Claims / Legal
Insured National Catastrophe Losses Dipped Nearly 20 Percent in 2019: Willis Re
Insured losses from major natural catastrophes in 2019 totaled roughly $53.0 billion, about 18 percent lower than the annual average since 2011, according to a report from Willis Re. This figure ...
Canadian Judge Signs Off on $150M Volkswagen Fine for Diesel Emissions
A judge in Canada approved a C$196.5 million ($149.7 million) fine against Volkswagen AG on Wednesday after the company pleaded guilty to dozens of counts of diesel emissions violations. Volkswagen ...
Growing Risk for SME Insurers: Duty to Defend Cats
Until recently, there was a relative lull in new mass tort events in the United States. This led to a sense among insurers that mass litigation was no longer the looming threat that it was in the ...
Insured Losses, Economic Damages Set New Records Over Last Decade: Aon
The past decade broke new records in terms of economic damages and insured losses, according to Aon's latest catastrophe report. The costs to global economies reached $2.98 trillion between 2010 and ...
Marsh Reports Demand Spike for Political Violence Cover in the Gulf
Marsh, one of the world's largest insurance brokers and risk advisers, has seen a spike in clients' enquiries for political violence cover in the Gulf after attacks on tankers and oil installations ...
U.S. Cyber Rates Rise as Insurers Try to Curb Ransomware Exposures
U.S. insurers are ramping up cyber-insurance rates by as much as 25 percent and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. The changes ...
InsurTech CyberCube Calls on Carriers to Set Global Cybersecurity Standards
CyberCube, an InsurTech focused on cyber risk analytics, is calling on the insurance industry to set global cybersecurity standards as the world digitizes. "Internet-connected technologies is a prime ...
Claims Are Rising as Australia’s Bushfire Cleanup Process Begins
The New South Wales and Victorian state governments will coordinate the clean-up of insured and uninsured residential and commercial properties destroyed in the deadly wildfires. Under the plan, the ...