According to the Insurance Information Institute (Triple-I), increased population development in hurricane-prone states, combined with increasingly severe rainfall that accompany these storms, has resulted in higher insurance claim payouts for wind and flood-caused property damage.
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Ransomware Revenue Poised to Make 2023 a Costly Year: Chainalysis
Ransomware payments dropped significantly in 2022, but they’ve shown a major rebound in the first half of 2023, as threat actors switch up their tactics and demands, according to the latest numbers from Chainalysis.
Estee Lauder Takes Down Some Systems Following Cyberattack
Estee Lauder took some of its systems down as a proactive measure in response to a cyberattack that involved the theft of corporate data, the company said earlier this week.
FTX Sues Bankman-Fried, Others to Recoup More than $1 Billion
FTX Trading on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than $1 billion they allegedly misappropriated before FTX went bankrupt.
FCC Chair Proposes $200M Investment to Boost K-12 Cybersecurity
Federal Communications Commission Chairwoman Jessica Rosenworcel announced a proposal Wednesday to invest up to $200 million over three years to boost school and library cybersecurity.
Justice Department Revamps Crypto Enforcement Team
The Justice Department is reorganizing a team formed nearly two years ago to investigate cryptocurrency-related crimes, claiming that the change will more than increase the number of prosecutors available to focus on the team’s rising caseload.
Property Insurer Travelers Swings to Loss Following Storms
Travelers posted a net loss of $14 million for the quarter, down from a $551 million net income for the comparable period the year before. The insurance giant reported a near doubling in catastrophe losses to $1.5 billion, compared with $746 million for the second quarter of last year.
Consumers Growing Less Satisfied with Their Auto Insurance: J.D. Power
Auto insurance customer satisfaction decreased year-over-year by 12 points on a 1,000-point scale, according to a study by J.D. Power
Active June Sees Allstate Report Q2 2023 Catastrophe Losses of $2.7B
Large U.S. insurer Allstate has reported catastrophe losses of an estimated $1.13 billion for June 2023, taking total losses from events for the second-quarter of the year to $2.7 billion, pre-tax.
Marsh McLennan Reports Second Quarter 2023 Results
Marsh McLennan generated underlying revenue growth of 11%, adjusted EPS growth of 16%, for the second quarter.