Lloyd’s Insurers Must Exclude State-Backed Cyber Attacks to Avoid Systemic Risks

  Lloyd’s insurers must exclude state-backed cyber attacks in standalone (or affirmative) cyber policies, according to a Lloyd’s market bulletin issued this week. The exclusion would include liability for losses arising from both war- and non-war-related state-backed cyber attacks. “Lloyd’s remains strongly supportive of the writing of cyber attack cover but recognizes also that cyber-related…

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With a Few Exceptions, Personal Insurance Shopping Subdued in Q2 2022

  Auto insurance shopping was down 3 percent overall in second-quarter 2022 compared to the same period in 2021. That trend was primarily driven by a significant decrease by higher-risk consumers, where shopping decreased 11 percent compared to Q2 2021. TransUnion’s new Personal Lines Insurance Trends and Perspectives Report found property and auto insurance shopping in Q2…

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Cyber Insurance Price Hike Hits Local Governments Hard

  Horry County, South Carolina, officials were in for a shock earlier this year, when they discovered their cyber insurance premium would be spiking from $70,000 last year to about $210,000. And if they couldn’t satisfy the insurance company’s requirements and prove they had the robust controls needed to protect and defend themselves against cyberattacks,…

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Small Business Satisfaction With Commercial Insurers Resurges: J.D. Power

  A toxic combination of business disruption and economic uncertainty strained the relationship between small businesses and their commercial line insurers during the pandemic, causing customer satisfaction to decline beginning in 2020 for the first time in seven years. According to the J.D. Power 2022 U.S. Small Commercial Insurance Study, that trend has reversed, with overall…

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$12M in Emergency Funding for Death Valley Flood Repairs

    Nearly $12 million has been made available to the National Park Service to repair flood damage to roads in Death Valley National Park, the U.S. Department of Transportation’s Federal Highway Administration said. Most roads in the desert park have been closed since runoff from thunderstorms on Aug. 5 wiped out major sections of…

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Cal/OSHA Issues Heat Warning to Protect Outdoor Workers

  Cal/OSHA sent out heat warning for employers this week reminding them they are required to protect outdoor workers from heat illness following excessive heat watches being issued throughout California. The temperature is forecast to exceed 105 degrees in northern and inland parts of the state this week including areas around Sacramento, Fresno and the…

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California Insurance Commissioner: Mercury Steered ‘Good Drivers’ Toward Higher-Priced Policies

California Insurance Commissioner Ricardo Lara announced a legal action on Monday against Mercury Insurance for reportedly violating consumer protection laws, including selling Mercury’s highest-priced policy to “good drivers” instead of the lowest-priced policy for which good drivers qualify. Lara’s action follows a California Department of Insurance investigation that reportedly found numerous areas where Mercury’s business…

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