A container ship smashed into a four-lane bridge in Baltimore in darkness Tuesday, causing it to collapse and sending cars and people plunging into the river below.
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New Record of 142 Natural Catastrophes Accumulates to $108B in Insured Losses in 2023
A devastating earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods were the main events driving insured natural catastrophe losses to $108 billion in 2023, reaffirming the 5–7% annual growth trend in global insured natural catastrophe losses since 1994.
Marsh Creates Group Captive for Clients Seeking More Control and Stability in their Cyber Insurance Programs
Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan, today announced the creation of Edgware Re Ltd., a group captive insurance company for organizations seeking more control and stability in their cyber insurance programs.
Change Healthcare Cyberattack Prompts U.S. Legislative Proposal for Provider Payments
In the wake of the Change Healthcare cyberattack, a U.S. senator has introduced legislation allowing for advance and accelerated payment to impacted health care providers who, along with their vendors, meet minimum cybersecurity standards.
U.S. and UK Go After Chinese Hackers Accused of State-backed Operation Against Politicians, Dissidents
Hackers linked to the Chinese government launched a sweeping, state-backed operation that targeted U.S. officials, journalists, corporations, pro-democracy activists and the U.K.’s election watchdog, American and British authorities said Monday in announcing a set of criminal charges and sanctions.
The Rise of Usage-Based Insurance (UBI) in Auto Policies
Understanding the Growth Implications for Insurers and Policyholders The insurance industry is witnessing a significant transformation with the rise of usage-based insurance (UBI) in auto policies. This evolution is reshaping how insurers assess risk, set premiums, and interact with policyholders. At its core, UBI leverages telematics technology to monitor driving behavior, including factors such… Continue reading The Rise of Usage-Based Insurance (UBI) in Auto Policies
California Insurance Commissioner Declares ‘Crisis’ After Major State Farm Announcement
California’s insurance commissioner Ricardo Lara spoke out after the state’s largest home insurance provider announced that it would discontinue coverage for tens of thousands of policies this summer.
Acrisure Unveils New England Region as North America Rebrand Nears Completion
Acrisure announced the formation of its New England Region, encompassing its businesses in Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont.
California FAIR Plan Exec: Carriers ‘One Event Away’ from Assessment as Exposure Soars
California FAIR Plan has $336 billion of property exposure on its books, backed up by just $200 million of capital and $700 million of cash on hand, according to President Victoria Roach.
Chrysler to Recall About 286,000 U.S. Vehicles Over Airbag Inflator Issue, NHTSA says
Chrysler is recalling nearly 286,000 vehicles in the United States over a manufacturing defect that might cause the side curtain airbag inflators to rupture, the National Highway Traffic Safety Administration (NHTSA) said on Friday.