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How to Unlock $700B by Treating Women the Same as Men in Financial Services

“There is at least a $700 billion revenue opportunity from better serving women as customers,” in the financial services industry, according to Women in Financial Services 2020, a new report by Oliver Wyman.

If financial institutions grant business loans and approve credit for women at the same rate they do for men, if they offer insurance at the same proportion of women’s incomes as they do for men’s, and if they compete for business from women’s corporations, Oliver Wyman estimates that these firms would see a combined revenue lift of $700 billion, with gains over $500 billion in the insurance sector alone. 

“While many factors lead to greater client centricity, gender is an important element,” the report finds. “We believe there is significant revenue uplift for those institutions that listen to and understand their customers.”

New Model Shows Many More US Homes Face Large Risk of Flooding

Source: First Street Foundation

Nearly 70% more properties in the United States are at risk of flooding than official government estimates suggest. A new model by First Street Foundation, a nonprofit research and technology firm, shows that a total of 14.6 million properties across the country are at substantial risk — 5.9 million of these properties are unaware of, or underestimating, the risk. FEMA only classifies 8.7 million properties with substantial flood risk.

The model predicts that large swaths of the Midwest and inland Western are at risk of flooding; however, the risk is greatest for coastal states. West Virginia, Louisiana, Florida, Idaho and Montana are showing the greatest proportion of properties categorized as substantial risk.

Data for the model includes areas that FEMA does not, as well as current and future climate risks which helps predict how flood risk will change over the next 30 years. By 2050, the nonprofit predicts the number of properties with substantial risk across the U.S. will increase by 11% to 16.2 million. 

Global Flight Activity Rose in June, But Has a Long Way to Go to Full Recovery

Source: Flightradar24

The global aviation industry saw a rise in activity in June, yet total flights are still down 42% this year compared to 2019, as a result of the coronavirus crisis. Commercial flights are down by 62% compared to last year, however they did increase by 32% in June 2020 compared to May, according to Flightradar24, a global flight tracker.

A recent report by Airlines for America predicts that it will take until 2023 to see a return of pre-COVID passenger volumes within the U.S. The pandemic has already forced the airline industry to cut tens of thousands of jobs — and more layoffs are expected to happen in the upcoming months.

American Airlines plans to add 2,000 flights a day starting in July, while United Airlines will be adding 25,000 flights in August. American Airlines is facing criticism for allowing full-capacity flights, despite the recent uptick in coronavirus cases in the U.S. The U.S. administration has not mandated mask-wearing, social distancing or temperature checks at airports or on flights.

New Models Show Dramatic Impact of Proper Safety Protocols on COVID-19 Death Rate

Source: Goldenson Center at the University of Connecticut

Wearing a mask, along with other basic precautions, results in a significant drop in the number of coronavirus cases and number of deaths, according to a new simulator from the Goldenson Center for Actuarial Research. The simulation shows how individuals’ actions can directly impact how long the pandemic will last and comes at a time when the U.S. is reaching a record high in case numbers.

The graphic above show a hypothetical model of events after 100 people out of 1,000 become infected with the virus. When only 10% of the population wears masks, observes social distancing and sanitizes, there is a dramatic increase in case numbers and deaths.

The other hypothetical model below shows case results when 80% of the population follows safety protocols. In the second instance, after two months, almost zero percent are infected. It also shows that if a state follows proper safety measures for at least three months after reopening, COVID-19 could be eliminated from the area. 

Over Half of Europeans View the US Less Favorably Than Before COVID-19

Source: European Council on Foreign Relations

The U.S. is viewed more negatively now compared to before the coronavirus crisis in the eyes of nearly 60% of Europeans. Over 70% of Danes and Portuguese respondents and 65% of Germans say their views of the U.S. have worsened — with views on China showing similar trends, according to a poll conducted by the European Council on Foreign Relations (ECFR) in June 2020.

The ECFR surveyed over 11,000 citizens in nine countries across Europe. The respondents said if cases continue to rise in the U.S., “many Europeans could come to see the U.S. as a broken hegemon that cannot be entrusted with the defense of the Western world.”

The EU is currently seeing an overall decline in COVID-19 cases, while this trend is only being recorded in two states in the U.S. The EU is preparing to open its borders, but most American travelers are expected to be banned, along with those from Brazil and Russia.

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