Tag: us insurance industry

Insurance industry prepared to handle hurricane season

S.Vagus
insurance news - atlantic hurricane season

Insurance industry will be capable of handling threats of the 2013 hurricane season There are many concerns swirling around the U.S. concerning this year’s hurricane season. Many of these concerns relate to the impact that 2012’s Hurricane Sandy had on the East Coast. This single event caused more than $75 billion in damages in the U.S. and elsewhere and is considered the second costliest hurricane the country has ever seen. The National Oceanic and Atmospheric Administration recently announced that it predicts as many as 6 major hurricanes to form in…

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New York regulators question insurance industry over cyber security preparedness

S.Vagus
cyber insurance

Insurance industry facing challenges in digital world Cyber security is becoming a major issue throughout the U.S. and the insurance industry is beginning to feel the pressure to become more prepared to deal with the threats that exist in the digital world. The insurance industry is well attuned to risks, but hackers and other malicious groups represent a risk that is nearly impossible to quantify due to the rapidly changing nature of the Internet and how data is being used and stored. In New York, insurance regulators are beginning to…

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Insurance industry could face losses of $5 billion from storms

H. Cutner
tornado insurance Oklahoma

American insurers may be facing a growing number of severe weather issues such as tornadoes. According to the disaster modeling company, Eqecat, the United States insurance industry could find that the insured losses from severe storms and tornadoes that occurred last week may come with a bill of $5 billion. The estimate from the firm falls within a range of $2 billion to $5 billion, with most linked to the Moore tornado. Though this is still quite early after the Moore, Oklahoma tornado from May 20, for the insurance industry…

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Insurance industry in the US continues drawing attention to cyber insurance

Nordstrom
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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US insurance industry may benefit from new Internet monitoring system

Logan B.
Cyber Insurance policies commissioners industry

Insurance industry continues to see threats in digital world Cyber security has become a very big deal for the U.S. government. Federal officials often highlight the risks that exist in the digital world, expressing their concerns that hackers and malicious parties could do irreparable damage to the country in a variety of ways. While these threats can often be over-politicized, the insurance industry is well aware of the risks they represent and has also been working to draw more attention to these risks in recent years. Federal government to develop…

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