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TRIA reauthorization supporters pin their hopes on the next Congress

By: Mark A. Hofmann

Published December 21, 2014 - 6:00am CST

Supporters of the federal terrorism insurance backstop are guardedly optimistic the next Congress will take up reauthorization of the program shortly after it convenes next month.

Business Insurance Year in Review and 2015 forecast

By: Bill Kenealy

Published December 21, 2014 - 6:00am CST

Risks during 2014 ranged from lawsuits over defective products to malware-infected computer systems to the fear of Ebola-infected employees. Yet abundant insurance capacity and a relatively quiet catastrophe year pressured commercial insurance pricing, generally benefitting risk managers and buyers.

2015 risk management outlook hinges on evolving cyber and catastrophe risks

By: Bill Kenealy

Published December 21, 2014 - 6:00am CST

An issue that looks to remain a primary challenge for risk management professionals and insurers alike in 2015 is cyber risk and a rising number of attacks.

Asia particularly vulnerable to natural disasters, but market remains soft

By: Judy Greenwald

Published December 21, 2014 - 6:00am CST

SINGAPORE — Asia is particularly vulnerable to natural disasters, but the region's risk managers can expect to experience the same soft market as their peers worldwide.

Staples says breach may have affected 1.16 million payment cards

Published December 19, 2014 - 4:03pm CST

(Reuters) — Office equipment supplier Staples Inc. said the investigation of a data security breach showed that malware may have affected about 1.16 million payment cards.

China sets up trust insurance fund to cap industry risk

Published December 19, 2014 - 2:51pm CST

(Reuters) — China on Friday set up its first insurance fund for its $2.1 trillion trust industry in a move to reduce financial risk in shadow banking, the country’s banking regulator said.

Obama vows U.S. response to North Korea over Sony cyber attack

Published December 19, 2014 - 2:36pm CST

(Reuters) — President Barack Obama vowed that the United States will respond to the devastating cyber attack on Sony Pictures Entertainment Inc. blamed on the North Korean government.

XL offers insurance for risks from chemical, nuclear and other weapons

By: Shelby Livingston

Published December 19, 2014 - 11:03am CST

XL Group P.L.C. has launched a liability insurance product covering chemical, biological, radiological and nuclear weapons events.

Workers comp-specific Ebola care guidelines take sick worker's perspective

By: Shelby Livingston

Published December 18, 2014 - 2:28pm CST

Managed care services provider Genex Services L.L.C. on Wednesday said it has developed workers compensation-specific clinical guidelines for treating Ebola and the related Marburg virus from an injured worker's perspective.

U.S. weighs response to Sony hacking attack blamed on North Korea

Published December 18, 2014 - 1:55pm CST

(Reuters) — The United States was considering possible options on Thursday in response to a major cyber attack on Sony Pictures blamed on North Korea, amid calls for tougher sanctions on Pyongyang to cut it off from the global banking system.

Sony cancels N. Korea movie in apparent win for Pyongyang hackers

Published December 18, 2014 - 10:54am CST

(Reuters) — Sony Pictures has canceled the release of a comedy on the fictional assassination of North Korea's leader, in what appears to be an unprecedented victory for Pyongyang and its abilities to wage cyber-warfare.

Falling oil prices, political unrest top 2015's international risks: Marsh

By: Bill Kenealy

Published December 17, 2014 - 2:40pm CST

Falling oil prices, political violence and separatist movements will influence the global risk landscape in 2015, broker Marsh L.L.C. said in a report released on Wednesday.

E.U. urged to use automation to protect underground Internet systems

By: Judy Greenwald

Published December 17, 2014 - 1:50pm CST

European Union member states should consider the benefits of automated information systems to prevent damage to their underground Internet infrastructures, the European Union Agency for Network and Information Security said in a report.

U.S. fears Sony hackers may never be caught: law enforcement official

Published December 17, 2014 - 1:40pm CST

(Reuters) — Government investigators fear the hackers behind the unprecedented attack on Sony's Hollywood studio may never be caught if they are under the protection of North Korea, a U.S. official said on Wednesday.

NCR signs $160 million pension buyout deal

By: Jerry Geisel

Published December 17, 2014 - 11:43am CST

NCR Corp. on Wednesday said it is buying a group annuity to provide pension benefits to about 4,500 retirees and their beneficiaries.

'Moving beast' of cybercrime will provide insurers challenges in 2015

By: Judy Greenwald

Published December 16, 2014 - 1:31pm CST

Insuring cyber risks will be one of the biggest challenges facing insurers next year, says Ernst & Young L.L.P., in an analysis issued by its London unit Tuesday.

New York City asbestos court tops 'judicial hellholes' list for 2014

By: Mark A. Hofmann

Published December 16, 2014 - 11:34am CST

The New York City Asbestos Litigation court heads the American Tort Reform Foundation's 2014-2015 list of “Judicial Hellholes,” released Tuesday.

FINRA fines Merrill for unfair pricing of distressed securities

Published December 16, 2014 - 11:22am CST

(Reuters) — The Financial Industry Regulatory Authority, Wall Street’s industry-funded regulator, fined Bank of America Corp.’s Merrill Lynch unit $1.9 million for unfair pricing related to the purchase of distressed securities over two years.

Sony Pictures warns staff on fraudsters misusing stolen data

Published December 16, 2014 - 11:01am CST

(Reuters) — Sony Pictures Entertainment advised its current and former employees to be on the alert for fraudsters looking to use their stolen data, which included detailed personal information.

Shipping industry modifies clauses in contracts for Ebola risks

Published December 16, 2014 - 10:16am CST

(Reuters) — Some of the shipping industry’s biggest trade associations are modifying freight contracts to reduce commercial exposure for companies whose ships travel to countries affected by the Ebola outbreak and to protect crews from the deadly virus.

IRM cites oil prices, potential U.K. withdrawal from E.U. as key 2015 risks

By: Sarah Veysey

Published December 16, 2014 - 10:03am CST

Political instability caused by low oil prices, increased shareholder activism and the threat to business caused by a potential U.K. withdrawal from the European Union are among the chief risk concerns for U.K. businesses in 2015, the Institute of Risk Management said Tuesday.

European insurance, pension sectors face widespread risks: Report

By: Sarah Veysey

Published December 16, 2014 - 9:18am CST

The weak macroeconomic climate, a prolonged low-interest-rate environment and sovereign credit risk are the key risks for the insurance, reinsurance and occupational pensions industries in Europe.

Seattle police investigating threat close to Amazon.com HQ

Published December 15, 2014 - 3:47pm CST

(Reuters) — Seattle police are investigating an unspecified threat close to Amazon.com’s headquarters in the South Lake Union neighborhood of the city, authorities said on Monday.

XL expands D&O cover for investigation expenses

By: Shelby Livingston

Published December 15, 2014 - 3:03pm CST

XL Group P.L.C. on Monday launched a directors and officers liability coverage form that extends coverage to include expenses related to regulatory and law enforcement investigations.

Construction trade group loses appeal on Labor Department disability rules

By: Judy Greenwald

Published December 15, 2014 - 2:54pm CST

The federal appeals court in the District of Columbia has refused to agree with a construction trade group's objections to U.S. Department of Labor regulations that call for strengthening affirmative action programs to hire disabled workers, labeling the group's challenge “arbitrary and capricious.”

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