Auto Loss Costs Not Coming Down; Bigger Rate Hikes Ahead: Allstate CEO

  Higher auto loss costs are here to stay, according to the leader of Allstate, who also said that his company will be pushing up auto insurance prices higher, and at a faster pace, for the balance of the year. Speaking at the Barclays Global Financial Services Conference on earlier this month, Allstate President and…

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Basketball Hall of Fame and Chubb Insurer Hit the Court Over D&O Coverage

The Basketball Hall of fame (BHoF) is suing Chubb Group subsidiary Federal Insurance Co. to have the insurer defend and indemnify it in a case accusing it of attempting to unlawfully secure funds for renovations to its facility. In 2019, the Springfield, Mass. nonprofit purchased a Federal directors and officers (D&O) liability insurance policy with…

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3 Iranian Citizens Charged in Broad Hacking Campaign in US

The Justice Department said Wednesday that three Iranian citizens have been charged in the United States with ransomware attacks that targeted power companies, local governments and small businesses and nonprofits, including a domestic violence shelter. The charges accuse the hacking suspects of targeting hundreds of entities in the U.S. and around the world, encrypting and…

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Why does a life insurer need an attending physician statement (APS)?

  Insurance companies might request an APS from your doctor to get additional medical information as part of the underwriting process. When you apply for life insurance, the insurance company needs to know how healthy you are when you sign the policy. They figure this out through a process called underwriting, during which you take a medical…

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Beyond Zeros and Ones: When Cyber Attacks Become Physical

When people think of cyber attacks, they might think of things like phishing, ransomware or data theft. But increasingly, something called cyber-physical attacks are making their way into the conversation – particularly in the critical infrastructure industry. “The days of attacking on zeros and ones, personal information, and otherwise confidential information needs to give way…

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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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