According to ITRC’s 2023 Annual Data Breach Report, the number of data compromises in 2023 (3,205) increased by 78 percentage points compared to 2022 (1,801). The ITRC set a new record for the number of data compromises tracked in a year, up 72 percentage points from the previous all-time high in 2021 (1,860).
Author: Annie George
Coalition Launches New Miscellaneous Professional Liability Insurance Coverage
Coalition, the Active Insurance provider, has announced its new Miscellaneous Professional Liability (MPL) Insurance coverage.
Cigna Sells Medicare Business to Health Care Service Corp. for $3.3 Billion
Cigna Group has agreed to sell its Medicare business to Health Care Service Corp. for $3.3 billion.
Inside the U.S. Senior Care Crisis
Nearly 70% of older adults will need long-term care services, according to Harvard’s Joint Center for Housing Studies. But for many individuals, the cost of affordable long-term care services is beyond their reach in an industry facing higher labor and supply costs, a labor shortage, and other challenges. According to KFF (Kaiser Family Foundation) and The New York Times, nearly three million older Americans who need long-term care are not receiving it due to lack of accessibility and the high cost of assisted living facilities, nursing homes, and aides at home.
Optis Partners: Agency M&A Deals Fell in 2023
It appears the industry may be settling in to a new normal, or perhaps it’s returning to an old one, a year after the completion of the 25-month wave of deals that concluded at the end of 2022. The deal volume each quarter of 2023 was at or above each of the quarters before this rush of deals, according to Optis Partners.
Bayer Hit with $2.25B Roundup Verdict
A Philadelphia court’s jury ordered Bayer AG to pay $2.25 billion in damages to a Pennsylvania man, who claimed to have developed cancer after allegedly using the company’s weedkiller, Roundup.
BOXX Insurance Partners with AXA on New Cyber Risk Prevention Solution for Businesses
Award-winning global Insurtech BOXX Insurance that combines cyber insurance and security has announced the launch of a cutting-edge cyber risk mitigation solution in collaboration with AXA, aimed at providing crucial support to small businesses
Zurich’s Sale of $20B Life Insurance Book to PE-backed Group Collapses
Insurance group Zurich’s sale of a $20 billion life insurance book to Viridium has collapsed, with the private equity-backed German consolidator citing “considerations relating to [its] current ownership structure” as regulatory scrutiny of such deals intensifies.
How AI, Tech Advances Can Help Insurers with Climate-Related Risks
Global economic losses from natural catastrophes hit $380 billion in 2023, with insured losses at $118 billion, according to a new report from Aon. More than two-thirds (67%) of global insured losses occurred in the United States, and “while no event reached the $10 billion mark, there were at least 37 billion-dollar disasters in total,… Continue reading How AI, Tech Advances Can Help Insurers with Climate-Related Risks
Reforms to U.S. Disaster Aid Expose Growing Home Insurance Gap
When disaster hits in the US, the federal government gives aid to states and counties, but also to individuals.