Markets
Major Cyber Attack Could Cost Global Economy $3.5 Trillion: Lloyd’s
A cyber attack on a major financial services payments system could result in widespread business disruptions, potentially costing the global economy $3.5 trillion over a five-year period, according ...
N.J. High Court to Hear E-Scooter Rider’s Bid for No-Fault Auto Benefits
David Goyco says he was like a bicyclist when he was injured while riding his low-speed electric scooter and hit by a car. Thus, he contends, he is entitled to personal injury protection (PIP) ...
UK Watchdog Fines Equifax $13.4M for Role in ‘One of Largest’ Cyber Breaches
Britain's financial watchdog said on Friday it had fined consumer credit rater Equifax Ltd. 11 million pounds ($13.4 million) for its role in "one of the largest" cyber-security breaches in history. ...
Some Buyers Wait Months for Cyber Policies With Coverage Gaps
According to privileged access management Delinea's report, Closing the Cyber Insurance Gap - 2023 State of Cyber Insurance, a significant gap is emerging between insurance carriers and organizations ...
Large Language Models at Risk for ‘Model Leeching’ Attacks
Large Language Models (LLMs) such as ChatGPT and Bard have taken the world by storm this year, with companies investing millions to develop these AI tools, and some leading AI chatbots being valued ...
Progressive’s Earning Snapshot Shows Carrier Near Underwriting Profit Goal
Progressive's combined ratio for the first nine months of 2023 was 97.2, just over a point higher than the company's target of 96 and also above a 96.5 result the carrier posted for the same period ...
Down, Down, Down….AM Best P/C Downgrades Outpacing Upgrades
The number of rated property/casualty personal lines insurers that had their credit ratings downgraded by AM Best more than doubled to 21 in the first-half of 2023, compared to 10 in first-half 2022. ...
Most Commercial Auto Insurers Researching Telematics: Survey
Approximately 78 percent of commercial auto insurers are in the research phase of preparing for usage-based insurance (UBI) products, according to a new report from The National Alliance for ...
Israel to Provide $6B War Insurance Cover for Israeli Airlines
Israel's parliamentary finance committee approved a plan to provide a state guarantee of $6 billion to cover insurance against war risks to Israeli airlines, the Finance ...