Claims / Legal
A Record 25 Named Tropical Storms Could Strike This Year
The U.S. National Oceanic and Atmospheric Administration (NOAA) last Thursday predicted up to 16 more named tropical storms this year, to as many as 25, the highest in the agency's history. The 2020 ...
Companies Risk Substantial Loss of Annual Profit Due to Supply Chain Shocks
Companies risk losing more than 40% of annual profit once a decade in a world threatened by trade wars, cyber attacks, pandemics and climate change, according to McKinsey & Co., which estimates ...
Beirut Blast Marine Insurance Losses Likely Less Than $250M
Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy ...
D&O Liability Insurance Rates Surge Over COVID-19 Litigation Fears
Premiums for directors' and officers' liability insurance surged in the second quarter, broker Marsh said on Monday, as insurance underwriters fear the coronavirus pandemic will lead to hefty ...
D.C. Judge Dismisses Restaurants’ Business Interruption Claims
The insurance industry has notched another victory in its defense of its commercial insurance policies against claims for business interruption due to the coronavirus. In a case brought by the owner ...
Australia Commits $1.2B to Private Sector Cybersecurity After Attacks Spike
Australia will spend A$1.66 billion ($1.19 billion) over the next 10 years to strengthen the cyber defenses of companies and households after a rise in cyber attacks, Prime Minister Scott Morrison ...
AXA CEO Expresses Confidence in XL Biz After Coronavirus-Related Losses
The CEO of AXA on Thursday expressed confidence in the French insurer's company-focused XL Group after the business reported a loss in the first half following a spike in COVID-19-related claims. AXA ...
U.S. Reportedly Pursuing Nearly $13B of Claims in Purdue Pharma Opioid Probes
U.S. prosecutors are pursuing possible penalties of nearly $13 billion to resolve investigations of OxyContin maker Purdue Pharma after uncovering evidence of criminal and civil misconduct stemming ...