Commercial Lines
Swiss Re Estimates Global Insured Catastrophe Losses of $112B for 2021
Natural catastrophes caused global insured losses of $105 billion in 2021—the fourth highest since 1970, according to Swiss Re Institute's preliminary sigma estimate. This was up from $90 billion ...
7th Circuit Affirms Dismissal of 4 COVID-19 Business Interruption Lawsuits
In four separate decisions, a panel of the 7th Circuit Court of Appeals joined four other federal appellate courts in ruling that SARS-CoV-2 does not cause a direct physical loss or damage that ...
Insured Loss From Tornado Outbreak Estimated at $3 Billion by KCC
The insured loss from the Dec. 9-12 tornado outbreak that devastated parts of central U.S. has been estimated to be about $3 billion. Catastrophe modeling firm Karen Clark & Company said its ...
Boy Scouts Secure $800M From Chubb for Sex Abuse Settlements
One of the Boy Scouts of America's primary insurers, Chubb Ltd unit Century Indemnity Company, said on Monday it will contribute $800 million to a deal proposed by the youth organization to settle ...
Log4j Software Flaw Sends Companies Scrambling Against Hackers
A newly discovered vulnerability in a widely used software library is causing mayhem on the Internet, forcing cyber defenders to scramble as hackers rush to exploit the weakness. The vulnerability, ...
Tornado Losses Will Dent P/C Earnings, Not Capital: AM Best
For now, rating agency AM Best believes that property/casualty insurers will be able to absorb losses from the recent outbreak of 30-plus tornadoes across five U.S. states, but coexisting economic ...
Tornadoes That Ripped Across Central U.S. Could Be Costliest Outbreak on Record
A group of tornadoes that tore across the central U.S. on Dec. 10 and 11 resulted in widespread damage in several states and could serve as the nation's costliest tornado outbreak on record. "Based ...
InsurTech Coalition Forms Captive Insurer to Enhance Cyber Capacity
Managing general insurance agency and cybersecurity company Coalition has launched a captive insurer to begin taking risk on its cyber insurance programs. The captive, domiciled in Hawaii, will ...