Live Insurance News

Home Depot serves as a reminder of the importance of cyber insurance

September 17, 2014September 15, 2014 S.Vagus

Retailer falls victim to a major data breach that could have compromised consumer financial information Home Depot recently announced that it had fallen victim to a data breach that may have compromised the financial information of customers visiting 2,200 of its stores located in the U.S. and Canada. The company suggests that there has not yet been any evidence that this financial information has been compromised. The attack on Home Depot again highlights the growing importance of cyber insurance. This form of insurance coverage may not be able to stop…

Insurance marketing investigation leads to lawsuit from AIG

April 8, 2014April 12, 2014 G. Turner

The insurer has now sued the top financial regulator in New York to block a fine. American International Group Inc. (AIG) has filed a lawsuit against Benjamin Lawsky, the top financial regulator in New York, in order to block it from being able to fine the insurer over its insurance marketing efforts that it has been conducting without a state license. The claim from AIG is that it would be unconstitutional to have to pay this fine. AIG has called the insurance marketing fine an interpretation that is “flawed and…

Cyber insurance sales boom in Ireland

January 29, 2014January 27, 2014 Marc

Businesses are beginning to look to insurance in order to protect themselves from digital threats Cyber insurance policies are beginning to gain more attention as hackers begin focusing more heavily on businesses with lackluster protection in place. Hackers have been taking advantage of businesses for several years and businesses have often failed to keep up with the pace at which security software as well as hacking techniques have advanced. As such, insurance protection is becoming vital to the longevity of business large and small. In Ireland, the sale of cyber…

Berkshire Hathaway to expand commercial insurance lines

May 9, 2013May 25, 2013 Logan B.

Commercial insurance proves attractive for Berkshire Hathaway Berkshire Hathaway, a multinational conglomerate with strong ties to the insurance industry, has somewhat ambitious plans to expand its commercial insurance business in the coming years. The company has remained somewhat stagnant with its commercial lines for some time, biding its time and hoping to ride out some of the turbulence that has been common throughout the insurance industry recently. The company recently acquired four new executives from the American International Group (AIG), and now plans to put more focus on its commercial…

Drama washes over insurance industry as companies continue legal battles

May 8, 2013May 7, 2013 S.Vagus

Insurance industry still in turmoil after economic recession The controversies surrounding the U.S. insurance industry and its relation to the 2008 economic recession continue to prove to be an active battlefield. This week, AIG, one of the country’s largest insurance companies, has announced that it may pursue a lawsuit against Bank of America’s Countrywide insurance unit. The lawsuit accuses Countrywide of playing a role in the financial disaster. AIG was cleared to pursue this lawsuit after U.S. District Judge Mariana Pfaelzer approved of such action this week in Los Angeles,…

Insurance industry news made when Treasury sold remaining AIG shares

December 12, 2012April 30, 2013

There were 234.2 million shares left of the massive insurer, and their price was $32.50 each. The Treasury Department has just announced its latest insurance industry move with the sale of all of its remaining shares of American International Group (AIG), which brings to a close the largest bailout from the U.S. government in the 2008 financial crisis. The Treasury stated that it received $32.50 for each of the 234.2 million shares it continued to hold. That represented the last of the sales of the 16 percent ownership that the…

AIG unit faces potential fines in California over management of fire claims

March 8, 2012March 8, 2012 Julie Campbell

American International Group Inc. (AIG) subsidiary, New Hampshire Insurance Co., along with York Risk Services, its claims processing agent, are now facing citations for 125 violations connected with alleged improper handling of California wildfire related claims from 2008. According to California Department of Insurance (CDI) general counsel, Adam M. Cole, “The allegations in this case reflect a troubling lack of attention to consumer needs by New Hampshire Insurance Company.” CDI has stated that each of the various violations for which the insurer has been sited have to do with “an…