 1{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} chance of flooding in any year. Some, but not all, of those homeowners have insurance through the federal government’s National Flood Insurance Program (NFIP), which provides more than 90{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the flood insurance policies in the US. But the report finds that those homes face losses each year which dwarf the costs of their NFIP premiums. The average NFIP premium cost today for those properties is around $981,
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How self-drive will change vehicle insurance
In the not too distant future, we’ll be driving around in autonomous vehicles. That will completely shake up the vehicle insurance industry. Here are the three major changes. Electric vehicles may have won the race but make no mistake: autonomous driving is also coming our way. By 2040, experts predict, it will be a common – and perhaps the most common – mode of road travel. This will change our society in many ways, some of which we can’t yet fathom. More specifically, autonomous driving will also change the vehicle insurance industry. Here, we have a more precise view of
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Change Management Is Key To Guiding Your Business Towards A ‘New Normal’ In 2021
Nearly all businesses around the world have undergone organizational change in one way or another during the last year. As nations begin to heal, talks of the “new normal” beyond the pandemic are starting to look like a realistic possibility rather than a far off dream. For many businesses, it is unclear what this post-pandemic working world might look like. However, change is on the horizon and managing this next stage effectively will either make or break an organization. In order to make this transition as smooth as possible, businesses need to implement compelling and practical Change Management strategies that
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The end of LIBOR could change your business loan payments
It’s time to pull out those loan documents from your bank, because an upcoming technical change to the way interest rates are set could have an impact on how much you repay, Inc. reports. LIBOR stands for the London Interbank Offered Rate, and it’s going to be retired at the end of 2021. LIBOR is the interest rate that up to 16 banks charge each other for short-term, unsecured loans. Since there were relatively few transactions of this type, the banks often make estimates instead. That makes the index vulnerable to manipulation. In 2008, manipulation of LIBOR was
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An expected NCAA rule change unlocks millions for student-athletes
The NCAA is expected to vote by January 31 to give student-athletes the right to monetize their name, image, and likeness for the first time in the association’s history. The rule change opens up a massive multi-sided market that includes the student-athletes, sports agencies, brands, and other third-party businesses. Analysts say that depending on factors such as reach, sport, location, and gender, student-athletes can potentially make between $500 – $2 million a year from their NIL rights through social media, coaching, camps, endorsements, and other ventures. Critics say that the NCAA has fast-tracked this rule change to stave off calls
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How deepfakes could change fashion advertising
A 2018 Zalando campaign featuring model Cara Delevingne across 290,000 localised ads was achieved using deepfake technology to produce a range of alternative shots and voice fonts. Now, as the algorithms for manipulating and synthesising media become more powerful, the fashion sector is beginning to take notice. In the tech world, deepfakes specifically refer to media produced by artificial intelligence technology called generative adversarial networks. Deepfakes are video or audio that has been modified, such as by changing a face, the words spoken or the language used. The term was first coined on the internet in 2017 by combining “deep-learning”
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Top Homeowners Insurance Tips For 2021 | Smart Change: Personal Finance
The deductible is the amount of money deducted from an insurance claim check. For example, if you have a $1,000 deductible and $10,000 in damage, you’ll get a $9,000 insurance check. Special deductibles might be hidden in your policy’s pages. For example, hurricane deductibles can range from 1{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} to 5{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the insured value of your home, meaning if your house is insured for $200,000 and you have a 5{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} deductible, your insurance check would be reduced by $10,000. Did You Know There are Sub-Limits for Some Items? Another thing to understand are sub-limits, also known as “special limits.” Sub-limits
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NC state employee, teacher retirees health benefit change
RALEIGH New North Carolina state employees and teachers who start their jobs Jan. 1 or after won’t get health benefits when they retire decades later. Here are answers to common questions about what this means for the thousands of new state employees being hired in 2021: Why is this happening now? The change was part of the 2017 state budget. State lawmakers decided to drop the coverage, with Republican senators saying it would control costs. Who’s in charge of the state health plan? The state treasurer’s office. How is the treasurer involved? The treasurer’s office is simply carrying
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