Archive for July 2024

Global insured losses from last week’s massive IT outage are likely to range from $400 million to $1.5 billion, cyber analytics firm CyberCube said on Thursday. A software bug in cyber security firm CrowdStrike’s quality-control system caused the software update … Source: Claims Journal

In recent years, cities worldwide have faced an alarming increase in the frequency and severity of flood events. These catastrophes have left urban areas grappling with extensive damage to infrastructure, buildings and equipment. As communities strive to recover from flood … Source: Claims Journal

Monsanto will pay $160 million to settle a lawsuit by the city of Seattle that accused the unit of Germany’s Bayer of polluting the city’s drainage system and the local Lower Duwamish River with toxic chemicals known as PCBs. City … Source: Claims Journal

Warner Bros Discovery will sue the National Basketball Association in New York after the league rejected its matching bid for TV broadcasting rights, a source familiar with the matter said on Thursday. The NBA on Wednesday rejected an offer from … Source: Claims Journal

A wildfire that started Wednesday near Chico, California grew quickly to 45,549 acres overnight to become the state’s largest active blaze. Evacuation orders and warnings were issued, but the number of residents affected or properties damaged or destroyed has yet … Source: Claims Journal

Boeing Co. has completed an agreement with the US government to plead guilty to criminal conspiracy in connection with two fatal crashes of its 737 Max jetliner, setting the stage for a possible courtroom confrontation with relatives of those who … Source: Claims Journal

The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates. The portion of the loss covered under cyber insurance policies … Source: Claims Journal

SCA Claim Services named Ron Trozzo as a national director for its auto operations division. Trozzo has 15 years of experience in claims adjusting and collision management. Trozzo was most recently in claims with Tesla. SCA Claim Services is a … Source: Claims Journal

The Rev. John Parks was taking his first sabbatical in 40 years of ministry when he got a call from his church’s accountant with some bad news. Church Mutual, the church’s insurance company, had dropped them. “This does not make … Source: Claims Journal

Just 27% of Gen Z adults could correctly identify the insurance terms “deductible” and 29% knew how to define “copay,” a new survey shows. The survey from the National Association of Insurance Commissioners also found 22% of Gen Z respondents … Source: Claims Journal