insurance
Washington (AFP) - The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans -- in turn putting pressure on smaller banks. "There will be bank failures, but this is not the big banks," said US Federal Reserve Chair Jerome Powell on Thursday. In San Francisco, Washington and even New York, offices have been seeing half the number of people as before the pandemic, with white-collar workers reluctant to return to commuting. Office vacancy rates across the country have risen to 13.5 percent in 20...
AFP
London (AFP) - Lloyd's of London, the insurance market, said Wednesday it would spend £52 million ($64 million) on racial-equality causes after a report found it played a "significant role" in the transatlantic slave trade. Lloyd's again apologised for its role -- and was immediately accused of "reparations washing" over its planned payments. "We're deeply sorry for this period of our history and the enormous suffering caused to individuals and communities both then and today," Lloyd's chairman Bruce Carnegie-Brown said in a statement. "We're resolved to take action by addressing the inequali...
AFP
Washington (AFP) - When Jack Hierholzer moved back to Pensacola in the Florida panhandle, it felt like a homecoming. "My kids were born in Pensacola, and so we have a lot of friends in the neighborhood, we have some family here," he told AFP in a phone interview. But less than three years later, he's thinking of leaving the city after seeing his home insurance premium more than triple to $6,500 -- due in part to the rising costs to insurers of extreme weather fueled by climate change. "I work from home full time, so I could live anywhere in the country where I have a high-speed internet conn...
AFP
Los Angeles (AFP) - A US woman who contracted a sexually transmitted disease from her partner during romantic encounters in his car has been awarded $5.2 million in damages from his vehicle insurance company. The woman in the state of Missouri successfully claimed her partner had negligently infected her with HPV, and that his policy covered her for "injuries and losses." Referred to in court documents only as M.O., the woman had requested an award of $9.9 million, before an arbitrator determined a sum of $5.2 million would cover her "damages and injuries." "Insured should have disclosed his ...
AFP
New York (AFP) - Pin-up photos and smutty jokes have long been commonplace on trading floors, but the finance world is gradually opening up to women -- underlined by the arrival on Monday of Jane Fraser at the head of Wall Street banking flagship Citigroup. Her elevation marks "a milestone," according to Lorraine Hariton, director of Catalyst, an organization that promotes women in the workplace. "But there is also a long way to go," she said. Employment figures demonstrate the mountains that still have to be moved to achieve parity between men and women in the financial services sector. Wo...
AFP
Washington (AFP) - The US Supreme Court appeared inclined Tuesday to reject Trump administration arguments and let stand former president Barack Obama's signature health care program, ending the threat to the insurance coverage of 20 million people in the midst of the coronavirus pandemic.At least five of the nine justices appeared unreceptive to the lawsuit arguing that the entire Affordable Care Act is unconstitutional because of legal questions over consumer penalties -- penalties already neutered by legislation.Those five included Chief Justice John Roberts and Brett Kavanaugh, conservativ...
AFP
Washington (AFP) - President Donald Trump's lame-duck administration makes a last try in the US Supreme Court Tuesday to demolish the "Obamacare" health program, which could cancel the health insurance of millions in the middle of a pandemic.The high court will hear arguments in the long-brewing case over the constitutionality of the 2010 Affordable Care Act, under which then-president Barack Obama's government sought to extend health insurance to people who could not afford it. Since taking office in 2017, Trump has tried to undermine the ACA, first eroding one key provision through legislati...
AFP
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