Archive for July 2024
Insurers Face Business Interruption Claims After Global Tech Outage
Insurers could face a raft of business interruption claims after a worldwide tech outage crippled industries from travel to finance on Friday, insurance industry experts said. A software update by global cybersecurity firm CrowdStrike appeared to have triggered systems problems … Source: Claims Journal
Read MoreUnpacking the Truth Behind High Auto Insurance Premiums
Recently, a local television newscast ran a short report on the current high price of auto insurance. After recording one or two predictable complaints from the general public, the reporter ascribed the high prices to the high cost of “labor … Source: Claims Journal
Read MoreWithout Backup Plans, Global IT Outages Will Happen Again
Elements of Friday’s global IT outage, which grounded planes and hit services from banking to healthcare, have occurred before and until more contingencies are built into networks, and organizations put better back-up plans in place, it will happen again. Friday’s … Source: Claims Journal
Read MoreHonolulu Officers Who Handcuffed 10-Year-Old Can Be Sued for Using Excessive Force, Judges Rule
Three Honolulu police officers can be sued on excessive force claims for their part in handcuffing and arresting a 10-year-old girl at Honowai Elementary School in 2020, according to a recent decision by a panel of judges for the 9th … Source: Claims Journal
Read MoreBuffett’s PacifiCorp Suspected of Collusion By Wildfire Victims’ Law Firms
The law firms leading class-action litigation against PacifiCorp over the 2020 Labor Day weekend wildfires in Oregon want to examine whether the utility owned by Warren Buffett’s Berkshire Hathaway is colluding with other law firms to reach lowball settlements with … Source: Claims Journal
Read MoreGlobal IT Collapse Puts Cyber Firm CrowdStrike in Spotlight
Behind a massive IT failure that grounded flights, upended markets and disrupted corporations around the world is one cybersecurity company: CrowdStrike Holdings Inc. Known as a dominant supplier of software that protects businesses from ransomware attacks, CrowdStrike was thrust into … Source: Claims Journal
Read MoreEffective Cyber Risk Management Requires Transparency
Cyber risk is manageable. But only if everyone involved in managing that risk is on the same page. Typically, when new cyber threats are detected or announced, cyber insurers notify their policyholders and encourage them to swiftly remediate potential risks. … Source: Claims Journal
Read MoreAbbott Weighs Pulling Premature-Baby Formula Cited in Suits
Abbott Laboratories is considering pulling infant formula for premature babies off the market, Chief Executive Officer Robert Ford said, amid investor concerns about lawsuits over its safety. The fortified formula, designed for fragile infants under medical supervision, has drawn fire … Source: Claims Journal
Read MoreStellantis Recalls 24,000 Chrysler Minivans for Fire Risks, Urges Outdoor Parking
WASHINGTON – Stellantis on Thursday recalled about 24,000 ChryslerPacifica plug-in hybrid minivans worldwide because of fire risks, and urged owners to park outside, away from structures. and not to recharge the vehicles pending a software update. Stellantis said the recall … Source: Claims Journal
Read MoreHawaiian Electric Among Firms Eyeing $4B Maui Fire Deal
Hawaiian Electric Industries Inc. is among the companies that have tentatively agreed to pay more than $4 billion to resolve hundreds of lawsuits over the wildfires that ripped through Maui last year, according to people familiar with the deal. The … Source: Claims Journal
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