Chubb CEO says cyber insurance rates are inadequate

Cyber insurance rates - Cyber insurance on screen

Evan Greenberg stated that the premiums currently paid are not reflecting the catastrophe risk. Despite the fact that cyber insurance rates have been rising, they are still not yet an accurate reflection of the potential catastrophic effects that a widespread cyberattack could have, said Evan Greenberg, CEO at Chubb Ltd. According to Greenberg, even thought the prices are rising, it’s still low when compared to the risk. “The pricing environment is pretty good,” explained Greenberg as quoted in a Claims Journal report. “But … that is not addressing by itself…

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Health insurance costs 54 percent less for the average gig worker

Health insurance - health costs - keyboard - money- stethoscope

The American Rescue Plan has made plans considerably more affordable for independent workers. Gig workers have traditionally faced health insurance expenses too high for many of them to be able to afford to keep them up, until the American Rescue Plan (ARP) changed the game for high-quality coverage in March. Since ARP passed earlier this year, a growing number of independent workers have been enrolling. Gig workers are using the Healthcare.gov marketplace to purchase their health insurance and are paying less for it than they ever have before. New benefits…

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Sandy Hook families offered millions to settle by insurance companies

Insurance companies - lawsuit money

Remington Arms’ insurer is seeking an out of court settlement from nine of the affected families. Two insurance companies for the Remington Arms firearm company currently undergoing bankruptcy have offered nine families affected by the Sandy Hook Elementary School shootings millions of dollars to settle their lawsuit. The families have reached a critical time in the suit in which they will need to make important decisions. “The plaintiffs, the Sandy Hook families, have to make a decision now and that is whether to accept the offer and drop the case…

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Health insurance birthday rule may be coming to an end

Health insurance birthday rule - parents with newborn

Proposed law would remove large, unexpected expense from new parents in rare unfortunate circumstances. The obscure health insurance birthday rule could be on its way out, sparing new parents the risk of enormous unexpected medical expenses in the case of certain care requirements for the newborn. This regulation dictates the way that insurance companies choose coverage when both parents have a plan. The bill would take away the health insurance birthday rule, letting the parents decide which policy covers their child. As it stands, the regulation requires the coverage of…

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State Farm auto insurance claims data shows catalytic converter theft skyrocketing

Auto insurance claims - catalytic converter - hands

Since the start of the pandemic, this type of crime has been taking off at a staggering rate. State Farm has released auto insurance claims data showing that there is a sharp upward trend in catalytic converter thefts that has been taking place since the second half of 2020. Though car theft and car parts theft are nothing new, the trend in this one specific part is. The average households in many US cities have more than one vehicle. As a result, stolen parts have become a valuable black-market item…

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Blackstone to acquire $7.3B of AIG insurance and housing business

AIG Insurance - Business deal -handshake

American International Group will be selling a 9.9 percent equity stake in its life and retirement assets. Blackstone will be purchasing AIG insurance and housing business assets representing a 9.9 percent stake and will pay $2.2 billion in cash for the acquisition. The private equity giant and insurer agreed to a “long-term strategic asset management relationship.” The agreement is for an initial $50 billion from the AIG insurance and retirement portfolio, according to the insurer in a statement last week. Additionally, Blackstone will also be paying $5.1 billion for American…

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Lloyds insurance communication failures lead to $125 million

Insurance communication - GBP and Gavel

The unit was fined £90.7 million for failing to ensure its policy language for home coverage was clear. Lloyds Banking Group Plc. (LON stock symbol LLOY) has been fined £90 million ($125 million) for insurance communication failures. The fine was issued by the UK Financial Conduct Authority for the insurer’s unclear policy language. The UK Financial Conduct Authority (FCA) fined Lloyds for its insurance communication failures in the language it used in millions of homeowners’ policies. According to the FCA, the Lloyds insurance division issued almost nine million communications between…

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