Insured losses from recent riots in the United Kingdom are expected to remain at manageable levels with a limited impact on insurers’ credit profiles, according to credit agency Morningstar DBRS, in a market commentary. The main reason for manageable claims …
In what will go down as the most spectacular IT failure the world has ever seen, a botched software update from cybersecurity firm CrowdStrike Holdings Inc. crashed countless Microsoft Windows computer systems globally. Microsoft Corp. and CrowdStrike have rolled out …
Insurers are nervous that militant attacks or AI-generated fake images could derail the Paris Olympics, risking event cancellations and millions of dollars in claims. Insurers faced losses after the 2020 Tokyo Olympics were postponed for a year due to the …
The Atlanta City Council voted to provide up to $7.5 million for small businesses that were affected by water outages due to a water main break near downtown late last month. Georgia Public Broadcasting, the Atlanta Journal-Constitution and other news …
Almost half the world’s population will go to the polls before the end of 2024, which raises the threat of political violence and possible large insurance losses, according to Allianz Commercial in a new report. An unprecedented “super-cycle” of elections …
The company that owns several District of Columbia professional sports teams and a major sports arena has settled its lawsuit against its insurance company over losses related to the shutdown caused by COVID-19. It was only a partial victory for …
Falvey Insurance Group announced the launch of Commercial Output insurance – coverage designed to cater to the diverse insurance needs of businesses in the manufacturing, institutional, industrial, and commercial sectors. Crafted by Falvey’s inland marine managing general agency (MGA), the …
New York state’s highest court has affirmed that there must be direct physical loss or damage, not just presence of a virus, to trigger coverage under a commercial property policy for COVID-19 business interruption losses. The Court of Appeals upheld …
Cyber-related incidents such as ransomware attacks, data breaches and IT disruptions are the biggest worry for companies globally in 2024, according to the Allianz Risk Barometer. Business interruption ranked second, while natural catastrophes ranked third (up from #6) on business’ …
A notorious group of hackers blamed for recent breaches on major casino companies is also suspected of being behind a recent cyberattack against Clorox Co. that has led to a nationwide shortage of its cleaning products. Officials suspect that “Scattered …
