Surge in Cyber Insurance Adoption Driven by Increased Cyber Attack Risks and Contractual Requirements
With cyber attacks becoming an inevitable threat, over 70% of organizations now hold cyber insurance, reflecting a shift towards proactive risk management.
February 2, 2024
Insurance Industry
Technology
Aon Sets Aside $197 Million for Legal Settlements Tied to Vesttoo Fraud
Aon earmarks $197 million for legal settlements stemming from fraudulent transactions arranged by Vesttoo, with potential recoveries expected in the future.
February 2, 2024
Fraud
Litigation
Florida Bar Greenlights AI Use with Ethical Guardrails for Legal Practice
In a pioneering move, the Florida Bar approves AI for legal use, setting ethical standards to guide lawyers in harnessing AI technology responsibly.
February 2, 2024
Legislation & Regulation
Technology
California
Florida
Illinois
Kentucky
Minnesota
Discover the Next Generation of Insurance Talent with Rising Stars in Commercial Brokering
Meet Emily Weiss Schaffer, a 2023 Fine Arts Power Broker, and explore her journey and insights into the world of fine art insurance.
February 2, 2024
Education & Training
Insurance Industry
Life & Health
Risk Management
New York
Navigating the New Terrain: How States are Reforming Tort Laws Amid Rising Litigation Challenges
In response to the surge in litigation costs and nuclear verdicts, various states have enacted significant tort reforms to balance corporate accountability and economic growth.
February 1, 2024
Insurance Industry
Legislation & Regulation
Litigation
Florida
Georgia
Indiana
Iowa
Kansas
SEC Mandates Swift Cybersecurity Incident Reporting for Public Companies
Under new SEC rules, public companies must now report significant cybersecurity incidents within four business days, enhancing transparency and risk management.
February 1, 2024
Legislation & Regulation
Risk Management
Technology
MGM Resorts Cyberattack Highlights New Challenges in IT Security and the Need for Enhanced Protocols
The recent cyberattack on MGM Resorts, costing an estimated $100 million, underscores the evolving threat landscape and the critical need for robust IT security measures.
January 31, 2024
Catastrophe
Risk Management
Technology
Six New Insurance Companies Set to Transform Florida’s Homeowner Insurance Landscape
The entry of six new insurance companies into Florida’s market, following state regulatory approval, promises more options and competition for homeowners seeking coverage.
January 31, 2024
Insurance Industry
Legislation & Regulation
Property
Florida
Ransomware Threats Persist Despite Law Enforcement Efforts, Revealing New Challenges for Cybersecurity
Despite law enforcement crackdowns, ransomware activities soared in 2023, signaling ongoing challenges and the need for enhanced cybersecurity measures.
January 31, 2024
Catastrophe
Risk Management
Technology
Amazon and Google Exit Insurance Comparison Market, Spotlighting the Resilience and Adaptation of Insurance Incumbents
Despite recent exits of Amazon and Google from insurance comparison services, traditional insurers continue to excel, blending technological innovation with proven expertise.
January 31, 2024
Auto
Risk Management
Technology
FloodFlash Revolutionizes Flood Insurance with Innovative Sensor Technology in the U.S.
FloodFlash, with its unique sensor-based parametric flood insurance, is transforming the flood coverage landscape in the U.S., offering more accurate and reliable policies.
January 31, 2024
Property
Risk Management
Technology
Alaska
Hawaii
Fast-Moving Atmospheric River Set to Soak California
A potent atmospheric river is forecast to bring significant rainfall to California, raising concerns over landslides and flooding in already saturated regions.
January 30, 2024
Catastrophe
Property
Risk Management
California
Texas
State Insurance Legislators Endorse "Colorado-Plus" Model for Dental Plan MLRs
The National Council of Insurance Legislators adopts a Colorado-inspired model for dental plans’ Medical-Loss Ratios, aiming for fairer premium spending on patient care.
January 30, 2024
Insurance Industry
Legislation & Regulation
Life & Health
Colorado
Massachusetts
West Virginia
Proposal to Introduce Pet Insurance in New York Gains Momentum
New York legislators aim to join other states in offering pet insurance, with proposed bills focusing on regulatory frameworks and consumer protection.
January 30, 2024
Legislation & Regulation
Life & Health
Property
California
Maine
Mississippi
New York
Washington
New Federal Requirement for AI Developers to Disclose Safety Tests
In a move to ensure AI safety, the Biden administration mandates major AI developers to disclose safety test results, enhancing technology management and national security.
January 30, 2024
Insurance Industry
Legislation & Regulation
Risk Management
Technology
