Data of 515,000 People at Risk After ‘Sophisticated’ Hack of Red Cross

The International Committee of the Red Cross said that personal data of 515,000 vulnerable people were compromised in a “sophisticated” hack. The cyberattack targeted a contractor in Switzerland that stores Red Cross data. There’s no indication yet that the data …

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Shell Appeals $2 Billion Court Judgment in Nigerian Oil-Spill Case

A Nigerian court will hear Royal Dutch Shell Plc’s appeal to overturn an almost $2 billion award against the company for allegedly spilling oil in the West African country. The energy giant is challenging a November 2020 judgment in favor …

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Russian-Backed Actors Targeting Canada’s Infrastructure, Intelligence Agency Warns

Network operators of critical Canadian infrastructure should boost their defenses against Russian state-sponsored threats, Canada’s signals intelligence agency said on Thursday. The warning from the Communications Security Establishment (CSE) is the latest in a series of bulletins from Canada’s two …

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Shock Rejection of Purdue Pharma Opioid Deal Raises Scrutiny by Bankruptcy System

The surprise rejection of Purdue Pharma LP’s sweeping opioid settlement is already reverberating through the rest of the bankruptcy system. Ascena Retail Group, the former owner of women’s fashion brands including Ann Taylor and Lane Bryant, is the latest company …

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U.S. Airlines Report Only Minor Disruption From 5G Deployment

U.S. airlines said on Wednesday the rollout of new 5G services was having only a minor impact on air travel as the U.S. Federal Aviation Administration (FAA) said it has issued new approvals to allow more low-visibility landings. The increased …

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Oil Spill Caused by Massive Waves From Tonga Is ‘Ecological Disaster’ for Peru

An oil spill at a refinery in Peru during high waves caused by the explosion last weekend of a volcano in Tonga is an “ecological disaster,” the Peruvian government said on Wednesday. The foreign ministry said that the oil spill …

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In Both Hard and Soft Markets, Zurich Aims to Maintain Focus on Underwriting Discipline

Zurich Insurance Group has worked hard to turn around its financial results over the past five years by bringing underwriting back to the organization, with a greater focus on selecting the right risks, pricing them accordingly, properly structuring programs and …

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Insurtech Reask Gets Funding to Deliver Next-Generation Natural Disaster Modeling

Insurtech Reask, an Australian science and technology company that focuses on natural hazard modeling, announced it has closed its seed funding round, led by Tencent, the global technology giant headquartered in China. The funding will support the next stage of …

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UK Insurtech Zego Expands in Europe, Targeting £20B Fleet Insurance Market

Commercial motor insurer Zego announced a European expansion plan by launching in the Netherlands, ramping up operations in France, and identifying other target territories during 2022. The company, which became the UK’s first insurtech unicorn last year, will target the …

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Drugmaker Endo Signs $65 Million Opioid Settlement with Florida

Drugmaker Endo International plc said on Tuesday it had agreed to pay up to $65 million to resolve claims by the state of Florida and local governments that the drugmaker helped fuel the U.S. opioid epidemic. The deal is the …

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AT&T, Verizon Again Agree to Pause Turning On Some 5G Towers Near Key Airports

AT&T and Verizon Communications on Tuesday agreed to temporarily defer turning on some wireless towers near key airports to avert a significant disruption to U.S. flights as they roll out 5G service that will bring faster wireless service to tens …

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New Year’s Resolution? Experts Say For Cyber Criminals, It’s More Widespread Attacks

The looming threat of increased supply chain and critical infrastructure attacks is causing both cyber experts and cyber insurers to lose sleep already in 2022, according to guests on this episode of The Insuring Cyber Podcast. “Those are going to, …

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Net-Zero Insurers’ Climate-Friendly Plans to Exit Coal Impeded by Antitrust Laws

A group of the world’s biggest insurers and reinsurers jointly pledging to eliminate greenhouse gas emissions from their underwriting activities have run into an unexpected opponent of their planet-friendly mission: competition law. The Net-Zero Insurance Alliance, which counts AXA SA, …

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UK Car Insurance Premiums Expected to Be Volatile in 2022: Survey

The cost of a comprehensive car insurance policy in Britain is expected to be volatile this year, after rising 5% in the final quarter of 2021 as more drivers took to roads on easing COVID-19 curbs, a survey showed on …

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Fire at Louisiana Church Causes $150K in Damages

An early morning fire on Jan. 14 at a church in Louisiana’s capital left $150,000 worth of damages but no injuries, authorities said. The Baton Rouge Fire Department responded about 5:30 a.m. to a fire in North Baton Rouge at …

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Florida Power & Light Class Action Opens Door to Subrogation, Future Storm Claims

A Miami judge’s certification of a lawsuit against Florida’s largest utility company as a $10 billion class action, with damage claims from more than 4 million people who lost power in Hurricane Irma, could have significant repercussions for self-insurers and …

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Crews Keep New Jersey Chemical Plant Fire From Spreading

A dramatic fire near a chemical plant burned through the night and into Saturday in northern New Jersey but led to no evacuation orders or serious injuries — just heavy smoke that was seen and smelled in nearby New York …

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Businesses, Labor Take Stock After Supreme Court Tosses Biden Covid-19 Rule

For companies that were waiting to hear from the U.S. Supreme Court before deciding whether to require vaccinations or regular coronavirus testing for workers, the next move is up to them. Many large corporations were silent on Thursday’s ruling by …

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Major Airlines Warn of ‘Catastrophic’ Aviation Crisis With Tomorrow’s 5G Deployment

The chief executives of major U.S. passenger and cargo carriers on Monday warned of an impending “catastrophic” aviation crisis in less than 36 hours, when AT&T and Verizon are set to deploy new 5G service. The airlines warned the new …

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Maryland Confirms Ransomware Attack Disrupted Agency Reporting COVID-19 Data

The disruption of Maryland’s reporting of COVID-19 data last month was caused by a ransomware attack, state officials said Wednesday. Chip Stewart, the state’s chief information security officer, said the state has not paid extortion demands for the attack, which …

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