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“You need to walk clients through the full range of potential doomsday scenarios,” he said. “That includes business interruption, dependent business interruption, privacy claims, ransomware events, and cyber extortion, so they clearly understand how each exposure could impact their organization.”
Bank of America Corp. has agreed to settle a proposed class action lawsuit on behalf of Jeffrey Epstein victims who accused the bank of aiding in the deceased financier’s sex-trafficking, according to a court record. The agreement in principle was noted Monday in the court docket in the case. Terms of the deal were not immediately available. Any settlement must be approved by US District Judge Jed Rakoff in Manhattan. A representative for Bank of America declined to comment. The bank has denied wrongdoing. The same lawyers who previously secured settlements with JPMorgan Chase & Co. and Deutsche Bank AG…
WASHINGTON — Surrounded by hot pink lights and cherry blossom pink drapes on a ballroom stage, family doctor Marguerite Duane offered a seemingly simple solution to infertility: Doctors should have conversations with young girls about whether they want to have children one day. “I have these conversations with children starting at 8, 10, 12 years old: What do you want to be when you grow up?” Duane said. If you’re a child who wants to be a doctor, for instance, “there are things you need to put in place. If you hope to have children one day, there are things…
SiriusPoint Ltd., the Bermuda-based specialty underwriter, announced changes to its business structure as part of the next phase of the company’s evolution. SiriusPoint will now operate through four business areas, including three globally focused P&Ls: Global P&C Programs, Global Reinsurance, Global Accident & Health, and a London Market Specialty division, which includes Lloyd’s. SiriusPoint will combine its existing North America and International Programs businesses into one single Global P&C Programs division, which will be led by Patrick Charles, global head of P&C Programs. The new division reflects the company’s commitment to the programs space, further strengthening its offering to clients…
The healthcare sector will increasingly adopt autonomous agents this year, but they’ll have to consider how to adapt their governance structures and manage cybersecurity risks as AI evolves, experts said at the HIMSS conference.
The current administration is placing a new emphasis on potential fraud in Medicaid. The Centers for Medicare and Medicaid Services (CMS’) current efforts are focused on Minnesota and three other states with Democratic governors (California, Maine, and New York). The House Committee on Energy and Commerce has also sent requests for information about potential Medicaid fraud to 11 states (the 4 CMS is focused on and 7 others, including 2 with Republican governors). CMS has historically partnered with states to identify and resolve issues of fraud, waste, and abuse, and denied the federal share of Medicaid spending when fraud has…
The disruption to energy markets caused by the Iran war is a lesson on the risks of relying on fossil fuels which should drive governments to wean their economies off oil and gas faster, the U.N. climate secretary told Reuters on Monday. “If there was ever a moment to accelerate that energy transition, breaking dependencies which have shackled economies, this is the time,” Simon Stiell, Executive Secretary of the U.N. climate change arm UNFCCC, said in an interview. Stiell, who will meet EU officials and government ministers in Brussels on Monday, said the price spikes triggered by the conflict demonstrated…
A new study authored by Hang Gao, et al published in The Geneva Papers on Risk and Insurance has highlighted how basis risk is a manageable and structural feature of parametric triggers, decoupling it from financial impacts on insurers or policyholders to focus on its fundamental properties.According to the paper, weather parametric insurance has become an essential instrument for alleviating climate-related risks, providing more efficient claims processes, diminished moral hazard, and enhanced transparency in comparison to conventional indemnity-based coverage. Nevertheless, market penetration continues to be limited by intrinsic basis risk, which refers to the discrepancy between index-triggered payouts and actual…
Encyclopedia Britannica and its Merriam-Webster subsidiary have sued OpenAI in Manhattan federal court for allegedly misusing their reference materials to train its artificial intelligence models. Britannica said in the complaint filed on Friday that Microsoft-backed OpenAI used its online articles and encyclopedia and dictionary entries to teach its flagship chatbot ChatGPT to respond to human prompts and “cannibalized” Britannica’s web traffic with AI-generated summaries of its content. “Our models empower innovation, and are trained on publicly available data and grounded in fair use,” an OpenAI spokesperson said on Monday in response to the lawsuit. Spokespeople and attorneys for Britannica did…
TMK Appoints Glover From AIG as Aviation Underwriter Specialty insurer Tokio Marine Kiln (TMK) announced it has appointed Cameron Glover as an underwriter within its Aviation department. He takes up his new role within the expanding Aerospace division writing airport and product liability risks. Cameron Glover Glover joins from American International Group (AIG), where he most recently served as senior underwriter within the Manufacturers and Airports team. His arrival enhances TMK’s commitment to be a market leading insurer in the aerospace sector providing clients and brokers with the service and technical excellence they deserve. “We’re delighted to welcome Cameron to…
Modern policies frequently cover a broad range of incidents beyond traditional kidnapping. According to insurance brokers, coverage may include threats of violence, extortion, political evacuation, emergency medical evacuation and “express kidnapping,” a crime in which victims are abducted temporarily and forced to withdraw funds from ATMs or digital accounts. Clement noted this scheme has become more common in certain urban areas, partly because it allows criminals to obtain money quickly without holding a victim for extended negotiations.
The city of St. Petersburg, Florida, in 2024 famously lowered its insurance coverage on Tropicana Field, the longtime home of the Tampa Bay Rays baseball team. The move saved the city some $275,000 in annual premium but slashed coverage limits from $100 million to $25 million, The Tampa Bay Times reported. Then, Hurricane Milton hit the area, ripping the Teflon-coated fabric roof to shreds, forcing the Rays to play at another stadium temporarily, and costing the municipality more than $57 million in repairs. Last week, St. Petersburg officials voted to raise insurance coverage on the Trop to $50 million—just enough…
Farmers Insurance alleges in a lawsuit that a former agent in Oklahoma conspired to move Farmers’ insureds to other insurance companies, including an agency where his wife works. Farmers alleges that Bradley McKinney broke his Agent Appointment Agreement with Farmers by selling insurance policies for other carriers out of his Farmers Agency Office. Before McKinney parted ways with Farmers in 2025, he downloaded his entire book of business and shared the confidential information with producers at another agency, the lawsuit alleges. The lawsuit was filed on March 11 in the U.S. District Court for the Northern District of Oklahoma. From…