Posts by Y@DminG

Most losses from the CrowdStrike outage will be business interruption, a primary contributor to losses from cyber incidents—and because the losses were not caused by a cyberattack, claims will be made under “systems failure” coverage, according to a new report … Source: Claims Journal

The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the loss seen in the previous year and the line’s worst underwriting results since at least 2000, according to a new AM Best report. … Source: Claims Journal

Wells Fargo & Co. was accused of overpaying for prescription drugs by former employees, who claim mismanagement of the bank’s health plan drove up costs for workers. A lawsuit filed in federal court in Minnesota Tuesday alleges that the country’s … Source: Claims Journal

Meta Platforms has agreed to pay $1.4 billion to Texas to resolve the state’s lawsuit accusing the Facebook parent of illegally using facial-recognition technology to collect biometric data of millions of Texans without their consent. The terms of the settlement, … Source: Claims Journal

Debby could be the next name most frequently out of the mouths of hurricane watchers and emergency responders. Meteorologists tracking a new threat to the Caribbean and the U.S. coast say a developing tropical rainstorm in the Atlantic east of … Source: Claims Journal

Containment has increased on a fire that exploded in size and in a few days became California’s sixth largest wildfire, destroying hundreds of structures. The Park Fire near Chico, California, has burned 383,619 acres, and as of Tuesday morning it … Source: Claims Journal

Insurer Nationwide said it is reducing its headcount by about 5% over the next year. “We can’t speculate on the total number of job impacts,” said Nationwide in a statement. “Eligible associates are able to apply for any of the … Source: Claims Journal

Charter Communications will pay a $15 million civil penalty to resolve an investigation into compliance with network and 911 outage notification rules, the Federal Communications Commission said on Monday. The FCC said Charter admitted to violating the agency’s rules on … Source: Claims Journal

The federal government is giving more than a half-billion dollars to coastal communities to help them use nature-based preventative measures to address climate-related flooding and other disasters. The National Oceanic and Atmospheric Administration announced it is allocating $575 million to … Source: Claims Journal

British drugmaker GSK said on Monday it has agreed to confidentially settle a lawsuit in Illinois that alleged its discontinued heartburn drug Zantac caused cancer, the latest in a series of settlements to end costly litigation. First approved in 1983, … Source: Claims Journal