Business interruption cover litigation gets a new twist

spike

In a sudden role reversal over in the United States, an insurer has filed a lawsuit against a policyholder over a business interruption coverage issue.

US Specialty Insurance Company (USSIC) alleges that research and advisory firm Gartner is attempting to change part of its policy to recoup more than the amount its current contract stipulates.

Gartner hosts events and conferences worldwide, and purchases insurance to cover those events.

USSIC filed two cases in Texas federal court on May 27 over two separate event cancellation policies, maintaining that Gartner cannot receive payments totaling more than the contracts’ indemnity limits. USSIC also

Read More

Hong Kong insurance premiums skyrocket

spike

The Insurance Authority (IA) revealed that for the first quarter of 2020, the total gross premiums of the Hong Kong insurance industry grew by 10.9% year on year to HK$165 billion.

According to the regulator, total revenue premiums of in-force long-term business were HK$146.7 billion, up 11% year on year. This was mainly comprised of HK$124.4 billion of individual life and annuity (non-linked) business, HK$6.4 billion of individual life and annuity (linked) business, and HK$13.9 billion of retirement scheme business, the last of which increased by 72.7% year on year.

New office premiums (excluding retirement scheme business) of long term

Read More

Remote workers being targeted by Google-branded cyberattacks

spike

Remote workers have been targeted by up to 65,00 Google-branded impersonation attacks, according to a new study from cybersecurity specialist Barracuda Networks. This type of scam, called “spear phishing,” uses branded sites to trick victims into sharing their login credentials.

Barracuda detected nearly 100,000 form-based attacks between January 01 and April 30. Google file-sharing and storage websites were used in 65% of those attacks, Barracuda said. Microsoft brands were targeted in 13% of attacks.

Google brand-impersonation attacks accounted for 4% of all spear phishing attacks in the first four months of 2020, and Barracuda said it expects that number to

Read More

COVID-19 delivers a boost to one form of insurance

spike

There are not many green shoots of hope for the insurance industry amid the coronavirus pandemic. Though many insurers have been able to save on reduced car insurance claims, others have faced a barrage of complaints over issues like business interruption cover – even though they may never have offered coverage for pandemics in the first place.

So then, perhaps it’s some small consolation for the industry that at least one product appears to have received a boost from the pandemic – warranty & indemnity (W&I) insurance in M&A.

According to brokerage giant Lockton, take up of W&I in M&A

Read More