INSURANCE NEWS
Cyber Insurance Premiums Surge by 50% as Ransomware Attacks Increase
US cyber insurance premiums surged 50% in 2022 as increased ransomware attacks and online commerce drove demand for coverage. Premiums collected from policies written by insurers reached $7.2 billion in 2022 and tripled in the past three years, ratings firm …
Stellantis Recalls Over 354,000 Jeeps Worldwide
Stellantis is recalling more than 354,000 Jeeps worldwide because the rear coil springs can fall off while they’re being driven. The recall covers certain 2022 and 2023 Grand Cherokee and 2021 to 2023 Grand Cherokee L SUVs. The company says …
$2M Insurance Policy in Effect for Hawaii Coral Reefs in Time for Hurricane Season
An environmental group has a $2 million insurance policy on Hawaii’s coral reefs, which is in effect in time for a busier hurricane season that could damage the vital natural resources that are increasingly under threat from climate change. In …
California Restaurants Offered Priest to Extract Confessions of Workplace ‘Sins’
Federal wage and hour investigators say a northern California restaurant attempted to use an alleged priest to get employees to admit workplace “sins.” During litigation by the U.S. Department of Labor in federal court, an employee of Che Garibaldi Inc., …
Connecticut Man Pleads Guilty to Role in Catalytic Converter Theft Ring
The U.S. Attorney for Connecticut reports that a New Britain man has pleaded guilty to participating in a stolen catalytic converter trafficking ring. Roberto Alicea pleaded guilty to one count of conspiracy to commit interstate transportation of stolen property, an …
London Court Orders UK-Registered Firm to Pay More Than $1M to Beirut Blast Victims
A London court has ordered a British-registered company to pay more than 800,000 pounds ($1 million) in damages to victims of the 2020 blast at Beirut’s port, a lawyers group in Lebanon said on Monday, in the first such verdict …
North Korean Hackers Stole $100 Million in Recent Cryptocurrency Heist: Analysts
North Korean hackers stole more than $100 million worth of digital currency in a recent heist affecting users of the Atomic Wallet service, cryptocurrency analytics firm Elliptic said Tuesday. In a blog post, Elliptic said that more than 5,500 digital …
UN Secures Insurance Coverage to Salvage Rusting Oil Tanker off Coast of Yemen
The United Nations Development Programme (UNDP) announced the successful binding of insurance coverage for the mission coordinated by the United Nations to prevent over a million barrels of oil spilling into the Red Sea. Securing insurance is a pivotal milestone …
The Dangerous $140M Mission to Defuse an Oil Tanker Ready to Explode
An operation is finally underway to transfer the oil from a stricken tanker off the coast of Yemen that maritime salvage experts have called a “ticking time bomb.” The decrepit vessel has been lying idle for years with more than …
Zurich Insurance Eyes Buying $400M Stake in General Insurance Arm of India’s Kotak
Zurich Insurance Group is in talks to buy up to 51% of India’s Kotak General Insurance, two sources with direct knowledge of the matter said, a deal that would mark its first major bet on the fast-growing South Asian insurance …
Insurance Costs Rapidly Rising for Rental Properties: S&P
The recent upticks in the frequency and severity of weather events has also affected insurance premiums for rental properties. According to S&P Global Ratings, insurance is an increasing percentage of total expenses for rental properties and the trend is expected …
Usage-Based Insurance Surges as Customers Dissatisfied With Auto Insurance
About one third of auto insurance customers in the U.S. reported a rate increase in the past year, leading to a growing number moving to usage-based insurance (UBI). This has led to the largest decline in customer satisfaction in 20 …