insurance coverage News

N.Y. Assembly Approves a Flurry of Post-Sandy Insurance Reform Bills

The New York State Assembly approved on Tuesday a comprehensive post-Sandy insurance reform package comprised of 14 pieces of legislation. All approved measures now move to the state Senate for further consideration. The approved bills range from establishing a “homeowner’s …

Report: New Mexico Facing Medical Access Difficulties

New Mexicans could have longer waits for a doctor or specialist as demand grows for medical services because of an aging population and expanded insurance coverage under a federal health care law, legislative auditors said Wednesday. A report released by …

Commentary: Lessons From Recent Decisions on Bad Faith Litigation

A rising tide of first-party bad faith decisions is defining the contours of the bad faith cause of action. Recently, three courts have found first-party insurance companies liable for bad faith claims handling. However, there are also two recent bad …

Munich Re Study Focuses on Rising ‘Cyber Crime’

“Cyber attacks are a reality and companies need to prepare themselves,” warns Munich Re in a recently released study – “Cost of Cyber Crime” – conducted by the Ponemon Institute. “Advancements in the IT sector are opening up new applications, …

Lloyd’s Report Focuses on ‘Gap’ in Disaster Costs and Insurance Coverage

A new report from Lloyd’s notes that the “the world has been battered by natural catastrophes in recent years, revealing a serious gap between the economic cost of natural catastrophes and the levels of insured risk.” Recently published research, Lloyd’s …

Africa’s Pirates Have Demands for Insurers – and a Letterhead, Too

Welcome to the Pirate Action Group. Pirate commander Jamal wishes to congratulate you on being hijacked. Kindly speak to his negotiator about your ransom, bearing in mind that his demands are similar for every vessel he seizes. This is not …

EU Agency ENISA Calls for ‘Kick-start’ in Cyber Insurance Market

Europe’s citizens and businesses could benefit from better protection for their computer systems and data if the cyber insurance market can be kick-started, according to a recently released report from the European Network and Information Security Agency (ENISA). The report …

So. Korea to Halt Iran Oil Imports as EU Insurance Ban Bites

South Korea became the first major Asian consumer of Iranian crude to announce a halt to imports after the government said they would be suspended from July 1 due to a European Union ban on insuring tankers carrying Iranian oil. …

Insurer to Cover Half of R.I. City’s $389K Loss Caused by Embezzlement

An insurance company has paid the city of Woonsocket, R.I., $200,000, which covers about half the money the city says it lost to embezzlement. City Finance Director Thomas Bruce III tells the Woonsocket Call the city filed the claim with …

Willis Warns Companies to ‘Wake up to Cyber Threats,’ Liabilities

Company Directors must wake up to cyber threats or they risk litigation from all sides, warned  Francis Kean of Willis Group Holdings. Speaking at a Willis-hosted cyber liability conference in London this week, the Executive Director of Willis’ FINEX Global …