Ben Affleck movie insurance battle takes off following production delay

Ben Affleck movie insurance - Ben Affleck

The film’s producers are in a coverage fight with their insurer, Chubb, over pandemic postponements. Hollywood producers have launched a battle with insurer Chubb over a Ben Affleck movie insurance policy’s coverage of pandemic delays. The producers sued the insurer last week over its refusal to extend the policy’s coverage for the delay. The Ben Affleck movie insurance policy is set to expire in October, but the film’s production has been delayed due to the COVID-19 pandemic. As a result, the producers sough to extend their insurance coverage for the…

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Chubb CEO calls COVID-19 coronavirus biggest event in insurance industry history

Evan Greenberg cautioned that the pandemic’s impact will cause insurers to face their largest challenges. Chubb Ltd Chief Executive Officer Evan Greenberg released a statement warning that the coronavirus will be the largest event in insurance industry history. The insurance company recorded $13 million in losses linked to COVID-19 during the Q1 2020. Greenberg stated that “this event will be the largest event,” in insurance industry history, on an earnings call in which he shared Chubb’s first quarter results for 2020. The CEO pointed to both the direct impact of…

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Insurance companies facing rising water damage claims

Water Damage Claims - Houses in flood waters

A new report shows that leaks are becoming increasingly problematic for homeowners and insurers. A new Verisk Analytics report from its ISO unit has found that insurance companies are taking an increasing number of water damage claims. At the same time, other forms of claim have been falling in frequency. The report determined that one in 50 homeowners insurance policyholders file a leak claim each year. Water damage claims affect one in every 50 homeowners insurance policyholders every year, according to the research. The study involved data from 2013 through…

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Gun owners insurance policies thin out following Florida shootings

gun owners insurance

MetLife and Chubb have severed their ties with the National Rifle Association. The Florida shootings may make it more challenging to purchase gun owners insurance. Both Metlife and Chubb have made decisions to sever their relationships with the National Rifle Association. Chubb announced it would no longer underwrite National Rifle Association branded insurance policies. The company stated that its gun owners insurance underwriting would cease under the NRA’s brand. That coverage is designed to assist gun owners in paying their legal costs should their firearms be used in self defense.…

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Bitcoin theft insurance becomes growing product worldwide

bitcoin theft insurance cryptocurrency

Major insurers worldwide are offering policies to help investors protect against cryptocurrency heists. Bitcoin theft insurance is becoming a growing business as global insurers offer cryptocurrency investors and business coverage against theft. Providers are taking on a number of different challenges as traders pour billions into buying and selling these barely regulated and highly volatile digital currencies. At the moment, only a handful of insurers are selling the policies, but many more are coming soon. Among the Bitcoin theft insurance companies currently selling include Chubb, XL Catlin, and Mitsui Sumitomo…

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Big data is becoming a priority for the insurance industry

US Big Data insurance industry

Executives come together to highlight the importance of big data Insurance technology executives from AIG, Chubb, Travelers, and several other insurance organizations recently came together during a seminar in Philadelphia to highlight the importance of big data in data management. Big data has become quite important within the insurance industry, with executives suggesting that there is no other industry that can benefit more from the use of big data. During the seminar, executives suggested that prioritizing big data may be able to help insurers better manage the risks associated with…

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Chubb introduces new insurance product focused on cybercrime and fraud

Cyber Insurance industry popularity

Chubb aims to provide health care provider with new protections The Chubb Group of Insurance Companies, the eighth largest property/casualty insurer in the U.S., has announced the launch of a new insurance product that is aimed at helping small to mid-sized health care organizations manage cybercrime and fraud. Data breach has been a serious issue for many industries and may soon become a serious problem in health care. Per the Affordable Care Act, most health care records are to be stored electronically. The law also paves the way for a…

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