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Arab Bank settles U.S. litigation over Hamas attacks

Published August 14, 2015 - 4:19pm CST

(Reuters) — Arab Bank P.L.C. has agreed to settle litigation brought by hundreds of Americans who accused it of facilitating Hamas attacks in Israel, nearly a year after a U.S. jury found the bank liable.

Cyber breach discovered on University of Connecticut servers

By: Judy Greenwald

Published August 05, 2015 - 1:27pm CST

The University of Connecticut's School of Engineering said it is responding to a “criminal cyber intrusion” where hackers possibly gained access to servers in 2013.

U.S. Treasury warns of debt cap impact on markets, cyber readiness

Published August 05, 2015 - 11:21am CST

(Reuters) — The U.S. Treasury warned on Wednesday that a brush with the threat of default could leave government finances more vulnerable to cyber attacks, while also putting a squeeze on debt markets.

Boeing part reignites Malaysia jetliner mystery

By: Donna Mahoney

Published August 03, 2015 - 12:09pm CST

Last week's discovery of a Boeing 777 part washed up on the beach of the French island Reunion, reignites the mystery of missing Malaysia flight 370 that disappeared in March 2014.

United Airlines data breached by China-backed hackers

Published July 29, 2015 - 11:46am CST

(Reuters) — United Continental Holdings Inc. has been the target of a data breach linked to a group of China-backed hackers, Bloomberg reported.

Lloyd's cyber study reveals insurers' aggregation risks

By: Sarah Veysey

Published July 08, 2015 - 9:20am CST

A coordinated cyber attack on the U.S. power grid could cause large, but manageable, losses of about $21 billion for the insurance industry, according to a study published Wednesday that addresses the risks of aggregation.

Terrorism insurance backstop renewal helped keep rates down

By: Mark A. Hofmann

Published June 24, 2015 - 12:59pm CST

The reauthorization of the federal terrorism insurance backstop early this year helped create favorable terrorism insurance pricing for most policyholders, according to a report released Wednesday by Marsh L.L.C.

Do government backstops help or hinder?

By: Gavin Souter

Published June 21, 2015 - 6:00am CST

NEW YORK — Government participation in the insurance market is a sign of market failure and often creates distortions that have wider economic consequences, according to several leading insurance executives.

Market for political risk favors insurance buyers

By: Mark A. Hofmann

Published June 17, 2015 - 10:18am CST

Abundant capacity has created a buyer's market in political risk insurance, according to an analysis released Wednesday by Marsh L.L.C.

Judge OKs settlements in World Trade Center cleanup

Published June 10, 2015 - 9:54am CST

(Reuters) — A federal judge has approved $53.8 million in settlements for 82 unionized cleanup workers who claimed they were made ill by exposure to toxic dust near the World Trade Center site, court papers showed.

Private terrorism insurance coverage costs fall sharply amid competition

By: Matthew Lerner

Published June 07, 2015 - 6:00am CST

Buyers are seeing up to double-digit price declines in the private market for terrorism insurance and are buying more of the coverage when they renew amid plentiful capacity and competition for their business, sources say.

Insurers expand terrorism coverage offerings as private market softens

By: Matthew Lerner

Published June 07, 2015 - 6:00am CST

Insurers and brokers offering coverage in the private stand-alone terrorism insurance market have come up with new products as a result of the market's abundant capacity.

U.K. terrorism insurance pool appoints nonexecutive director

By: Sarah Veysey

Published June 02, 2015 - 9:06am CST

Pool Reinsurance Co. Ltd., the U.K.-government-guaranteed terrorism insurance backstop, has appointed Hiscox Ltd. CEO Bronek Masojada as nonexecutive director.

Airline hacker case points to deeper cyber issues

Published May 26, 2015 - 9:30am CST

(Reuters) — Security researcher Chris Roberts made headlines last month when he was hauled off a plane in New York by the FBI and accused of hacking into flight controls via his underseat entertainment unit.

Terrorism, political violence threats become more concentrated

By: Sarah Veysey

Published May 26, 2015 - 8:58am CST

Terrorism risks are increasing in Western economies because of the threat posed by Islamic extremists, according to Aon P.L.C.

Managing risk inside the Mercedes-Benz Superdome

Published May 24, 2015 - 6:00am CST

In the latest episode of Business Insurance In Focus, we get some inside perspective on how risk management challenges are handled at the Mercedes-Benz Superdome in New Orleans.

Pool Re modernization efforts on track

By: Sarah Veysey

Published May 12, 2015 - 9:45am CST

Pool Reinsurance Co. Ltd., the U.K. government-backed terrorism reinsurance backstop, Tuesday announced details of a series of modernization proposals that will take effect in October.

Mercer launches value-based employer health care tools

By: Matt Dunning

Published May 04, 2015 - 3:08pm CST

Mercer L.L.C. on Monday said it has launched a suite of online and mobile tools designed to help employers provide value-based health care to their employees.

David G. Cammarata covers top Verizon risks with massive insurance programs

By: Matthew Lerner

Published April 26, 2015 - 6:00am CST

As a major communications company with buildings in urban areas, Verizon Communications Inc. has significant cyber and terrorism exposures.

Insurance regulators set goals for cyber security rules

By: Mark A. Hofmann

Published April 20, 2015 - 10:29am CST

Cyber security regulatory guidance for insurers and insurance producers must be flexible, according to principles issued by the National Association of Insurance Commissioners.

Private sector lags on cyber security

By: Bill Kenealy

Published March 20, 2015 - 1:31pm CST

CHICAGO — Despite the recent spate of highly-publicized data breaches, companies and their insurers are still struggling to get their arms around the risks represented by cyber crime.

2015 Risk Management Summit photos

Published March 20, 2015 - 12:43pm CST

Risk managers from the United States and Europe gathered at the Roosevelt Hotel in New York on March 4-5 for the Risk Management Summit, a Business Insurance annual networking and educational conference.

RIMS backs streamlining terrorism classification

By: Matthew Lerner

Published March 17, 2015 - 12:51pm CST

The Risk and Insurance Management Society has sent a letter to the Federal Insurance Office, Department of the Treasury in support of simplifying the process by which destructive acts are certified as terrorist events, RIMS said in a statement Tuesday.

2015 Risk Management Summit highlights cyber terrorism, international risk

Published March 15, 2015 - 6:00am CST

In our latest In Focus video, senior risk managers, leaders and innovators convene for the Business Insurance two-day networking and educational conference in New York City.

CIA chief says social media 'greatly amplifies' terror threat

Published March 13, 2015 - 2:45pm CST

(Reuters) — Social media and other technologies are making it increasingly difficult to combat militants who are using such modern resources to share information and conduct operations, the head of the U.S. Central Intelligence Agency said Friday.

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