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By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group Following the release of our Burns & Wilcox Property & Casualty Market Overview and Forecast: Eye on 2021 report last quarter the already challenged Commercial and Personal insurance marketplace was greeted with yet another extraordinary event—Winter Storm Uri (February 13-17). The widespread impact resulted in over 170…
Cybersecurity experts are warning consumers about a new scam that capitalizes on the pandemic forcing many seasonal gift shops and pop-up markets to go virtual this year. In a scam alert issued on November 13, the Better Business Bureau said cybercriminals are using copycat shopping event sites and social media pages to charge admission and steal credit card data. In…
Walmart will soon begin testing a grocery delivery program that uses autonomous vehicles, the retailer announced November 10. The pilot program, a partnership with California-based driverless car company Cruise LLC, will send grocery orders directly to customers in Cruise\'s electric, self-driving cars. The program, set to launch in Scottsdale, Arizona early next year, builds on an express delivery service Walmart…
Google parent company Alphabet Inc. recently agreed to a $310 million settlement of shareholder lawsuits accusing the internet search giant of mishandling sexual misconduct allegations lodged against executives. In the settlement, Alphabet pledged to invest $310 million in diversity, equity and inclusion programs at Google over a 10-year period. It also agreed to more than 80 updates and revisions to…
The demand for Cyber & Privacy Insurance products has exploded in 2020 based on both natural market growth associated with ever-increasing threats to online systems and the COVID-19 impact that has accelerated the working from home trend, video communications and the need for other high-tech systems to support business and personal needs. Ransomware, social engineering and other digital attacks have…
In 2018 alone, Internet-enabled theft, fraud and exploitation caused $2.7 billion in financial losses in the U.S. and more than 900 complaints sent to the FBI’s Internet Crime Complaint Center each day, on average. To learn more about cybersecurity risks and how to defend against them, we spoke with David Derigiotis, Corporate Senior Vice President, National Professional Liability Practice Leader,…
Last week, the personal data of employees and students in a Las Vegas public school district with about 320,000 students was made public after the district refused to pay a hacker’s ransom. The released documents contained Clark County Public School District personnel and student records, Social Security numbers, addresses, grades and other private information stolen in an August 27 ransomware…
The Management Liability market continues to undergo significant transformations as products within the Directors and Officers Liability (D&O), Employment Practice Liabilities (EPL) and Fiduciary Liability (FL) areas are experiencing changes in coverage, limits and premiums that are impacting the broader market. The ongoing growth in settlements for many claims, particularly in such areas as harassment, discrimination, corporate mismanagement and regulatory…
