INSURANCE NEWS
Allstate, State Farm Sued Over $4 Billion Maui Fire Settlement
A half-dozen Maui wildfire victims sued a group of insurers, including State Farm and Allstate, accusing them of throwing a wrench into a tentative $4 billion deal to settle their claims. The lawsuit filed Friday in state court in Maui …
What Role Does Insurance Play in a Politically Charged Climate?
Law enforcement officials are continuing to investigate a July 13 shooting at a Butler, Pa. rally for former President Donald Trump’s 2024 election campaign. During the incident, the former president was injured, one spectator was killed, and two more were …
People Moves: WTW’s Risk & Broking Unit Names Marsh’s Clarke as President, Garrard Appointed Chair; Everest Names McBride, Garcia for Key Claims Roles
This edition of International People Moves details appointments at insurance broker WTW and the re/insurer Everest Group. A summary of these new hires follows here. WTW’s Risk & Broking Unit Names Marsh’s Clarke as President, as Garrard Becomes Chair Insurance …
Somali Piracy Revives Sharply After Years of Quiet
Somali piracy — the scourge of merchant shipping more than a decade ago — has had a resurgence this year, the industry’s main observer of the crime said. There were eight acts of piracy and hijackings in the first half …
Without Backup Plans, Global IT Outages Will Happen Again
Elements of Friday’s global IT outage, which grounded planes and hit services from banking to healthcare, have occurred before and until more contingencies are built into networks, and organizations put better back-up plans in place, it will happen again. Friday’s …
Dark Fleet Caper Exposes Growing Risks in Crowded Malacca Strait
A collision that set two vessels ablaze off Singapore has underlined the growing risks in the crowded Straits of Malacca, as the dark fleet expands and lackluster Chinese demand leaves dozens of the tankers idling. The Ceres I, a 23-year-old …
Allianz Sees Damages Worth Tens of Millions for German Vineyards
Insurer Allianz SE expects to pay German winemakers tens of millions of euros in insurance claims this year after many vineyards lost their entire harvest to heavy frosts. While mild temperatures earlier in the year helped shoots to develop sooner, …
Vulnerabilities in Non-Banks Leave Door Open to ‘Shocks’, G20 Watchdog Says
Patchy progress on implementing reforms to make money market funds and other types of “non banks” safer has left the global financial system vulnerable to more shocks, the G20’s risk watchdog said on Monday. The Financial Stability Board said that …
Fire-Hit Tanker Enters Malaysia Terminal Area After Being Detained by Coast Guard
A tanker that was involved in a collision near Singapore last week entered the area of Malaysia’s Bertam floating oil terminal on Monday morning after it was intercepted by local authorities on Sunday, shipping data from LSEG and Kpler showed. …
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 …