Insurance experts, we want to know if you think existing business interruption or cyber policies will cover some of the losses due to the worldwide IT outage that is affecting banks, airlines, hospitals and more? What will be some of the factors to consider on whether or not there is coverage? What kind of liability could there be for CrowdStrike or Microsoft?
Digital Insurance
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Independent reporting on insurance's digital transformation and the insurtech startup community.
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Through multimedia reporting and events, Digital Insurance uncovers the stories that matter to insurance business leaders managing digital disruption.
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http://www.dig-in.com/
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Social media’s role in the election cycle has evolved as changemakers become more adept at using the technology, but insurance professionals say that media organizations need to implement proper oversight to stem improper use. Research from Digital Insurance found that 79% of respondents said social media firms and media companies could do more to stop the spread of misinformation and safeguard the integrity of the 2024 election through their platforms. This figure was the highest across all industries polled, which included banking, mortgage, accounting and more. Further results found that the top three policy areas for the next administration to tackle are the economy, immigration and cybersecurity, with 46%, 39% and 33% of responses respectively. Read more about the research and dig into successive election coverage by Digital Insurance. [https://bit.ly/3WiWm6y]
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Cyberinsurance policies are likely to bear the brunt of the CrowdStrike outage, according to Jonathan Hatzor, co-founder and CEO of Parametrix, but subrogation of claims will be complex, say experts from Desq, Marsh and Sedgwick. “We still need to evaluate the impact on various insurance lines, including disrupted supply chains, liability coverages for critical medical procedures that were delayed or not performed, and directors' and officers' liability for failing to protect their firms against such events,” states Hatzor. https://bit.ly/3LPzjLD #CrowdStrike #cyberinsurance
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Home ownership premiums increased 33% from 2020 to 2023, higher than inflation, CoreLogic data shows. Charlie Sidoti, executive director of InnSure, talks about how communities can address the resulting coverage gaps. “Some people pay twice as much, or more, than those living in a different area that faces similar exposure to severe weather,” Sidoti said. “This impacts communities in several ways–as premiums increase at a significant rate, for many, homeownership becomes unaffordable. And lower rates found elsewhere can incentivize people to move into areas that face higher risk of catastrophes.” https://bit.ly/3YngZkM #insurance #homeinsurance
Why is home insurance so disproportionately high across the US?
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The CrowdStrike software update that resulted in the failure of computer systems around the globe will have major implications for insurers as customers seek to be made whole for their losses. "The incident outage has potential to hit several different insurance policies and could go on to become a contract dispute between a corporation and its IT provider," shares Bernard Regan MSc, MBCS, a principal with Baker Tilly US Forensics, Valuation and Litigation Services practice. "With cyber insurance, there may be cover within these policies related to 'dependent system outage.' This effectively means that if you have a third-party providing IT services, and they are affected, then your cyber insurance policy may trigger." https://bit.ly/3LAWdGu #CrowdStrike #cyberinsurance
Major IT outage will challenge insurance coverages – Part 1
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By addressing root causes of workers comp insurance inquiries, such as payments, processes and documentation, carriers can improve the claims experience, writes Stephanie Behnke, vice president, solutions and consulting, Hi Marley. “Anxieties can be overwhelming for injured workers, already grappling with pain, recovery, and the uncertainty of their financial future,” she writes. “For insurance carriers, promptly addressing these inquiries is not just good customer service; it's a strategic imperative.” https://bit.ly/4cUcVNl #workerscomp #insurtech #insuranceclaims
4 ways to get ahead of workers' comp FAQs
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Commercial general liability (CGL) policies may not be enough to cover corporate media liability or cyber attacks, write Geoffrey Fehling and Torrye Zullo of the insurance coverage group at Hunton Andrews Kurth LLP. “In more recent years, insurers have added intellectual property exclusions to CGL policies, which may eliminate coverage for certain risks, including copyright infringement claims,” they write. “Common CGL language addressing damages, coverage territory, and publication "in your advertisement" all may lead to disputes over availability or scope of coverage.” https://bit.ly/4djsbmw #CommercialInsurance
Insuring your online presence: Limitations on social media coverage
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The CrowdStrike software update that resulted in the failure of computer systems around the globe will have major implications for insurers as customers seek to be made whole for their losses. Meredith Schnur, U.S. & Canada cyber practice leader at Marsh, agrees that cyber claims are likely, as well as claims against other lines. "Cyber insurance policies are the likely place for coverage to be triggered, including business interruption, contingent business interruption and E&O. Given the magnitude and scope of this outage, we may see consequences that affect product lines beyond cyber risk, most prominently directors & officers (D&O) and property/casualty (P&C)." https://bit.ly/3LAWdGu #CrowdStrike #cyberinsurance
Major IT outage will challenge insurance coverages – Part 1
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Digital Insurance reposted this
Digital Insurance launches its Advancements in Insurance Claims Technology research report. The research reveals improving the claims process and enhancing customer experience are top digital transformation priorities, making them the primary levers driving adoption and implementation of digital tech. Read the full report here: https://lnkd.in/dbi5d3RW #LeadtheWay #research #digitalinsurance #insurance #claims #tech
Digital Insurance launches its Advancements in Insurance Claims Technology research report
Arizent on LinkedIn
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Insurers trying to get away from legacy systems are often contending with managing multiple systems, writes Marcin Nowak, MBA, founder and board member at Decerto. Operational data stores could be the answer. “The ODS hides all the complexity of integration underneath,” he writes. “Integration becomes easier and cheaper, and data is aggregated, cleaned, and creates a so-called ‘golden record’ of the client. Thanks to insurance, agents can enable effective up-selling and cross-selling processes.” https://bit.ly/46jEYTM #insurtech #customerservice #datamanagement
Managing multiple systems and their integration
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