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Biden Cybersecurity Officials Support Breach Incident Reporting Mandate

The head of the U.S. cybersecurity enforcement agency “is a huge supporter” of bipartisan legislation to mandate that operators of critical infrastructure report data breaches to the government. Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency, said she … Source: Insurance News

Insured Price Tag for Canada’s Summer Storms and Wildfires Nears C$200M

24Septemberadmin

Two storms that raged across Alberta and Saskatchewan in Canada in July and August caused C$120 million (US$94.5 million) in insured damage, while the August wildfire in White Rock Lake, British Columbia is now estimated to have caused damages of … Source: Insurance News

Private Flood Insurance Market Small But May Grow With New NFIP Rating: AM Best

23Septemberadmin

The country’s flood insurance market is slowly transitioning toward private insurers providing additional options to the federal government’s program for those seeking coverage, according to a new AM Best report. But private sector carriers are being selective, tending to avoid … Source: Insurance News

Insurance M&A Activity Slowed in P/C Sector in First Half of 2021

23Septemberadmin

Merger and acquisition activity increased in the first half of 2021 in most insurance sectors but not in the property/casualty sector. According to Deloitte’s Midyear Insurance M&A Outlook, the number of M&A deals is up 18 percent year-to-date and aggregate … Source: Insurance News

‘Attribution Science’ May Help Plaintiffs Push Climate Suits Ahead

23Septemberadmin

Although a U.S. Supreme Court decision put an end to climate lawsuits alleging violations of the federal common law of public nuisance, a second round of state actions may get further, researchers said recently. There are two major categories of … Source: Insurance News

Swiss Re Partners with Insurtech Claim Genius for Efficient Motor Claims Using AI

22Septemberadmin

Swiss Re is partnering with Claim Genius, an insurtech that provides artificial intelligence (AI) insurance claims solutions, to enhance motor claims efficiencies with real-time damage assessment and estimation. “Swiss Re Solutions aims to deliver world leading claims management capabilities to … Source: Insurance News

Cyber Insurtech BOXX Raises US$10M From Zurich Insurance and 2 Other Investors

22Septemberadmin

BOXX, the Toronto-based cyber insurer for small businesses, individuals and families, announced it has closed its oversubscribed US$10 million (C$12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor … Source: Insurance News

Honeywell and Asbestos Trust Countersue Over Disputed Claims of $2.3 Billion

22Septemberadmin

Honeywell International Inc. sued a trust for victims of asbestos poisoning, claiming the fund’s managers are wrongly paying people who say they were harmed by the toxic industrial substance. The lawsuit, filed in Pittsburgh, comes after years of acrimony between … Source: Insurance News

National Transportation Safety Board Probes Deadly Tesla Crash in Florida

21Septemberadmin

The National Transportation Safety Board has opened an investigation into a crash of a Tesla Inc. vehicle, the second probe by the agency of a fatal accident involving the electric carmaker’s models in less than six months. Two people were … Source: Insurance News

Brit Launches Machine Learning Algorithm to Accelerate Catastrophe Claims Response

21Septemberadmin

Brit Ltd., the London-based specialty insurer and reinsurer, announced the creation and successful proof-of-concept launch of a proprietary machine-learning algorithm, designed to accelerate the identification of post-catastrophe property damage, based on the use of ultra-high-resolution imagery. This proof of concept … Source: Insurance News