Posts Tagged ‘claims’
Clients Buy Higher Limits as Q1 Cyber Increases Follow Moderation Trend: Marsh
For the fifth straight quarter, pricing increases for cyber insurance continued to fall at the start of 2023. According to a new U.S. Cyber Purchasing Trends report from broker Marsh, prices were up 11% in first quarter 2023 compared to up 28% during the last three months of 2022. “The US cyber insurance market continues to stabilize,”…
Read MoreCatalytic Theft Claims Triple in Two Years, Crime Bureau Report Finds
Insurance claims for catalytic converter thefts nationwide jumped by 288% in just two years, the National Insurance Crime Bureau said in a new report. Claims rose from 16,660 in 2020 to 64,701 in 2022. Half of the thefts were in California and Texas, the bureau found. “This new data is just a snapshot of…
Read MoreAccountant Charged With $10 Million in Construction Workers’ Compensation Fraud
Manhattan District Attorney Alvin Bragg, Jr. announced two indictments of a certified public accountant for defrauding the New York State Insurance Fund (NYSIF) of more than $10 million in workers’ compensation insurance premium payments. Accountant Steve Lyon Lyon was charged with several counts of insurance fraud in a New York State Supreme Court indictment.…
Read More34% of Workplace Injuries Occur in First Year on the Job: Travelers
More than a third of workplace injuries occur during employees’ first year on the job, regardless of age or industry experience, according to a new report from Travelers. In fact, an employee’s time spent in a particular role is one of the driving factors in injury frequency, according to Travelers 2023 Injury Impact Report, which…
Read MoreChatGPT-Related Malware Is on the Rise, Meta Says
Facebook owner Meta said on Wednesday it had uncovered malware purveyors leveraging public interest in ChatGPT to lure users into downloading malicious apps and browser extensions, likening the phenomenon to cryptocurrency scams. Since March, the social media giant has found around 10 malware families and more than 1,000 malicious links that were promoted as tools…
Read MoreEconomic and Cyber Risks Lead Global D&O Concerns: Survey
At the top of increasing concerns for directors and officers around the globe are economic, geopolitical and cyber risks, according to the latest Directors and Officers Liability 2023 Survey released by Willis Towers Watson (WTW) and Clyde & Co, a global law firm. “With companies and their leaders operating in an almost unprecedented climate of uncertainty,…
Read MoreFrustration Grows Over Wait on OxyContin Maker’s Settlement
More than a year after OxyContin maker Purdue Pharma reached a tentative settlement over the toll of opioids that was accepted nearly universally by the groups suing the company – including thousands of people injured by the drug – money is still not rolling out. Parties waiting to finalize the deal are waiting for…
Read MoreVape Companies Suing Kinsale Insurance After Battery Coverage ‘Quietly’ Excluded
Four companies that sell vaping devices have filed a federal lawsuit against Kinsale Insurance Co., claiming the insurer dropped coverage for batteries but failed to fully inform the policyholders before denying a claim. If it goes to trial and appeal, the case could potentially help clarify insurers’ and insureds’ responsibilities when policy wording is…
Read MoreJudge Allows Roberto Clemente Jr. Agency Fraud Claim Against Allstate
The son of the late Major League Baseball Hall of Famer Roberto Clemente alleges that Allstate Insurance Co. committed fraud when it cancelled his family agency’s agreement after accusing them of fraud for using auto insurance discounts that the insurer instructed them to use. A federal judge last week rejected Allstate’s bid to dismiss…
Read MoreAmazon Worker Injuries Dip Last Year, but Higher Than 2020
Amazon’s total injury rate for warehouse workers took a dip last year, but injuries were still worse than they were in 2020, according to an analysis released Wednesday by a coalition of labor unions. The report, which was compiled by the Strategic Organizing Center and examines data Amazon has submitted to the Occupational Safety…
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