American health care turned on its head by Amazon, JPMorgan and Berkshire Hathaway

Amazon Home Insurance - Amazon box

The three companies are entering into a partnership to address medical care issues for their US employees. Amazon, JPMorgan Chase and Berkshire Hathaway have announced that they will be working together to discover ways to improve American health care for their U.S. employees. The goal will be to boost their worker satisfaction while lowering costs related to illness and care. The three giants will be looking to offer better American health care to their employees by way of an independent company. That firm will be free from incentives and restrictions…

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Cyber insurance is becoming increasingly necessary

Cyber Insurance policies commissioners industry

Data breaches are becoming more common As data breaches become more common, cyber insurance is attracting more attention. Recent high-profile attacks against companies like Home Depot and JPMorgan Chase have highlighted the damage that a data breach can cause. Companies that do business online often store a wealth of information provided by their customers. This information can be anything from names and addresses to bank and other financial data. While cyber insurance cannot guarantee that a company is safe from an attack, it can help mitigate the damage caused by…

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New cyber insurance company being backed by Lloyd’s of London

cyber insurance agent

Tom Ride to work with Lloyd’s in order to form a new insurance organization Tom Ridge, the United States’ first Secretary of Homeland Security, is working with Lloyd’s of London in order to launch a new company that will specialize in cyber insurance. Many of the world’s businesses have become inseparably reliant on technology. Much like the physical world, the digital world is not a safe place and there are many risks that businesses face by embracing technology more completely. Without adequate insurance coverage, companies targeted by malicious digital attacks…

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Cyber liability insurance is experiencing a rapid evolution

cybersecurity insurance

As high profile data breaches become headlines on a regular basis, awareness of this coverage is expanding. The risk of a data breach is rapidly on the rise and as it is coming to the point that no one feels safe from this potential problem, awareness of cyber liability insurance is climbing as well, and the result has been a rapidly evolving coverage sector. The latest estimates are that the data breach at JPMorgan Chase could impact 76 million households. As the risk rises and as it is continually in…

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Homeowners insurance settlement of $300 million to be paid by Chase

force placed insurance

Allegations over the force placed policies and the practices surrounding them have led to the payout. A federal judge recently signed off on a JPMorgan Chase settlement that will have the lender paying out a minimum of $300,000 to approximately 750,000 mortgage customers who had expensive homeowners insurance forced upon them. Force placed insurance is commonly applied to mortgage borrowers who let their coverage lapse, breaching their contract. When the required homeowners insurance is allowed to lapse by the mortgage borrower, or if they simply stop paying it, the lender…

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Force placed insurance lawsuit causes Citi to pay $110 million

Force placed insurance

Citigroup Inc. has agreed to pay the money to thousands of homeowners who had been overcharged. According to recent news, Citigroup Inc. has now agreed to a payout of $110 million to thousands of homeowners who had force placed insurance applied to them when the allowed their own coverage to lapse or they stopped making payments. The forcibly charged property coverage came with highly expensive premiums, said a court filing. This trend of force placed insurance lawsuits has been spreading across the United States, as many American insurers and banks…

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Insurance industry in the US continues drawing attention to cyber insurance

Cyber Insurance industry popularity

Insurance industry well attuned to digital risks The Internet has become an all-encompassing resource for information and community for most of the world. Today, the Internet supports a multitude of businesses, many of which rely on the digital world to reach out to consumers and sell products around the world. While the Internet is often considered one of the greatest accomplishments in human history to date, it is not a utopia. Within the Internet are many threats that businesses, consumers, and governments have yet to become acclimated to. The cyber…

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FDIC files lawsuit against large banks responsible for small bank closures

Financial Lyme Disease Insurance News

Large banks accused of causing the failure of Illinois banks The Federal Deposit Insurance Corp. (FDIC) has filed lawsuits against several large banks this week after seizing control of two smaller¬†banks in Illinois. These banks failed in May of 2009, but the FDIC only recently filed civil suits against the banks once its investigation into the matter came to a conclusion. The lawsuit names Citigroup, JPMorgan Chase, Bank of America, Credit Suisse, Deutche Bank, Royal Bank of Scotland, UBS and HSBC as defendant in the case. FDIC aims to recover…

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U.S. insurers may be at risk of costly payouts spawned from the European financial crisis

Many U.S. banks have upped their insurance sales in Greece, Portugal, Ireland, Spain and Italy during the first half of 2011. The growth in sales is the result of the European financial crisis that threatens to plummet several nations into economic catastrophe. Banks have been selling insurance against credit losses in the nations more affected by the financial crisis, but the practice may be putting insurers at higher risk of costly payouts. As the crisis worsens, insurers are now looking for ways to mitigate the impact of defaults. According to…

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