The chance for persistent inflation to keep interest rates higher and potential losses in the commercial real estate market are among the top concerns of respondents to a Federal Reserve survey on financial stability, the U.S. central bank said on …
Okta on Oct. 20 disclosed a breach of its customer support system that allowed some hackers to view files uploaded by certain clients, pushing the software company’s shares down about 12%. “Okta security has identified adversarial activity that leveraged access …
With the growing popularity of disposable e-cigarettes, communities across the U.S. are confronting a new vaping problem: how to safely get rid of millions of small, battery-powered devices that are considered hazardous waste. For years, the debate surrounding vaping largely …
Fortress Investment Group LLC is pitching an investment opportunity within an increasingly popular yet controversial corner of finance — funding other companies’ legal battles. The private equity firm is raising its second fund to invest in legal assets, having already …
In a letter to employees, GEICO president and chief executive officer Todd Combs said the Berkshire Hathaway company is laying off 2,000 associates, or about 6% of the workforce. “This will allow us to become more dynamic, agile, and streamline …
Insured losses from severe convective storms in the United States continued to increase during the third quarter, surpassing the $50 billion mark for the first time on record and accounting for roughly 60% of all global insured losses, according to …
Ransomware victims have become less likely to pay extortion demands, but cyber criminals are changing their tactics by hitting third-party vendors and using data exfiltration instead of encryption when making ransom demands, according to a new report by cyber insurer …
American International Group Inc. Chief Executive Officer Peter Zaffino said the biggest challenge to the insurance sector over the last decade has been “unpredictable risks” including the pandemic, wars and climate change. “We’ve had 100 natural disasters reported through nine …
Allstate Corp. today reported September catastrophe losses of $317 million and total catastrophe losses for the third quarter of about $1.2 billion pretax. Seventeen events in September resulted in catastrophe losses of about $357 million, partially offset by favorable reserve …
S&P Global Market Intelligence projects that personal auto results will improve from 2022’s worst-in-decades combined ratio of 112.2%, though not as rapidly as the organization’s experts previously expected. Continued pressure on claim severity across coverages has prolonged post-pandemic recovery for …
