AM Best has assigned a stable outlook to the global cyber insurance segment, citing greater demand and favorable intermediate-term growth prospects as take-up rates steadily improve.
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Music Labels Sue AI Companies Suno, Udio for U.S. Copyright Infringement
Major record labels Sony Music, Universal Music Group, and Warner Records sued artificial intelligence companies Suno and Udio on Monday, accusing them of committing mass copyright infringement by using the labels’ recordings to train music-generating AI systems.
BlackSuit Hackers Blamed in Paralyzing CDK Ransomware Attack
A hacking group called BlackSuit is behind the cyberattack on CDK Global that’s paralyzed car sales across the US, according to Allan Liska, a threat analyst at the security firm Recorded Future Inc.
U.S. Judge Skeptical of Biden Overtime Pay Rule
A federal judge in Texas on Monday seemed likely to stop a Biden administration rule that would extend mandatory overtime pay to 4 million U.S. workers from taking effect, but was unsure whether he could block it nationwide or only in the Republican-led state.
Foremost Mitigating Homeowners Risk in Texas with Targeted Nonrenewals
Farmers member company Foremost said property nonrenewals are part of targeted underwriting actions that began late last year in Texas to mitigate risk exposure, according to a spokesperson.
U.S. P/C Insurance Poised for 2024 Profit Recovery Post Strong 1Q Results
The U.S. property casualty (P/C) market is positioned for a return to underwriting profitability and significant return on capital improvements for the full year, though results may not match first quarter levels due to uncertainty regarding natural catastrophe exposures and loss reserve experience, Fitch Ratings says.
FloodFlash Gets Munich Re Support to Expand Parametric Flood Product Across America
FloodFlash, a flood risk focused insurtech company that offers an innovative sensor-based approach to parametric flood insurance, has secured capacity support from reinsurance giant Munich Re’s Specialty division to enable it to expand its parametric flood product across America.
U.S. Imposes Sanctions on Russia’s AO Kaspersky Lab Executives Over Cyber Risks
The Biden administration slapped sanctions on 12 people in senior leadership roles at AO Kaspersky Lab on Friday, citing cybersecurity risks a day after it announced plans to bar the sale of the Russian company’s antivirus software.
Citing Readiness Concerns, Lloyd’s Delays Blueprint Two
Lloyd’s and insurance technology provider Velonetic said they postponed a cutover phase to digital services, scheduled for October, citing safety and market readiness concerns.
Insurance Critical to Mobilizing $10 Trillion of Committed Climate Transition Investment: Howden
According to a new report from Howden, more than half of the $19 trillion committed to financing the climate transition through to 2030 will require additional insurance, suggesting that corporations should engage the industry from an early stage in their climate risk management planning to secure adequate supply of capacity and long-term coverage.