INSURANCE NEWS
Microsoft: About 8.5M of Its Devices Affected by CrowdStrike-Related Outage
A global tech outage that was related to a software update by cybersecurity firm CrowdStrike affected nearly 8.5 million Microsoft devices, Microsoft said in a blog post on Saturday. “We currently estimate that CrowdStrike’s update affected 8.5 million Windows devices, …
Stellantis Recalls 24,000 Chrysler Minivans for Fire Risks, Urges Outdoor Parking
Stellantis on Thursday recalled about 24,000 ChryslerPacifica plug-in hybrid minivans worldwide because of fire risks, and urged owners to park outside, away from structures. and not to recharge the vehicles pending a software update. Stellantis said the recall of 2017 …
Two Russian Men Plead Guilty in LockBit Ransomware Attacks
Two Russian nationals pleaded guilty to their roles in ransomware attacks in the US, Asia, Europe and Africa for a notorious hacking gang known as LockBit. Ruslan Astamirov and Mikhail Vasiliev admitted they helped to deploy the ransomware variant, which …
Former Postal Worker Sentenced to Probation for Workers’ Compensation Fraud
A former U.S. Postal Service employee in Delaware who defrauded taxpayers of almost $100,000 in workers’ compensation benefits has been sentenced to probation. Lakisha Hines was sentenced Thursday after pleading guilty in March to one count of federal employee compensation …
Insurers Face Business Interruption Claims After Global Tech Outage
Insurers could face a raft of business interruption claims after a worldwide tech outage crippled industries from travel to finance on Friday, insurance industry experts said. A software update by global cybersecurity firm CrowdStrike appeared to have triggered systems problems …
Hurricane Beryl Caused Estimated $2-3B in Insured Losses to U.S. Property: Verisk
Estimated industry insured losses to onshore property from wind in the U.S. for Hurricane Beryl will range between $2 billion to $3 billion, Verisk’s Extreme Event Solutions business unit said. Beryl made landfall near Matagorda Bay, Texas the morning of …
Global IT Crash That Blocked 911 Calls and Grounded Planes Eases
In what will go down as the most spectacular IT failure the world has ever seen, a botched software update from cybersecurity firm CrowdStrike Holdings Inc. crashed countless Microsoft Windows computer systems globally. Microsoft Corp. and CrowdStrike have rolled out …
Tesla’s California Car Registrations Fall for Third Straight Quarter
Registrations of Tesla cars in California fell 24% in the April to June period, marking the third consecutive quarter that the company posted a sales drop in its key market, indicating mounting challenges for the EV maker, according to industry …
People Moves: Ohio Bar Liability Insurance Company Names Tribble as CEO
Ohio Bar Liability Insurance Company announced that John R. Tribble, MBA, CPCU, CCLA will be joining the company as its next President and CEO. Tribble has held a variety of positions during the past eight years with Church Mutual Insurance …
Why Texas Mass Power Outages Continue to Happen
It’s become a familiar cycle: A powerful storm sweeps through a swath of Texas and takes the electric system down in its grip. Trees might bend and topple, crashing down onto a power pole. Sometimes the weight of ice pulls …
Cargo Ship Sustains Damage After Houthi Attack in Gulf of Aden
A Singaporean-flagged cargo vessel was hit by Yemen’s Houthi missiles in the Gulf of Aden on Friday, forcing it to return to its last port of call to assess the damage. Iran-aligned Houthis launched ballistic missiles and drones towards the …
Insurance Broker TWFG’s Shares Rise Nearly 30% in Market Debut
Insurance broker TWFG’s shares gained nearly 30% in their Nasdaq debut on Thursday, signaling strong investor demand for new stocks as the U.S. initial public offering market aims for a recovery. IPOs in the U.S. are attempting to stage a …