Credit Risk Insurance – European Forum – Family Mediation Tue, 21 Jun 2022 08:52:19 +0000 en-US hourly 1 Credit Risk Insurance – European Forum – Family Mediation 32 32 Akbank Uses Prescriptive FICO Analytics to Increase Credit Card Approvals by 45% and Limits by 60% Tue, 21 Jun 2022 08:00:00 +0000

First Turkish retail bank Wins FICO® Decisions Award for AI, Machine Learning and Optimization Using FICO Decisions Optimization Technology


Strong points:

  • Akbank complied with complex regulations while increasing credit card approvals by 45% and approved limits by 60%

  • Akbank will realize a 129% increase in profits from the solution

  • Akbank Won a 2022 FICO® Decisions Award for AI, Machine Learning and Optimization

Akbank, one of Turkey’s largest retail banks, has improved the way it offers consumers new credit cards and credit limit increases by leveraging mathematical optimization and stock modeling/ effects from the world leader in FICO analysis. Using FICO prescriptive analytics helps the bank comply with stringent national laws regarding credit offerings while increasing credit card approvals by 45% and credit limits by 60%.

For his achievements, Akbank won a 2022 FICO® Decisions Awards for AI, Machine Learning and Optimization.

More information:

“Growth of credit card wallet market share and revenue depends on the level of credit limits approved for customers”, said Serhan Pak, Senior Vice President of Retail Lending and Advanced Credit Analytics at Akbank. “However, credit loss is also affected by assigned limits. Therefore, limit assignment is an area that we believe would benefit from optimization.”

Turkey’s market regulator stipulates that a consumer’s total credit card limit cannot exceed twice their monthly income in the first year and four times their income after the first year. This rule meant that Akbank had to include existing credit cards from other banks in its optimization model.

Akbank’s profit model also had to take into account the many options available to customers in the market, such as paying by installments, deferring payments or withdrawing cash advances with installment repayment options. This meant that from a profit perspective, even though a credit card is a single product, it can behave like four different products.

“The profit model of the product turned out to be very complex”, said Pack. “In addition to regulatory and product considerations, we had to take into account pandemic lockdowns, which impacted the number of inquiries, customer profiles and channel mix. Provisions were also made for the impact of rising inflation on revenue calculations and historical earnings.”

FICO® Decision Optimizer was used to design strategies and set limits for initial line of credit (ICL) and increase line of credit (CLI) transactions at Akbank. The project aimed to help the bank understand and model the likely reactions of customers to various offers and what the trade-offs would be when incremental changes were made to different business objectives.

The application of action/effect modeling was a new methodology for Akbank. This improved the quality of decisions by incorporating customer feedback into decision models, leading to improved forecasting.

“A major challenge was the legal caps imposed by the regulator,” said Pack. “There was a high risk of change in the Covid era that we had to plan for. To overcome this, the team came up with the solution that combines both uncapped and capped flows in the same project, which does not hadn’t been done before in Decision Optimizer.”

Legal caps on a consumer’s revenue-to-limit ratio are applied as a consideration, but not as a direct cap on the optimized limit, during the optimization process. This provides greater flexibility and speed because the optimization results do not depend directly on these caps but take into account their impact when the strategy is deployed in the real world. Through this process, regulatory changes can be implemented and managed quickly and their impact assessed. This dual structure allows Akbank to be more flexible to market changes compared to competitors who do not use uncapped optimized decision flows.

The most important benefit of optimization was the ability to see the trade-offs between different business goals. A framework was developed in Python to examine and visualize the results in great detail, which allowed Akbank to compare different strategies. Using techniques such as machine learning, action/effect modeling, optimization and extensive use of tools such as Python, Akbank has created a more analytical, flexible and integrated approach to strategic management.

“It was a conceptually difficult problem”, said Graham Rand, operational researcher and publisher of Impact and one of the judges for the FICO Decisions Awards. “The nature of what Akbank was targeting and the fact that they had to consider competing banks in Turkey, as well as optimizing for both capped and uncapped scenarios, demonstrates their decision-making sophistication.”

The credit card optimization project has been a great success for Akbank. The optimized strategies enabled the bank to comply with complex regulations while increasing credit card approvals by 45% and approved limits by 60%. This was achieved while maintaining the same credit losses. Akbank expects to realize a 129% increase in profits from its credit card portfolio using the solution.

“In today’s world, consumers have more options and the stakes are high when it comes to capturing more market share,” said Nikhil Behl, Director of Marketing at FICO. “Akbank has demonstrated how a lender can leverage its analytics capabilities with optimization to increase loan profits.”

About Akbank

Akbank’s core business is banking business, which includes corporate and investment banking, commercial banking, SME banking, retail banking, payment systems, treasury transactions and private banking, and international banking. In addition to traditional banking activities, the Bank also carries out insurance agency activities through its branches, on behalf of Ak Insurance and AgeSA Life and Pensions A.Ş.

With a strong and extensive national distribution network of 716 branches employing over 12,000 employees, Akbank operates from its headquarters in Istanbul and 19 regional branches across Turkey. In addition to providing services in branches, its traditional delivery channel, Akbank also serves approximately 18 million customers through Akbank Internet, Akbank Mobile, call center, approximately 5,000 ATMs and more than 600,000 terminals. point of sale.

About the FICO® Decisions Awards

The FICO Decisions Awards recognize organizations that achieve outstanding success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based on measurable improvement in key metrics; demonstrated use of best practices; the scale, depth and scope of the project; and innovative uses of technology. The 2022 judges are:

  • Sidhartha Dash, research director at Chartis

  • Paul Deal, Head of Risk, Mortgages at Westpac (previous winner)

  • Senthil Erulappan, Director, Merchant Product Engineering, Risk and Collections at FIS

  • Armand Junior, Managing Director, Risk and Compliance at Dock (previous winner)

  • Sheila Leverone, head of marketing at eDriving (previous winner)

  • Sibulelo Ncamani, head of operational risk and governance at Absa Bank (former winner)

  • Graham Rand, operational researcher and publisher of Impact

  • Dinesh Suresh, Manager, Digital Constructs for Consumer Secured Loans at OCBC Bank (former winner)

About FICO

FICO (NYSE: FICO) powers the decisions that help people and businesses around the world thrive. Founded in 1956 and based in Silicon Valley, the company pioneers the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 U.S. and foreign patents on technologies that increase profitability, customer satisfaction, and business growth in financial services, manufacturing, telecommunications, healthcare, retail, and many other industries. . With FICO solutions, businesses in more than 120 countries are doing everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of planes and rental cars are in the right place at the right time.

Learn more at

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

See the source version on


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Caesars Sportsbook promo code offers $1,500 risk-free bet for Father’s Day Sun, 19 Jun 2022 16:16:51 +0000

With 15 MLB games spread throughout the day, it’s an ideal day to capitalize on Caesars Sportsbook’s current sign-up bonus. Caesars recently increased its first bet protection from $1,100 to $1,500, available using the latest Caesars Sportsbook promo code.

Create a Caesars account for the first time and enter Caesars Sportsbook promo code BROADXL15 after clicking any of the links on this page. This code releases a worry-free initial bet of $1,500 good on any game with any bet type.

There’s no NBA or NHL action today, a premise that will soon be the norm through August. However, that doesn’t mean a barren sports betting slate for Father’s Day. The day still includes the US Open final round, 15 MLB games and other random action. You can amp up the excitement this Father’s Day by locking in a risk-free $1,500 bet on any part of these events.

To become a Caesars member and enjoy a fully insured first bet of $1,500 via Caesars Sportsbook promo code BROADXL15, click here.

Current Caesars Sportsbook Promo Code Activates $1500 Zero Risk Bet

Caesars Sportsbook has dramatically increased its membership with a long-running $1,100 risk-free first bet promotion. However, due to the wait, potential new users can now collect a risk-free initial bet of $1,500 from Caesars. Caesars Sportsbook promo code LARGEXL15 triggers the publication of this bet, a valid bet on all gaming markets offered by Caesars.

Bettors who win on this first bet enjoy the added bonus of receiving their money back as cash. In other words, winning your first bet is the only hurdle Caesars forces you to jump to cash out. You are not required to gamble your winnings on the site as with so many other sign up bonuses. Of course, you can also choose to keep some or all of the money in your account and reinvest it.

And, remember, the whole point of this sign-up incentive is the coverage it provides if your initial bet loses. Caesars refunds any first bet loss with up to $1,500 in bonuses. Thus, the new patron has lost nothing and has an additional chance to choose a winner.

Redeem the Caesars Sportsbook promo code through these steps

An added benefit of this new Caesars user promotion is the ease with which you can get the risk free bet. Follow these four simple steps to enjoy a fully insured $1,500 initial bet in minutes:

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Eligible residents of WV, VA, TN, New York, New JerseyMI, LA, IN, IL, IA, CO and AZ are eligible for this offer.

More Father’s Day Bonuses Awaiting New Caesars Members

Obviously, the sign-up bonus discussed above speaks for itself in terms of value, convenience, and ease of use. However, you may wonder what happens once you finish using your risk free bet provided by the Caesars Sportsbook promo code. LARGEXL15. Well, luckily, Caesars makes sure every day is an incentive-packed day when you’re a Caesars Sportsbook patron.

In fact, members should check the app’s Promos and Boosts tabs daily, as they’re full of ever-changing extras. These tabs contain a range of profit boosts, parlay insurance, deposit matches, odds boosts and other risk-free bets. Here are some of the extra bonuses awaiting Caesars bettors on Father’s Day:

  • MLB Parlay Insurance – win a free bet if a single leg of your parlay misses.
  • 50% Table Insurance – play table games and collect up to $25 in table game bonuses if you lose.
  • Royal Refund – get a bonus to cover your casino losses based on the tier credits you earn.
  • Atlantic City VIP Contest – play and win for a chance to win an AC stay and $1,000 resort credit.
  • 11 odds boosts available across four sports, shifting the odds in your favor on certain bets.

To become a Caesars member and enjoy a fully insured first bet of $1,500 via Caesars Sportsbook promo code BROADXL15, click here.

Here’s what to look for when buying car insurance Fri, 17 Jun 2022 23:00:00 +0000

The freedom to go where you want – that’s what most people think of when buying a car. A car means unlimited possibilities. You can even imagine yourself driving down a long, winding road, not knowing where to go, just driving.

But for all the trips you want to take, you might be forgetting one thing: owning a car comes with financial responsibility. We are talking about car insurance here. When buying a car, getting auto insurance is one of the things you should also keep in mind.

With proper research, you can get the right coverage at the right price. Here are some of the things you might want to consider when buying car insurance.

(Photo: ANTHONY WALLACE/AFP via Getty Images)

Check car insurance types

The first thing to do is to familiarize yourself with the types of car insurance. This is essential because you need to know what you are buying.

There is liability insurance, which pays for damage to other people’s property.

On the other hand, collision insurance pays for damage caused to your car by an accident. Unless you are financing your car, this may be optional. In the event your car is totaled, collision insurance pays up to the actual cash value of your car.

There is also comprehensive insurance, which also protects your car. “It pays for theft and damage from fires, hail, floods, vandalism, falling objects and animal strikes,” according to Forbes. If your car is totaled, comprehensive insurance will pay up to the actual value of your car.

Read also : 3 reasons why the pandemic can affect your car insurance

Check the rates of new cars versus old ones

Contrary to the belief that new cars are more expensive to insure, new car insurance is, most of the time, affordable. This is because new cars are designed with advanced safety features.

The expected damage to your car determines insurance rates. Your car is less likely to be damaged if it includes more modern safety features. This is a factor in getting lower rates.

On the other hand, owning a much older vehicle that has already been paid off may mean that you don’t need much insurance. If it’s required in your state, you’ll likely need to purchase liability insurance. However, “collision and comprehensive coverage may not be worth the expense, especially if you can afford to repair or replace your car,” according to Investopedia.

Check how insurance prices are determined

Although each insurance company uses its own formula to determine premium prices, they all tend to use the same basic factors. Some basic factors include the make and model of the car, how you use the vehicle and your driving record, according to NBC News.

Your age, gender and marital status will also be taken into consideration, as statistics show that young drivers, who have less driving experience, are more likely to be involved in accidents. Statistics also show that male drivers are more likely to have an accident. On the other hand, married drivers are less likely to have an accident.

Another consideration is the location of your residence as there is a greater risk if someone lives in an urban area with high crime. Meanwhile, an insured who lives in a rural area with less traffic and fewer car thefts and break-ins has a lower risk.

And of course, your credit score will also be taken into account. In calculating premiums, insurance companies in many states may take credit scores into account. “The industry says its data shows drivers with better credit have fewer crashes,” NBC News said.

Related article: Types of Insurance Coverage You Should Choose When Buying a New Car

Identity Theft Protection Services Market to Surpass US Dollar Thu, 16 Jun 2022 07:45:50 +0000

Newark, June 16, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global identity theft protection services market is expected to grow from $10.1 billion in 2021 to $21.5 billion in 2021. by 2030, at a CAGR of 8.8% over the forecast period 2022-2030.

Get a sample report at:

The growing prevalence of financial theft and cyber attacks due to the emergence of technology has given rise to identity theft protection services and is driving the market. These services provide coverage for such thefts and ensure that the damage caused by these threats can be repaired. Hackers or attackers use user’s name and address, bank account details or credit card details, medical insurance account numbers and social security numbers to commit the fraud. Additionally, identity theft protection services also protect sensitive company and customer information from hackers, ensuring that customer data is safe and protected from internet scammers and fraudsters. However, the lack of awareness and much less functionality in identity theft protection services is restraining the growth of the market. The major market players can expand their offerings in the growing economies owing to increased awareness of online platforms among the younger generation, rapid urbanization, growth of middle class segment and increase in the literacy level, which is an opportunity for market growth.

For more insight on the analysis of this report, visit:

Competitive Strategy

To strengthen their position in the global Identity Theft Protection Services market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.

● In 2020, Breach Clarity, a Fintech provider, partnered with Sontiq, an identity security service provider, to protect data against identity vulnerabilities and data breaches with unprecedented personalized intelligence on the risks of violation.

● Nationwide, an insurance and financial services company, partnered with Generali Global Assistance in 2020 to offer personal cyber protection services as part of the Theft Protection Program. It plans to protect users from cyber security threats and attacks around the world.

Market growth and trends

The need for identity theft protection services has increased due to the growing number of Internet end users and the growing acceptance of digital payments by merchants. Additionally, due to the ever-increasing population and rapid urbanization, smartphones have proliferated, allowing fraudsters to misuse information. According to the FTC report, consumers lost nearly $3 billion in financial fraud in 2020. Thus, the rise in data breach incidents related to financial scams necessitates the deployment of identity theft protection services . The worst data breach happened in 2019 when the data of 7 billion people was exposed by Adobe Creative Cloud, and Capital One Financial Corp exposed 100 billion records. Thus, growing concerns over data breaches and identity breaches are expected to drive the market growth over the forecast period.

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Main findings

● In 2021, the credit card fraud segment dominated the market with the largest market share of 33% and revenue of 3.3 billion.

Theft type segment is divided into bank fraud, telephone and utilities, employment and taxation, credit card fraud and others. In 2021, the credit card fraud segment dominated the market with a market share of around 33% and revenue of 3.3 billion. Growing number of credit card holders and increasing instances of identity theft and cyber attacks are driving the growth of the segment. Credit cards are commonly used to purchase products online, becoming more vulnerable to cyberattacks, increasing the need for identity theft protection services.

● In 2021, the enterprise segment accounted for the largest market share, with 52% and revenue of 5.2 billion.

The end user segment is divided into consumer and enterprise. In 2021, the company accounted for the largest share of the market, with 52% and a turnover of 5.2 billion. Businesses have a huge amount of data that needs to be protected against data theft and cyberattacks, as this data is more vulnerable to identity theft. Thus, the need for identity theft protection services is rapidly increasing in businesses.

Regional Segment Analysis of Identity Theft Protection Services Market

● North America (United States, Canada, Mexico)
● Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, rest of APAC)
● South America (Brazil and Rest of South America)
● Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, the North America region has emerged as the largest market for the global identity theft protection services market, with a market share of approximately 42.8% and 4.3 billion in revenue. of the market in 2021. The growth of the region can be attributed to the growing demand. for e-commerce in the regions, and the increase in Internet use increases the risk of fraud and theft. Most people in the United States only use online banking, which makes their data easily accessible to the fraudster who regularly checks the data entered on digital platforms. It increases the demand for identity theft protection services, thereby driving the growth of the market.

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Key players operating in the global Identity Theft Protection Services Market are:

● ID Shield
● Chubb
● Auras
● Allstate Insurance Company
● Experian
● IdentityForce, Inc.
● McAfee, LLC
● National Mutual Insurance Company
● NortonLifeLock In

This study forecasts revenue at global, regional and country level from 2022 to 2030. The Brainy Insights has segmented the global Identity Theft Protection Services market based on the segments mentioned below:

Global Identity Theft Protection Services Market by Theft Type:

● Credit card fraud
● Employment and taxation
● Telephone or utility
● Bank fraud
● Others

Global Identity Theft Protection Services Market by End User:

● Consumer
● Company

About the report:

The global identity theft protection services market is analyzed on the basis of value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides businesses with actionable insights through data analytics to improve their business acumen. They have a robust forecasting and estimating model to achieve customer goals of high quality production in a short period of time. They provide both custom (customer specific) and syndicated reports. Their repository of union reports is diverse across all categories and subcategories of domains. Custom solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.

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]]> DBS Vickers recommends buying “TIDLOR” Tue, 14 Jun 2022 06:49:00 +0000

DBS Vickers recommends buying “TIDLOR”

DBS Vickers recommends buying “TIDLOR” with a target price of 55 baht after the first quarter of 2022 saw new highs in loan and insurance portfolio performance

DBS Vickers Securities (Thailand) has placed a “buy” notice on “TIDLOR” stock with a target price of 55 baht. This decision was taken after the performance of Ngern Tid Lor Public Company Limited in the first quarter of 2022 showed a new strong profit of 940 million baht, mainly due to significant positive growth in credit and insurance premiums from Ngern Tid Lor, the continued expansion of the company’s branches and the successful issuance of TIDLOR cards.

The company is able to keep non-performing loans (NPLs) and finance costs low while building a debt reserve three times larger than NPLs. Managing Director of Ngern Tid Lor announced for 2022 loan portfolio growth of 20-25% and insurance premiums of 30-35% and said the company will continue to grow and boost its business through digital investments. He also predicted Thailand’s reopening would boost demand for loans.

After Ngern Tid Lor Public Company Limited revealed its new strong first quarter profit, reflecting its exceptional growth, DBS Vickers Securities (Thailand) published an analysis of TIDLOR shares and issued a “buy” recommendation on the stock . He set a 12-month price target of 55 baht per share, up 63% from 33.75 baht (at market close May 18, 2022). This follows the company posting a net profit in the first quarter of 2022 of 940 million baht, up 20% from the same period last year and 18.2% from the previous quarter.

Meanwhile, Ngern Tid Lor Public Company Limited’s loan portfolio at the end of the first quarter of 2022 rose sharply to 65.7 billion baht, up 23.2% from the same period last year. last and 6.9% from the previous quarter. This includes loan releases in March 2022 which reached new highs. Total insurance premiums came to 1,614 million baht, up 27% from the same period last year. The company also revealed the success of a car and van title loan product offering a TIDLOR card as well as a truck title loan campaign with an interest rate of 0.79% per month, allowing including customers to pay up to 10 auto insurance premiums with 0% cash. Obligor quality and cost of credit are at better levels than industry averages with a low NPL rate of 1.25% based on strong credit consideration. Debt reduction is at a high of 317% or more than three times PNP. Cost to revenue or operating expense to revenue was reduced from 61% to 57.5%, while finance costs stabilized at a low 1.7%, down 2 .4% compared to the same period last year.

“For 10 years, the company has been investing in digital technology and continuously aims to expand its branches”, “Currently, the company has more than 1,400 branches with more than 60,000 touch points. The value of loans per branch is increasing stands at more than 40 million baht, reflecting massive investments in digital technology, allowing customers to conduct more self-service transactions, including the development of the “Ngern Tid Lor” application which counts more than 1 million transactions per quarter In insurance brokerage, the company ranks second in the market with more than 5,000 employees holding valid insurance licenses and ready to advise clients We also set a new standard for all customers to pay 0% insurance premiums for up to 10 months and developed the Areegator platform, a digitized insurance aid that links Ngern’s system Tid Lor to nearly 20 insurance companies. comments Piyasak Ukritnukun, Managing Director of Ngern Tid Lor.

For 2022, Ngern Tid Lor has set a target for car registration loan portfolio growth of 20-25% and insurance premium growth of 30-35%. Ngern Tid Lor also aims to add at least 300 branches while focusing on efficient business management and careful thought on loan release to keep the cost of credit (cost of credit release risk) at less than 1.5% and maintain the NPL level at no more than 2.%, with a focus on continued investment in digital technology to drive service potential and reduce cost to revenue.

The company expects to continue its strong growth in the second quarter of 2022 compared to the same period last year, when the entire sector was affected by the pandemic-related confinement. Ngern Tid Lor will achieve this by driving business through technology and innovation. Meanwhile, the gradual economic and tourism recovery after the reopening of the country will stimulate demand for loans for working capital for business expansion as well as car insurance. The company is ready to help ease the burden for those who want to access capital to grow their business in a higher cost of living environment.

BetMGM MI MCBET bonus code unlocks first risk free bet up to $1000 Sun, 12 Jun 2022 13:00:00 +0000

We may earn fees if you make a purchase through one of our links. The editors and editors were not involved in the creation of this content.

It’s a great time to be a Michigan sports fan, as the Wolverines are the defending Big Ten football champions, the Red Wings have two of the best young players in the NHL, the Lions are on the rise under Dan Campbell and the Tigers are set to have a mid-to-late season run like they did in 2021. It’s also a great time for Michigan sports fans to sign up for the BetMGM MI MCBET bonus code which will give them a risk-free first bet up to $1,000.

Sportsbook promo codes come and go over time, but the common denominator of the ones that remain is that they’re easy to understand and offer a lot of value. The BetMGM Michigan MCBET bonus code can tick both of these boxes, which is why this is the evergreen offer for BetMGM MI.

This deal also ticks the box of being very easy to sign up for, as BetMGM Michigan has streamlined this process.

Four steps to risk-free betting with the BetMGM MI bonus code

BetMGM MI Bonus Code MCBET
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Easy Parlays and Money Monday Club

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For those looking to check out sports betting in Ontario, you can visit BetMGM Ontario and sign up to see details of all the sign up promotions there.

Responsible gaming

Always gamble responsibly. All licensed and legal operators in the United States have resources available to bettors, including instructional guides on how to spot gambling problems, links to support services and tools for self-help. exclude for a defined period of time. Assistance is available at National Problem Gambling Council, 1-800-PLAYER and American Addiction Centers. Be sure to only bet on gambling sites licensed and regulated by your state’s gaming regulator. This ensures that games are fair, bets are honored, customer funds are secure and there are legal protections for the consumer.

Sports betting and gambling are not legal everywhere. Be sure to follow applicable laws where you live.

KC Joyner is one of the pioneers of the football analysis movement. He was a senior writer for ESPN, covering fantasy football, NFL, college football and the NFL Draft for 14 years. He has also written articles for The Athletic, The New York Times and The Philadelphia Inquirer. KC’s Football Science book series broke new ground in the world of football analysis and has been purchased by nearly half of NFL teams.

Cheap home insurance in Florida in 2022 Fri, 10 Jun 2022 21:29:51 +0000

Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

In 2019, the average home insurance premium was $1,989 in the United States, according to the Insurance Information Institute. The average premium cost in Florida in 2022 is $3,585, a rate hike of about 55% over the past three years, according to Insurify.

In recent years, natural disasters and political unrest have reduced providers’ risk appetite nationwide, Ken Gregg, CEO of Orion180, an agent-serving home insurance provider, told Insider. independents in the southeastern United States.

Florida is experiencing some of the highest home insurance rate increases and the highest number of policy non-renewals in the country. According to data from S&P Global Market Intelligence, as of mid-April 2022, the Florida home insurance market has seen approximately 37,000 policies canceled.

Due to housing scams, frivolous lawsuits and extreme weather conditions in the area, Florida residents are noticing a huge increase in

home insurance


Is home insurance mandatory in Florida?

For Florida residents, home insurance is not mandatory. However, your lender will likely require you to purchase homeowners insurance to protect your assets. In Florida, consider purchasing flood insurance, as the state is prone to frequent flood damage. You’ll also want to make sure your policy covers you adequately against wind and water damage.

Florida’s Cheapest Home Insurance

Several factors affect your home insurance costs, for example, the age of your home and your credit score. The Insurance Information Institute recommends gathering quotes from three insurance companies to compare policies or using an online brokerage tool to compare multiple quotes at once.

More than half of policies written in Florida come from Citizens Insurance. Citizens Insurance was “designed as a ‘last resort’ option but is fast becoming the only option,” according to the Goosehead team.

Here are some of the cheapest home insurance companies, based on nearly 600 policies in Florida with home coverage between $240,000 and $260,000 over the past six months, according to Goosehead:

Source: hen head

Best Florida Home Insurance, Based on Customer Satisfaction

The latest study from JD Power – a consumer research firm that conducts consumer surveys – shows that customer service and a home insurance company’s reputation are more important than price to homeowners.

Here’s how home insurance companies ranked when consumers were asked about overall satisfaction:

* USAA is restricted to active military members, veterans and their families.

Source: JD Power 2021 Home Insurance Satisfaction Survey

Using S&P Global Market Intelligence, we have gathered the market share of the following insurance companies in Florida. Market share refers to the total percentage of customers for each vendor in Florida. Allstate holds the largest share of state financial assets in 2019.

Source: 2019 data from S&P Global Market Intelligence

The cheapest home insurance for homes with pools in Florida

Swimming pools are considered an “attractive nuisance” under “other structures” in your home coverage. Having a swimming pool can increase your liability as an owner, thereby increasing your premiums.

Here are some of the cheapest insurers in Florida for homes with pools:

Source: To assure

Cheapest landlords in Florida for homes near the coast

Coastal communities are exposed to frequent natural disasters such as tsunamis and hurricanes. As a result, homeowners in this region face higher insurance rates. Here are some of the cheapest home insurance companies for homes near the coast.

Source: To assure

Cheapest Home Insurance in Florida for Homeowners with Dogs

Owners who own dogs are considered a liability for insurers, especially if their dog is of an aggressive breed. Here are some of the cheapest insurance companies for households with a dog.

Source: political genius

Florida’s Cheapest Home Insurance for homeowners with bad credit

Insurance companies use credit-based insurance to determine your likelihood of filing a claim. If you have a poor

credit score

your premiums could be higher than someone who has

good credit


Here are some of the cheapest home insurance companies for homeowners with bad credit.

Source: political genius

Frequently Asked Questions — Florida Home Insurance

How Do I Add Flood Coverage to My Florida Home Insurance Policy?

Florida is prone to flooding everywhere and all year round. Ask your home insurer if they offer flood insurance. If not, you will need to purchase flood insurance from NFIP approved providers, such as National Flood Services. Check the NFIP website for flood insurance providers.

What are the Florida roofing scams and how does it affect my home insurance costs?

One of the major Florida home insurance scams involves bad faith coverage contracts. Contractors approach you, the homeowner, to pay for a new roof with your insurance, claiming that they can offer a discount for your deductible.

The scammer will have you sign an agreement allowing them to file a claim with your insurer. An adjuster will then visit your property to inspect the “damage” (the reason you filed the claim), and if they find little or no damage, your insurance company will refuse to provide compensation. The dishonest real estate contractor will then sue your supplier for underpayment, and the insurer will either have to initiate legal proceedings or settle compensation out of court.

The roof is not free for two reasons. First, your premiums will increase because you filed a claim for a new roof. And second, everyone who buys insurance will also have to pay for that new roof. As a result, the overall cost of premiums increases for policyholders. Due to a growing number of insurance scams and real estate lawsuits in Florida, insurers are seeing huge losses in net income.

How can I reduce the cost of my home insurance in Florida?

Compare the prices

Shop around and compare quotes each year to see if you can get a better deal elsewhere for the same level of coverage. Note that some insurers may charge you fees for early termination.

Look for discounts

Save on your insurance premiums by bundling several products such as your auto and home insurance policies. Discounts can also reduce your premiums. Insurers usually list the discounts they offer on their websites. Contact your insurance agent to see if you qualify for lesser-known discount opportunities.

Increase your deductible

Raising your deductible from $500 to $1,000 could save you up to 25% on your insurance bill, according to the Insurance Information Institute. Be aware that deductibles may be subtracted from your total coverage amount.

Regularly maintain your home

Complaints can significantly increase your premiums and even be grounds for denial. Doing your due diligence in making sure your systems are working properly and identifying early signs of foundation problems will reduce the likelihood of major damage.

Fortify your home against wind damage

Fortifying your home’s structure and roof against wind-related damage can qualify you for wind mitigation discounts, says Gregg. This is especially important in Florida, where hurricanes are frequent and devastating.

Runs on Chinese local banks spark fears over health of regional lenders Thu, 09 Jun 2022 00:31:58 +0000

Thousands of desperate depositors in China have been battling for nearly two months to get their savings back after a bank run that raised concerns about the financial health of the country’s small lenders.

Authorities blamed fraudulent management practices for the crisis, which was sparked by the sudden suspension of cash withdrawals from four lenders in Henan, one of China’s most populous provinces, on April 18.

But analysts said an economic slowdown triggered by President Xi Jinping’s zero Covid policy is also compounding the problems for China’s smaller banks.

Withdrawal issues at Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and New Oriental Country Bank in Kaifeng have prompted rare street protests from angry depositors, many said their savings were at stake.

“They are supposed to be bank savings backed by sovereign creditworthiness,” said a depositor named Xu who had saved a total of Rmb93,000 ($13,900) from three of the four troubled lenders. “Now you tell me they’re all gone, I only feel fury.”

Bank runs have increased among China’s 3,902 regional lenders in recent years. The health of the country’s smaller banks has come under scrutiny since regulators took control of Baoshang Bank, a regional institution in Inner Mongolia, in 2019, citing “serious credit risk” and its link to a arrested tycoon, Xiao Jianhua.

Although these “high risk” institutions represent only 1% of the total assets of the Chinese banking system, according to central bank data in December 2021, bank runs have increased regulators’ concerns about potential risk contagion. and social instability resulting from the financial crisis. system.

In banks in Henan province, authorities accused the four banks’ major shareholder of using the lenders to illegally raise funds through online platforms.

“The main shareholder of the four lenders, Henan New Fortune Group, is suspected of illegally raising funds using online channels and third-party systems in collusion with banking insiders,” the regulator, the China Regulatory Commission, said. from banks and insurance, to savers last month. after a preliminary investigation. He added that the police had opened a file on this.

Local banks often market deposits beyond their official regions through online platforms, such as the fintech branches of Baidu and 360 DigiTech. But it has exacerbated liquidity problems for lenders in poorer regions as they are generally unable to generate enough interest income on loans to match the rates they pay depositors.

Banking regulators banned banks from making online sales to third parties in early 2021, citing potential financial risks, but many rural banks have developed their own online channels.

The structural weakness of these institutions had worsened “with the economic downturn and the impact of the Covid-19 pandemic”, said Wang Yifeng, an analyst at Everbright Securities.

Investors were watching the investigation into Henan Bank for possible “ripple effects on the funding capacity of private banks”, said a department director of a state-owned securities firm.

For local and central governments, the problem is how to impose financial discipline on banks without causing social instability.

Under China’s deposit insurance system, account holders will be covered for up to Rmb 500,000 if a bank is in financial difficulty. But they face the possibility of losing their savings if the regulator’s investigation classifies their claims as “fraudulent”. Local governments and outside investors could also step in to help recapitalize or restructure lenders.

The CBIRC has in the past repeatedly called for the consolidation of smaller lenders to defuse risk in the sector.

But some applicants like Xu have already lost faith in the system. The 39-year-old said he withdrew all of his deposits from 10 other smaller banks that promised him an annualized return of more than 4%. “I prefer to put the money in the stock market.” Xu said, “At least I am fully aware of the risk.

Another depositor, a 30-year-old father, said he had placed more than 900,000 Rmb in banks in his village since 2020 with a return of 4.1%.

“I felt like I was shot,” he said, declining to be named. He drove into the night to negotiate with the banking regulator in Zhengzhou, capital of Henan, in mid-May. “It’s the money my wife and I have saved together since we got married. I had to lie to her that I was away for work,” he said.

Neither of the four lenders nor the Zhengzhou branch of the CBIRC responded to repeated phone calls from the Financial Times seeking comment.

General Electric: GE strengthens its agreement with the Swiss export credit agency SERV to support the global energy transition Tue, 07 Jun 2022 16:32:15 +0000
  • SERV will mobilize diversified and competitive financing for GE’s power generation technologies to help decarbonize the energy sector in emerging and developing markets.

Zurich, Switzerland, June 07, 2022 – GE (NYSE-GE) and Swiss Export Risk Insurance (SERV), the Swiss Export Credit Agency (ECA), today announced their agreement to work together to support GE’s global energy customers looking to accelerate the energy transition. Through the joint agreement, SERV will mobilize diversified and competitive financing through insurance and guarantees to enable energy projects in emerging and developing markets to decarbonize the energy sector and increase the electrification.

The GE-SERV agreement will help facilitate the large capital investments required for large-scale, capital-intensive energy projects with existing and breakthrough technologies. As countries look for ways to reach their net zero goals, GE will enable Swiss exports through a wide range of power generation technologies, encompassing a mix of renewable energy gas and fuels, to support countries emerging and developing countries by mobilizing critical capital for the energy transition to get projects off the ground.

Susan Flanagan, President and CEO, GE Energy Financial Servicessaid: “GE’s enhanced agreement with SERV will help emerging and developing markets access finance to enable affordable, sustainable and reliable energy. The role of finance and partnerships is critical in enabling nations to use existing technologies and attract future investment to support breakthrough technologies such as hydrogen and carbon capture, utilization and storage to further accelerate the energy transition.”

GE’s renewed agreement with SERV builds on the successful completion of approximately $2.75 billion (G) of energy project financing featuring GE technologies over the past five years in Asia Pacific, Europe, Middle East, Africa and Latin America. GE’s flagship projects supported by SERV include Summit Meghnaghat II, a 583 MW gas-fired combined cycle power plant in Bangladesh, Agios Nikolaos, an 826 MW gas-fired combined cycle power plant in Greece and a groundbreaking transaction for 1.5 GW of CELSE in Porto Sergipe I power plant project in Brazil.

Peter Gisler, CEO, SERVsaid: “SERV is proud to be considered one of the most responsive and flexible export credit agencies, as this new cooperation protocol with GE shows. It is a good example of how multinational companies based in Switzerland can be supported by SERV. We are delighted to work closely with GE on the global energy transition by leveraging Swiss engineering know-how and financing capacity.”

As we head towards the 27th meeting of the Conference of the Parties in Egypt, in order to mobilize significant capital for important energy projects, partnerships between export credit agencies, such as SERV, multilateral banks of development, private financial institutions, governments and GE customers, as well as local communities, will be essential to unlocking and allocating the flow of capital for a more equitable energy future.


About GE Energy Financial Services
GE Energy Financial Services (“GE EFS”) is a global energy investor with more than 45 years of experience managing assets across multiple energy cycles. GE EFS has built a sophisticated and experienced finance business linking capital and technology through financing solutions for complex, capital-intensive energy infrastructure projects. GE EFS has deployed more than $50 billion of capital in more than 20 GW of renewable energy projects and more than 50 GW of thermal energy projects worldwide. GE EFS relies on its own balance sheet as well as strategic partnerships and relationships to finance these major projects. Its headquarters are located in Connecticut with regional centers in London, Houston, Washington DC and Singapore. For more information, visit and follow us on Twitter @GEEnergyFinServ and LinkedIn.

About GE Gas Power
GE Gas Power is a global leader in natural gas power technology, services and solutions. Through constant innovation and ongoing collaboration with our customers, we deliver more advanced, cleaner and more efficient energy that people depend on today and build the energy technologies of the future. With the largest installed base of gas turbines in the world and more than 670 million operating hours on GE’s installed fleet, we offer cutting-edge technology and an industry-leading level of experience to build, operate and maintain state-of-the-art gas-fired power plants. For more information, visit and follow GE’s gas power business at Twitter and LinkedIn.

About SERV
Swiss Export Risk Insurance (SERV) covers political and commercial risks associated with the export of goods and services, providing insurance to exporters, banks and associations. Its insurance and guarantees protect Swiss exporters against non-payment and facilitate export financing by helping borrowers obtain better financing solutions or even access international financing. SERV is therefore not only an insurer of last resort but also a trade facilitator. As an institution under public law, SERV insures exports that private insurers do not cover sufficiently or at all. Its products are available to all companies domiciled in Switzerland and no minimum order volume is required.

For media inquiries, please contact:

Arti Mohan
GE Energy Financial Services
+44 7468 351 586
[email protected]Simon Denoth
Senior Vice President, Public and Government Relations
+41 58 551 5524
[email protected]

business unit

6 common myths about travel insurance and what it covers – InsuranceNewsNet Mon, 06 Jun 2022 00:02:21 +0000

(NerdWallet) – Particularly since the COVID-19 pandemic, travel insurance has become a must-have travel item. And while it can certainly be useful coverage for many types of travel, there’s a lot about travel insurance that gets misunderstood.

In most cases, travel insurance does not equate to automatic reimbursements. There are usually a multitude of documents to file to prove your case, as well as strict deadlines to meet. And common road accidents (like a flight delay), not to mention entire roadblocks – like a flare-up of an illness you’ve already been diagnosed with – aren’t usually covered.

Here are six common travel insurance myths that come up frequently and the truths behind them.

Myth 1: Travel insurance is just medical insurance

Far from there. Most trip cancellation or interruption insurance only covers medical emergencies. This is useful if you break your leg on a ski trip in the Alps, but it will not cover routine medical cover.

You may be using a catheter that needs to be replaced by a doctor every two weeks, but you’re on a two-month trip. Many health insurance policies, including Medicare and Medicaid, explicitly do not cover most overseas medical expenses. And most travel medical insurance only reimburses emergency medical expenses.

If you want to ensure coverage for non-emergency medical expenses abroad, you have two options:

1. Supplement your existing health insurance with additional coverage for international travel. The extra cost may be worth it if you travel frequently and/or plan to seek international medical treatment (even for a mundane teeth cleaning).

2. Take out international health insurance. Many major insurance companies offer health insurance that can cover treatment in your home country and around the world for emergencies and more predictable treatment, such as maternity, dental and wellness exams. Whether you’ve decided to work remotely abroad or you travel abroad frequently, it can be a good idea to make sure you can see a doctor anywhere.

Myth 2: Travel insurance is more useful for trips involving extreme sports

In fact, it’s quite the opposite. Many forms of travel insurance do not explicitly cover certain high-risk activities like skydiving, scuba diving, or bungee jumping. If your trip involves adventure sports, you may need to take out a separate policy that specifically covers your activity.

Look for aerial activity coverage, which typically covers activities ranging from ziplining and hot air ballooning to more exciting pursuits like skydiving, hang gliding, and bungee jumping. A specific water sports policy will typically cover personal watercraft, scuba diving and deep sea fishing. And snow sports coverage can insure activities like snowboarding, skiing, heli-skiing and windsurfing on ice.

Squaremouth, which is a travel insurance comparison tool, recommends at least $50,000 in emergency medical coverage and $100,000 in medical evacuation coverage when purchasing these policies.

Myth 3: “Cancelling for any reason” can get all your money back

Travel insurance can sometimes be limited in terms of the scenarios that actually allow it to trigger. While it typically covers events such as accidental injury or extreme weather, it probably won’t cover many other reasons, such as the risks of COVID-19 or suddenly skipping your trip because your job or personal life was busy.

For these scenarios, you may consider “Cancel for Any Reason” coverage, which can get you reimbursed no matter what reason you need to cancel. But it won’t get all your money back. Exact amounts vary by policy, but policyholders can expect to be reimbursed approximately 50% to 75% of initial payments, depending on the National Association of Insurance Commissioners.

And even then, there are limits. For example, most CFAR policies require you to cancel your trip more than 48 hours before your scheduled departure.

Myth 4: Full-time travelers are in the best position to maximize travel insurance

While frequent travelers will certainly get more value out of an annual travel insurance policy or credit card travel insurance than someone who only travels a few times a year, someone who travels full time – as an expat or digital nomad – could be out of luck.

Check with your own insurer, but most travel insurance companies don’t cover trips longer than 60 days. If your employer allows you to work remotely and you’ve chosen to become a full-time traveler, don’t count on your travel insurance policy to help you.

For trips longer than 60 days, you may want a travel insurance option designed specifically for digital nomads.

Myth 5: Travel insurance is best for people with medical conditions

If you have a pre-existing condition, do not rely on travel insurance if that condition interferes with your trip. Most policies do not explicitly cover pre-existing conditions or trips taken against the advice of a doctor.

Understand that the definition of a pre-existing condition can be quite broad. For example, if you have a mild heart attack while climbing the stairs Eiffel Tower but you have already been diagnosed with high blood pressure, your application may be refused.

To ensure coverage, consider a more comprehensive policy that includes a waiver of pre-existing conditions.

Myth 6: You can wait until you get home to file a claim

Depending on the length of your trip, do not wait to contact your insurer. If you cancel your trip before departure, some policies require that you notify your travel insurance company within 48 hours of your doctor advising you not to travel.

Most policies require you to file a written claim within 20 days of the event. From there, supporting documents (such as medical records, a death certificate, or a jury notice) must generally be submitted within 90 days.

The bottom line

Travel insurance can be extremely useful in many scenarios. It can reimburse you for the purchase of new toiletries and clothes in the event of loss of your luggage. It may cover an additional night’s hotel or meals for qualifying flight delays. And it can refund non-refundable reservations if you have to cancel or cut short a trip due to most medical emergencies or bad weather.

But there are plenty of circumstances that aren’t covered – or might only be covered by certain policies and with the right documents. Understand what your policy actually covers before relying on travel insurance to come to your rescue.