August, 2024

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Cyber Resilience Overestimation Leads to Business Continuity Issues, Ransom Payments

Insurance Journal

New research commissioned by Cohesity, an AI-powered data security firm, reveals organizations overestimate their cyber resilience capabilities and maturity, leading to significant business continuity disruptions and ransom payments.

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Labor Day Message 2024

CDC: Workers Compensation

Each Labor Day we honor workers and the role they play in building a strong and prosperous nation. Much like the first Labor Day more than a century ago, many of us mark this federal holiday with festivities such as parades or picnics. This year, as you head out to celebrate the end of summer with friends and loved ones, I urge you to take a moment to reflect on the contributions of the workers all around us.

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How to manage fuel and freight price risks

Splash: Finance and Insurance

Gus Majed, the CEO of the Paratus Group, addresses the risk management gap in the global bunker fuel and freight markets. The global bunker fuel market, consuming approximately 3.5m barrels per day, alongside the global freight market, with a staggering 900m dwt in dry and wet tonnage, plays a critical role in the world economy.

Risk 116
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Singapore and other ports start screenings for mpox

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Singapore and other ports start screenings for mpox appeared first on Insurance Marine News.

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DACA news: 100,000 Dreamers become eligible for Marketplace health insurance

Healthinsurance.org

Under a Biden administration rule change, DACA (Deferred Action for Childhood Arrivals) recipients will be eligible to enroll through the health insurance Marketplace and apply for tax credits starting Nov. 1, 2024. 1 The federal government estimates that 100,000 people will be newly eligible for Marketplace coverage under the rule. 2 Ever since the ACA Marketplaces opened for business in the fall of 2013, they could be used by American citizens as well as lawfully present immigrants. 3 But alth

Premium 116
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Tesla Sued by Family of Electrician Who Died at Austin Facility

Insurance Journal

The family of a Texas man who died while working at Tesla’s Austin-area facility last week is suing the electric vehicle company and his employer. The lawsuit said the worker, Victor Joe Gomez Sr., was at the facility on Aug.

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Manufacturers Hit by Soaring Property Insurance Costs

Insurance Journal

James Kirsh expects the cost of the property and casualty insurance for his family-owned foundry in Wisconsin that makes cast iron parts for tractors and other equipment to at least double when it’s up for renewal this fall.

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McKinsey Sees AI Surge Boosting Consulting Amid Industry Slump

Insurance Journal

McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, as faster adoption of the technology helps the consulting titan and its peers boost revenue following a period of tumult.

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Containment Increased on Massive Wildfire, 640 Structures Destroyed

Insurance Journal

Firefighters have increased containment on the 627-square-mile Park Fire near Chico, California, which is now 34% contained. The fire, now the fourth largest wildfire in history, is 401,740 acres. It was 24% contained on Friday.

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Specialist Risk Group Acquires Renewal Rights of London-Based Taxi Insurance Broker

Insurance Journal

Specialist Risk Group (SRG) announced the acquisition of the ongoing renewal rights of Morton Insurance Brokers, a specialist in private hire and taxi insurance across the UK since 1987. Financial details of the transaction were not disclosed.

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UK Cyber Spies Plan AI ‘Lab’ to Counter Hostile State Threats

Insurance Journal

UK spies are stepping up efforts to tackle cyber and artificial intelligence threats from hostile foreign states, including the sort of online manipulation that helped foment rioting across the country in the past 10 days.

Cyber 292
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Taylor Swift Cancellations Deal Blow to Insurers: Sources

Insurance Journal

Insurers face millions of dollars in claims after a foiled attack forced three Taylor Swift concerts in Austria to be canceled, though several providers will share out the hit, two people involved in insurance for her tour told Reuters.

Insurance 311
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Lyft is a Motor Carrier and State Farm Can be Sued Directly, Georgia Court Says

Insurance Journal

Georgia lawmakers this year put an end to direct-action lawsuits against trucking companies’ insurers, but that did not come soon enough to bar litigation brought by people involved in accidents with ride-sharing services.

Insurer 306
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Americans Shop Around for Insurance More Than Ever as Costs Soar

Insurance Journal

Americans are seeking to change their insurance coverage more frequently than in the past, after a surge in premiums that’s squeezed household budgets, a new industry report shows.

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Beryl-Battered Grenada Becomes 1st Country to Use Government Bond Hurricane Clause

Insurance Journal

Grenada has become the first country in the world to use a so-called hurricane clause in a government bond – a special feature that allows authorities to postpone debt payments in the wake of a major natural disaster.

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The Future is Uninsurable? Hardly

Insurance Journal

In recent months the dynamic markings for voices asserting the insurance industry is not up to challenges posed by climate change have gone from mezzo-piano to mezzo-forte. In his endorsement of a proposal by Representative Adam Schiff (D-Calif.

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Can a Streaming Service Agreement Require Arbitration in a Food Allergy Death?

Insurance Journal

Florida property insurers considering the expanded use of binding arbitration to settle claims disputes may want to ponder a recent arbitration move by Walt Disney Parks and Resorts: An answer to a lawsuit against Disney, which has made headlines on …

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Google Monopolized Search Through Illegal Deals, Judge Rules

Insurance Journal

Google illegally monopolized the search market through exclusive deals, a judge ruled Monday, handing the government a win in its first major antitrust case against a tech giant in more than two decades.

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Catastrophe Bond Issuance Is Set to Blast Through 2023 Record

Insurance Journal

Issuance of catastrophe bonds is on track to exceed the record set in 2023, as a cocktail of climate change, population density and inflation feeds growth in a market built around natural disasters.

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Debby’s Florida Claims Already Near 12,000 as Yaworsky Says Market is Strengthening

Insurance Journal

The number of Florida claims from Hurricane Debby, filed within five days of the storm, already is almost half of the the number of claims filed in Hurricane Idalia in a three-month period.

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More People Moving In Than Out of Counties With High Catastrophe Risk

Insurance Journal

Despite the dangers and expense associated with living in high-risk areas, large numbers of people are still moving to parts of America most impacted by wildfires, flooding and extreme heat.

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California Legislature Passes Bill to Support Insurance Fraud Detectives

Insurance Journal

California lawmakers passed a bill to help close the pay gap between the California Department of Insurance’s fraud detectives and officers in other state agencies.

Insurance 292
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CarShield to Pay $10M Settlement Over Deceptive Advertising Charges

Insurance Journal

CarShield will pay $10 million to settle charges that its advertisements and telemarketing for its extended auto warranty plans are deceptive and misleading, the Federal Trade Commission said.

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TDI to Hold Two Public Meetings on TWIA’s Filing of 10% Rate Increase

Insurance Journal

The Texas Department of Insurance will hold two public meetings in September on the Texas Windstorm Insurance Association’s annual rate filing increase of 10% for residential and commercial properties. TDI will host a meeting on Monday, Sept.

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Climate Change Intensified Typhoon Shanshan, Study Says

Insurance Journal

Typhoon Shanshan, which struck southern Japan this week with heavy rain and strong winds, was likely intensified by climate change, according to a study from Imperial College London.

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The Murdaugh Drama in SC Continues: Store That Sold Beer Now Suing its Insurers

Insurance Journal

The saga of the Murdaugh family in South Carolina continues, now with a convenience store company suing its liability insurers for failing to defend it against a second lawsuit stemming from the sale of beer to an underage Paul Murdaugh …

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RLI Insurance Wants 16% Rate Hike in Florida on Umbrella, Filing Shows

Insurance Journal

Florida’s insurance commissioner in early August noted that rate increases by property-casualty insurers in the state have slowed significantly since 2023 legislative reforms were enacted, with 12 carriers asking for a small decrease this year and another two dozen filing …

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Conflicting Federal Policies May Cost Residents Near Dams More on Flood Insurance

Insurance Journal

Conflicting federal policies may force thousands of residents in flood-prone areas to pay more for flood insurance or be left unaware of danger posed by dams built upstream from their homes and worksites, according to an Associated Press review of …

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Upstate Jury Says Harley-Davidson Must Pay $287 Million for Fatal ‘Trike’ Accident

Insurance Journal

An upstate New York jury has awarded more than $287 million in punitive damages and other compensation to a man and the estate of his deceased girlfriend following a fatal accident involving their Harley-Davidson “trike” motorcycle.

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‘Potentially Explosive’ Military Devices Involved in Deadly Arkansas Crash

Insurance Journal

BRINKLEY, Ark. (AP) — A crash on Interstate 40 in Arkansas involving two tractor-trailers and a truck carrying “potentially explosive” military devices killed one person and backed up traffic for hours on the busy highway, officials said.

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Blackouts in Extreme Weather Create Demand for Cleaner Backup Power

Insurance Journal

Software engineer Kenna Ofoegbu in Houston, Texas tries hard to keep his three kids cool during the summer and that means air conditioning. Yet their house has lost power three times in just the past two and a half months.

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Hiscox Confirms Chairman Bloomer Died on Sinking of Yacht Off Coast of Sicily

Insurance Journal

Hiscox Ltd. issued a statement confirming that the insurer’s chair, Jonathan Bloomer, and Bloomer’s wife, Judy, died in the tragic sinking of the Bayesian off the coast of Sicily on Monday, Aug. 19.

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Texas Grid Faces Biggest Test of Summer With Extreme Heat

Insurance Journal

Texas is facing its biggest test of the summer this week to keep the power on — and air conditioners running — as temperatures hit triple digits and push electricity consumption to all-time highs.

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Report: 2.6M Homes with a Cost of $1.3 Trillion at Moderate to Very High Risk of Wildfire

Insurance Journal

More than 2.6 million homes across 14 states with a total reconstruction cost of $1.3 trillion are at moderate to very high risk of wildfire damage during the 2024 wildfire season, a new report shows.

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