Inflation Continues to Lead Insurers’ Concerns
Despite cooling predictions, inflation remains the primary concern for insurance executives worldwide for the third consecutive year, according to the International Insurance Society’s annual survey.
July 23, 2024
Insurance Industry
Property
Risk Management
Technology
Florida
Two Russian Nationals Plead Guilty in LockBit Ransomware Case
Ruslan Astamirov and Mikhail Vasiliev admitted their roles in deploying the LockBit ransomware, leading to over 2,500 attacks and $500 million in ransom payments, marking a significant step in combating the notorious hacking group.
July 22, 2024
Fraud
Litigation
Technology
Arizona
Florida
New Jersey
Virginia
Increasing Risk in Sensitive Data Communications: Kiteworks 2024 Report
The 2024 Kiteworks report highlights the rising risks associated with the proliferation of communication tools, data exchanges with third parties, and inadequate governance, emphasizing the urgent need for enhanced data security and compliance measures.
July 22, 2024
Insurance Industry
Litigation
Risk Management
Technology
California
Policyholders Prepare Claims Post CrowdStrike Outage
Policyholders are preparing to file claims after a CrowdStrike outage, which was confirmed to be a non-cyberattack caused by a software update issue.
July 22, 2024
Insurance Industry
Risk Management
Technology
Balancing Technology and Human Touch in Insurance Fraud Detection
Technology aids in spotting insurance fraud, but human expertise remains crucial to ensure accuracy and maintain consumer trust.
July 22, 2024
Fraud
Insurance Industry
Risk Management
Technology
The Benefits of AI and Skills-Based Hiring in the Modern Workforce
Skills-based hiring and salary levels can lead to better results and access to a wider talent pool as AI accelerates the pace of change.
July 19, 2024
Education & Training
Insurance Industry
Risk Management
Technology
Tennessee Raises Standards for Data Breach Class Actions
Tennessee’s new law, Public Chapter 991, requires plaintiffs to prove "willful and wanton misconduct or gross negligence" in data breach class action cases, moving beyond simple negligence.
July 19, 2024
Legislation & Regulation
Litigation
Risk Management
Technology
Tennessee
NCCI Report Highlights Profitability and Challenges in Workers’ Compensation Insurance
The NCCI reports sustained profitability in private workers’ compensation insurance, with a combined ratio of 86 for the past two years and below 90 for seven consecutive years.
July 19, 2024
Insurance Industry
Risk Management
Technology
Workers' Compensation
Niches: The Future of the Insurance Market?
Skyward Specialty’s CEO Andrew Robinson shares insights on the power of focusing on niche markets in insurance.
July 19, 2024
Insurance Industry
Risk Management
Technology
Underwriting
California
Disney’s 1.1 TB Slack Data Breach Exposed by Hackers
Hackers claim to have stolen and leaked over a terabyte of Disney’s internal Slack messages and files.
July 19, 2024
Fraud
Insurance Industry
Litigation
Technology
Keys to Successful Digital Transformation for Insurance Firms
Assessing the market, balancing technology and business, and committing to growth are key steps in successful digital transformation.
July 17, 2024
Life & Health
Risk Management
Technology
Underwriting
Rite Aid Data Breach Impacts 2.2 Million Customers
Rite Aid, the third-largest US drug store chain, revealed that a data breach exposed sensitive information of over 2.2 million customers, including names, addresses, birth dates, and driver’s license numbers.
July 16, 2024
Insurance Industry
Litigation
Risk Management
Technology
Maine
Massachusetts
Oregon
Vermont
Investment in GenAI Pressures Other IT Projects
Generative AI investments are surging, squeezing other IT projects as companies aim for higher ROI and digital transformation.
July 16, 2024
Insurance Industry
Risk Management
Technology
Understanding 2024 Insurance Industry Priorities: AI, Climate Change, and Inflation Lead the Way
The 2024 Global Priorities Report from the IIS highlights key concerns for insurance executives, including artificial intelligence, climate change, inflation, and cybersecurity, along with strategies for operational efficiency and growth opportunities.
July 16, 2024
Insurance Industry
Risk Management
Technology
Understanding Hurricane Categories: Why Even "Weaker" Storms Can Be Dangerous
While often dismissed, Category 1 hurricanes and tropical storms can cause significant damage and fatalities, emphasizing the need for a comprehensive understanding of storm impacts beyond mere wind strength.
July 15, 2024
Catastrophe
Insurance Industry
Risk Management
Technology
Florida
Louisiana
New York
Texas
