The insurance industry may turn its back on the renewable energy sector if it endures another year of unprecedented natural catastrophe losses like 2022.

Hurricane Lisa’s landfall in Belize on November 2 triggered a parametric insurance policy that quickly provides funds to repair storm damage to the world’s second-largest barrier reef system.

About 75% of organisations have experienced a serious cyberattack in the past three years -- up from 60% last year -- according to the 2022 Cyber Security Insights Report conducted by S-RM, a global intelligence and cybersecurity consultancy.

PG&E Corp. recorded a $100 million third-quarter charge for a California wildfire that its equipment may have sparked last month in the Sierra Nevada mountains.
California’s biggest utility said the costs of the Mosquito Fire should be largely offset by insurance and other rate recoveries, according to a filing Thursday with the US Securities and Exchange Commission.

Mondelez International and Zurich American Insurance reached a settlement late last week in their multi-year legal battle over the food company’s $100 million claim regarding damage from the NotPetya cyberattack in 2017.

Late on the night of September 28, 2018, a fire broke out at billionaire financier Ronald Perelman’s East Hampton estate, known as the Creeks. Multiple firefighting teams from neighboring towns raced in to assist and, after approximately two hours, finally extinguished the blaze.

U.S. renewable energy insurers are expected to pay out more than $300 million in claims due to hailstorms in Texas this year, GCube Underwriting Ltd. said in a report Tuesday.

Ransomware hackers are experimenting with a new kind of attack that, instead of encrypting data, outright destroys it. The aim is to make it impossible for victims to retrieve their data if they don’t pay the ransom.

The Vermont Supreme Court revived a military shipbuilder’s lawsuit for insurance coverage of lost income and extra expenses incurred in dealing with the virus that causes COVID-19, becoming the first state high court to rule for the policyholder in such cases.

Lloyd’s of London (SOLYD.UL) has set aside 1.1 billion pounds ($1.26 billion) to pay claims related to the war in Ukraine, the commercial insurance market said on Thursday, as it recorded a first-half pre-tax loss of 1.8 billion pounds. The reserves for the Ukraine claims were net of reinsurance, Lloyd’s said in a statement.

AIG’s National Union Fire Insurance Company has been sued by Sunoco subsidiary Aloha Petroleum for refusing to cover the costs of defending climate-related claims by local governments in Hawaii.

An insurance claim for a Malaysian satellite that ran out of fuel prematurely remains unsettled more than a year after the incident. Some underwriters are disputing Malaysian satellite operator Measat’s $45 million claim to recover losses from Measat-3, an insurance source said, while others have agreed to pay out.

As the crypto market crashes, some insurance companies are stepping up efforts to exclude coverage for crypto-related risks under a range of insurance policies. But because crypto is still new, insurers are having a hard time defining and pricing the risk.

Paramount has reached a confidential settlement with Chubb, its insurer, over claims arising from repeated COVID-19 production delays on ‘Mission: Impossible 7.’ The studio sued in August 2021, alleging that the insurer was trying to limit its losses to just $1 million.

After a construction project along Volunteer Parkway in Bristol partially collapsed in late 2020, the project’s owner and insuring agency are at odds due to a disputed payout that could total in the millions of dollars.