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LONDON — Insurers are facing a $2-3 billion loss if the Tokyo Olympics are canceled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. With less than six months until the Games are … Source: Claims Journal

The New Jersey Supreme Court on Wednesday ended an effort by Lloyd’s of London syndicates and other insurers to escape coverage for an additional $300 million in Superstorm Sandy damages suffered by the New Jersey Transit District. The high court … Source: Claims Journal

With U.S. lumber prices at fresh record highs, construction companies and wood wholesalers are buying just enough to get by, threatening to make price swings even bigger. Lumber futures in Chicago reached a record $855.10 per 1,000 board feet on … Source: Claims Journal

Thousands of users across the U.S. East Coast faced widespread internet outage from providers including Verizon Communications Inc on Tuesday, disrupting services offered by Google, Amazon, Zoom, Slack and other tech firms. Verizon, a major broadband services provider in the … Source: Claims Journal

LOS ANGELES (AP) — Southern California Edison will pay $2.2 billion to settle insurance claims from a deadly, destructive wildfire sparked by its equipment in 2018, the utility announced Monday. Edison, which acknowledged no wrongdoing, said the agreement covers all … Source: Claims Journal

OMAHA, Neb. (AP) — A major winter storm dropped more than a foot of snow on parts of Nebraska and Iowa, disrupting traffic and shuttering some schools, while blanketing other parts of the middle of the country with snow that … Source: Claims Journal

FULTONDALE, Ala. (AP) — A teenager huddling in his basement was killed and several of his family members were critically injured when a tornado blew a tree onto their home in Alabama and it collapsed on top of them, police … Source: Claims Journal

ROME (AP) — The Vatican has cleared a retired U.S. bishop of multiple allegations he sexually abused minors and teenagers, rejecting lay experts’ determination that a half-dozen claims were credible and instead slapping him on the wrist for what it … Source: Claims Journal

DENVER (AP) — The families of four Black girls mistakenly detained by suburban Denver police at gunpoint last year after they were suspected of being in a stolen car sued police and the city of Aurora on Monday _ claiming … Source: Claims Journal

In case you forgot, the year that just passed brought an unprecedented number of catastrophes — not to mention COVID-19. Three insurance industry reports issued this week chronicle just how bad 2020 was for property insurers. CoreLogic released a chronology … Source: Claims Journal