Here are three of the week’s top financial news, gathered from the web:
Home insurers slow down claims
Climate change is fueling intense battles between homeowners and insurance companies, Erika Fry told Fortune. Iowa, a state “relatively inexperienced with generalized natural disasters,” suffered damage estimated at $ 11.5 billion last August from a massive windstorm known as derecho. But “the state has no licensing requirements for adjusters, which means just about anyone can do damage assessment work for insurers.” A year later, 18,000 claims remain open, and residents say they have become “trapped in a maze of their insurer’s manufacture.” A family thought they had a million dollar home insurance policy through a company called the Benton Mutual Insurance Association. But after the derecho, they discovered a clause slipped into their contract in 2017 stating that Benton would not pay for roof damage “caused by a windstorm or hail.”
Regulate digital currencies
SEC Chairman Gary Gensler’s wishlist for cryptocurrency regulation fills about three big buckets, said The Economist. “The first concerns what the SEC is already doing”: monitoring securities. But “of the 1,600 digital tokens with a market cap of at least $ 1 million, quite a few” – including Bitcoin and Ether – “probably count as securities and don’t follow the rules.” Gensler asked Congress for more staff to monitor them. The second part is about “new products coming to market”, including Bitcoin exchange-traded funds. The third compartment “includes new powers that the SEC will seek from Congress” to better eliminate crypto scams.
Vaccinated – only need to apply
“Jobs requiring a COVID-19 vaccine have increased sharply over the past month,” Greg Iacurci told CNBC, although the overall figures remain low. A new analysis of the job site Indeed found that “the share of ads requiring a COVID vaccine increased by 34%” in early August compared to the previous month. Other job postings that “are not specific” and “only ask for a vaccination without explicitly mentioning COVID” are up 90%. And “they’re not talking about the polio vaccine,” said AnnElizabeth Konkel, one of the authors of the Indeed analysis. But “the total number of job offers requiring candidates to be vaccinated is still relatively low.” For example, the requirement was only included in 438 out of 1 million software development job postings in July.
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