Claims / Legal
FBI Director Cautions Companies Not to Pay Attackers in Ransomware Incidents
Companies and organizations that are victims of ransomware attacks shouldn't pay hackers to unlock their data and should quickly contact law enforcement, which opens up the possibility of creative ...
VW Discloses Vendor Data Breach Affected 3.3 Million People in North America
Volkswagen AG's U.S. unit said a data breach at a vendor impacted more than 3.3 million customers and prospective buyers in North America. Nearly all those impacted were current or potential ...
We Can Work It Out: Negotiations Likely On COVID Reinsurance Losses
Catastrophe excess of loss reinsurance contracts "never anticipated an event like a pandemic" when written but cedents can still expect compromises from reinsurers, an industry executive said ...
Denmark’s Central Bank Warns Floods Threaten Country’s Financial System
Denmark's central bank warned rising waters pose a threat to the financial system as property used as collateral against bank loans may be worthless in coming years, amid increasing damage by climate ...
Keystone XL Pipeline Project Canceled After Biden Blocks Project
A $9 billion oil pipeline that became a symbol of the rising political clout of climate change advocates and a flash point in U.S.-Canada relations was officially canceled on Wednesday. Keystone XL, ...
AXA Reverses Course, Offering Settlement Addressing COVID-19 BI Claims for French Restaurant Owners
AXA has offered a settlement to 15,000 French restaurant owners that purchased non-damage business interruption insurance after previously denying coverage during the 2020 COVID-19 lockdowns. AXA ...
U.S. Cyber Insurance Premiums Doubled Over 5 Years: Aon
U.S. cyber insurance premiums doubled over the previous five years, climbing 21 percent in 2020 alone, a new Aon study has found. At the same time, loss ratios have soared. Premiums in the sector ...
Hackers Stole a Single Password to Disrupt Colonial Pipeline
The head of Colonial Pipeline told U.S. senators on Tuesday that hackers who launched last month's cyber attack against the company and disrupted fuel supplies to the U.S. Southeast were able to get ...