CrowdStrike says over 97% of Windows sensors back online
More than 97% of Windows sensors are back online, CrowdStrike CEO George Kurtz said Thursday, nearly a week after a software update by the cybersecurity firm triggered a global outage.
Meta faces $13 billion fine for abusing dominant position
Meta Platforms, Inc. could face a European Union antitrust fine of as much as $13.4 billion, or 10% of its global revenue in 2023, for abusing its dominant position in the market by tying classified advertisements service Marketplace with its Facebook social network, Reuters reported. The European Commission also said that the tech giant unilaterally […]
RenRe reports net income of $495 million
Bermuda-based reinsurer RenaissanceRe Holdings Ltd.’s net income grew by 159% year-on-year to over $495 million in the second quarter of this year, Reinsurance News reported. The reinsurer’s gross premiums written increased by over 29% year-on-year to $3.4 billion, while underwriting income grew by 36% year-on-year to $479 million.
Insured losses from global IT outage could reach up to $1.5 billion
Cyber risk analytics firm CyberCube Analytics Inc. has estimated insured losses for the standalone cyber insurance market from the global information technology outage on July 19 at between $400 million and $1.5 billion, Artemis reported. The outage represents a loss ratio impact of somewhere between 3% and 10% on global cyber premiums of $15 billion.
Twelve Capital reveals plan to merge with Securis
Swiss insurance-linked securities manager Twelve Capital AG and U.K.-based insurance-linked investment manager Securis Investment Partners L.L.P. are planning to merge to create an insurance-linked securities manager with around $7.8 billion in assets under management, Artemis reported. Urs Ramseier, co-founder of Twelve Capital, will lead the new entity as the chief executive.
Drought causes over $3 billion in agricultural
Recent data released by Romania’s Ministry of Agriculture and Rural Development regions showed that the country has suffered agricultural losses of €2.8 billion ($3 billion) due to severe drought, Fakti.bg reported citing Adeverul. Drought has affected almost half of the country’s wheat and corn production. The water reserves in many large areas are almost exhausted, […]
Italy seizes $131 million from Amazon for tax, labor violations
Italian financial police have confiscated some €121 million ($131 million) from a local unit of Amazon.com, Inc., as part of an investigation into illegal labor practices and alleged tax fraud, Reuters reported. The Milan Prosecutors' Office has accused the logistic services unit Amazon Italia Transport of relying on cooperatives and limited liability companies to supply […]
Composite insurance rates in Pacific region slip 5%
According to the latest global insurance market index by Marsh LLC, composite insurance rates in the Pacific region, comprising mainly of Australia, declined by 5% in the second quarter of this year, after falling by 2% in the first quarter, Asia Insurance Review reported. Property insurance rates in the region fell by 4%, after staying […]
Volcanic eruption forces airport to suspend flight operations
Italy’s Mount Etna volcano erupted on July 23, forcing authorities at the Catania International Airport on the island of Sicily to suspend all flight operations, Aussiedlerbote reported. The country’s National Institute for Geophysics and Volcanology said that a nearly four-mile-high smoke column was rising from Etna.
WTW’s net income grows by 48%
U.K.-based Willis Towers Watson PLC’s net income grew by 48% year-on-year to $142 million in the second quarter of this year, Reinsurance News reported. The company reported a 5% year-on-year increase in its revenue to $2.3 billion in the reported period.
401(k) plans remain primary retirement income source: Source
New surveys from Charles Schwab and J.P. Morgan Asset Management reveal that 401(k) plans continue to be the primary retirement income source for U.S. workers, with diminishing reliance on Social Security, Planadvisor reports. Schwab's study shows an increase in expected 401(k) contributions to retirement income, while J.P. Morgan's findings highlight a growing need for professional […]
NJ Transit union protests potential switch from Blue Cross to Aetna
Union members protested at NJ Transit's board meeting over a potential switch from Blue Cross Blue Shield to Aetna for employee health coverage, citing lack of communication and concerns over continuity of care, NorthJersey.com. NJ Transit CEO Kevin Corbett defended the decision, emphasizing cost savings without compromising benefits.
Hartford profit up 35% in second quarter
Hartford Financial Services Group Inc. Thursday reported second-quarter net income of $733 million, up 35% from the year-earlier period.
The BI Top 10: Week of July 22, 2024
The insurance implications from last week’s CrowdStrike outage generated significant reader interest. Also of note: a jury award for USI in a poaching dispute with Lockton.
Cheetos origin story a flamin’ hot lie: Lawsuit
A former janitor wants to clear up the story of who invented Flamin’ Hot Cheetos more than 30 years ago, according to a saga reported in The Washington Post.
Simple Health CEO sentenced to 25 years for fraudulent health plans
A federal court in Illinois has sentenced Steven Dorfman, CEO of Simple Health, to 25 years in prison for selling limited indemnity health plans as full coverage using deceptive practices, Becker's Payer Issues. Simple Health misled over 400,000 consumers nationwide from 2012 to 2018, generating over $190 million. Dorfman was convicted of conspiracy to commit […]
Covered California announces 8% health insurance premium hike
Covered California officials announced an 8% increase in health insurance premiums for 2025, a smaller rise compared to this year's 10%, Cal Matters reports. The hike is attributed to rising pharmacy costs, labor shortages, and wage increases in the health care sector. Most enrollees, who receive government subsidies, will be shielded from the increase, but […]
Sen. Wyden proposes criminal charges for fraudulent ACA insurance agents
Sen. Ron Wyden, D-Oregon, introduced legislation to impose criminal charges and civil penalties on health insurance agents who fraudulently enroll consumers in Affordable Care Act plans, KPBS reports. The bill aims to combat deceptive enrollment schemes that exploit minimal identity verification requirements, often leaving consumers unaware of changes until they face unexpected costs or coverage […]
Poll: Americans regret not starting retirement savings earlier
A Voya Financial survey reveals that while Americans typically begin saving for retirement at age 28, nearly three-quarters wish they had started earlier, ideally by age 23, 401K Specialist reports. Gen Z leads in early savings, starting around age 20, thanks to better access to defined contribution plans.
NEA threatens to cut insurance for 300 workers amid contract dispute
The National Education Association is threatening to cut off health insurance for about 300 Washington, D.C.-based workers on August 1 amid a contentious contract dispute, KFF Health News reports. This unprecedented move by a union against its own employees has drawn criticism and concern, particularly from workers with pressing health needs. The NEA Staff Organization, […]