New York teachers facing cuts, Bloomberg says
It was announced on Thursday that New York mayor Michael Bloomberg intends to get rid of more than 4,200 teaching jobs in the area through layoffs and another 1,500 more through attrition, or the wearing down of the positions, making for the most teacher layoffs since the 1970s. Bloomberg is hoping to cut an additional $400 million from city agencies to help fund a multibillion dollar deficit in his $65.6 billion spending plan for the next fiscal year, according to the New York Times.
The paper also says that Bloomberg blamed the state for the need for so many teacher layoffs. "I understand the frustration that parents and teachers feel; I feel it too," he said. "We are not going to walk away from our education system."
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On the bright side, Bloomberg announced that his administration plans to open 10 new senior centers that would serve upwards of 300 people. The paper also says that one of these centers will serve the visually impaired, while another center will serve the LGBT community.
What’s also interesting is that Bloomberg plans to shy away from his initial proposal to eradicate nearly 16,000 child care slots. The city is expected to take care of 4,400 of those slots along with the Department of Youth and Community Development’s Out-of-School Time program taking over another 10,500 slots of the low-income children currently at day care centers. There’s still more than 1,000 slots open for elimination with children and their families waiting for any information back from the council and its budget plans.
Living in southern California, I’m very familiar with the teacher and pink slip crisis going on in public schools. My teacher friends are continuously worried each day about the jeopardy of their jobs and their class sizes growing each year, resulting in a poor student-teacher relationship and lower test scores.
We’re hoping Bloomberg, and every major in the metropolitan areas of the nation, will figure out ways to keep teachers teaching and keep students where they need to be.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.