California appeals court has upheld a lower court ruling that certain underwriters at Lloyd’s do not owe coverage to heavy metal band Metallica for millions of dollars lost in the economic slowdown of the COVID-19 pandemic.
Author: Annie George
DOJ Sues Apple, Alleges Tech Giant Exploits Illegal Monopoly
The Justice Department sued Apple on Thursday, alleging the tech giant blocked software developers and mobile gaming companies from offering better options on the iPhone, resulting in higher prices for consumers.
State Farm Non-Renewing 72,000 Policies in California
State Farm released the following statement regarding its decision to non-renew 72,000 policies in California.
Cargo Thefts Spiked 68% in Q4, Led by Food and Beverage Freight
Cargo thefts surged 68% year over year (y/y) in the fourth-quarter of 2023 compared with 2022, according to CargoNet, a subsidiary of data analytics firm Verisk. During the third quarter of 2023, cargo thefts were up 57% y/y compared to the same year-ago period.
U.S. Warns Hackers Are Carrying Out Attacks on Water Systems
The U.S. government is warning state governors that foreign hackers are carrying out disruptive cyberattacks against water and sewage systems throughout the country.
SEC Settles with Two Investment Advisers Over Alleged ‘AI Washing’
The Securities and Exchange Commission has fined two investment advisers for allegedly making false statements about their use of artificial-intelligence technology, following through on its warning to go after businesses involved in so-called “AI washing.”
Customer Satisfaction with Homeowners Insurance Property Claims Declines to 7-Year Low
According to the J.D. Power 2024 U.S. Property Claims Satisfaction StudySM, released today, the increase of severe storms has led to a larger number of high-severity claims and notably longer time frames for all major steps of claims—estimating the damage, paying the customer and completing the work—all negatively affecting satisfaction, which declines to the lowest level in seven years.
Claims from Central U.S. Severe Storms Top 27,000
Several insurers have taken in more than 27,000 claims related to mid-March severe convective storms across the middle of the country, from Texas to Ohio.
Marsh Report: Transactional Risk Insurance Remained Resilient in 2023
In 2023, transactional risk insurance played a major role in global mergers and acquisitions, despite a downward trend in M&A activity due to macroeconomic and geopolitical challenges.
Insurers and Owners Battle Over Who Pays for Planes Stranded at Start of Ukraine War
Russia’s seizure of billions of dollars worth of foreign-owned planes has set off the biggest-ever brawl in the normally staid business of aircraft insurance.