The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates. The portion of the loss covered under cyber insurance policies …
CrowdStrike Holdings Inc., the cybersecurity company at the center of massive global IT outages, said that a bug in a quality-assurance tool the company uses to check updates for mistakes allowed flawed data to go out to customers, causing last …
A growing homeowners insurance crisis for Californians is straining brokers who must work harder to get increasingly expensive and more frequently unavailable coverage for their clients, a crisis many of them blame on regulations and wildfires. Wildfires have made the …
Reinsurance in Florida’s long-stressed property insurance market was supposed to have stabilized this year – with moderate rate increases and more availability. But those calmer waters apparently have not reached the mobile home market, and Florida insurance agents are now …
U.S. severe convective storms continued to drive global natural catastrophe losses during the first half of 2024. Of the estimated $61 billion in global H1 insured losses from natural disasters, SCS accounted for a minimum $37 billion – or 61% …
The law firms leading class-action litigation against PacifiCorp over the 2020 Labor Day weekend wildfires in Oregon want to examine whether the utility owned by Warren Buffett’s Berkshire Hathaway is colluding with other law firms to reach lowball settlements with …
Read the first part in this series, The Problem(s) With Hail Claims, Part 1: A Cautionary Tale for Insureds and Insurers, and the second part in this series, The Problem(s) With Hail Claims – Part 2. My previous two columns …
DES MOINES, Iowa (AP) — Record flooding and powerful tornadoes ravaged parts of Iowa for weeks this spring, destroying or damaging thousands of homes, closing roads and bridges and costing over $130 million in infrastructure damage, officials said. The disasters …
Before Hurricane Idalia smashed into a small fishing village in northwestern Florida, Charles Long, 68, was fixing up a two-bedroom house for him and his wife. After the August storm, he found remnants of it in a nearby canal and …
A once in 200-years storm dumped 11 inches of rain over four hours on the central Massachusetts town of Leominster in September, washing away culverts, creating a sinkhole that swallowed cars at a dealership and flooding the city council chambers …