Dubbed the “Mother of all breaches,” the massive leak revealed 26 billion records (including popular sites such as LinkedIn, Snapchat, Venmo, Adobe and X, formerly Twitter) in what experts are calling the largest leak in history.
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Marsh McLennan CEO: Catastrophe, Social Inflation, Reinsurance Costs Rise in 2024
Geopolitical and economic risks are worrying Marsh McLennan’s clients as the broker sees rising costs for risks from catastrophes, social inflation and reinsurance, said its chief executive officer.
Nearly a Quarter of SMBs Worry About Cyber Risk Daily: McAfee Survey
Cybersecurity remains a major concern for small businesses worldwide, with 73% of organizations identifying it as a significant risk or vulnerability and nearly one quarter (24%) of SMB owners saying they worry about cyber threats daily, reported McAfee.
Insurers Seek Reimbursements from Hawaiian Electric, Others for Maui Wildfire Claim Payments
More than 140 insurance industry plaintiffs have joined the cascade of lawsuits filed against utilities and landowners related to the Maui wildfires, a move that could set up a battle over resources available to pay victims of the disaster that killed 100 people and destroyed much of Lahaina in August.
Elected Insurance Commissioners’ Balancing Act: Constituent vs. Insurer Needs
There are calls from the public, insurers, and legislators for reforms and solutions as the insurance industry battles climate change, the high cost of inflation, and nuclear verdicts. In the crossfire are elected insurance commissioners, who need to balance what their constituents want and elected them to do and what insurers need to do to cover losses adequately. Eleven states elect commissioners, while the other 39 and D.C. are appointed.
Insurers Rake in Profits as Customers Pay Soaring Premiums
The pain for home- and auto-insurance customers is quickly becoming investors’ gain. Insurance giants’ shares and profits are hitting records, thanks in part to steep rate hikes.
The Hartford Will Stop Writing New Homeowners Policies in California
The Hartford Financial Services Group, a major provider of business, home and automotive insurance, will no longer write new policies for California homeowners starting on Feb. 1.
Florida to Borrow Billions to Backstop Insurers After Hurricanes
The state corporation that oversees the Florida Cat Fund is planning to borrow as much as $3.8 billion to ensure the fund has plenty of money on hand to reimburse property insurers for losses when homes are damaged or destroyed by hurricanes.
Reinsurers’ Underwriting Margins to Peak in 2024
Reinsurers’ underwriting margins are likely to peak in 2024 on significant price rises and tighter terms and conditions achieved in 2023 and in early January 2024 renewals, Fitch Ratings says in a new report.
Five Elite Universities Pay $104.5 Million to Settle Price-Fixing Suit
Duke and Columbia universities each agreed to pay $24 million, Yale and Emory will pay $18.5 million each and Brown University agreed to pay $19.5 million, according to court filings on Tuesday.