Retirement plan fiduciaries continue to face substantial exposure as a wave of excessive fee lawsuits continues. Historically excessive fee suits targeted the largest organizations, with tens of thousands of participants and billions of dollars in plan assets. Lately, smaller retirement…
Companies in the market for cyber insurance should expect higher prices for the foreseeable future, according to recent analyses. Professional services firm and insurer Aon predict cyber insurance prices will rise between 20% and 50% during the rest of 2021….
A group of activist hackers highlighted a key vulnerability of today’s Internet, as they broke into a security-camera startup and peered into hospitals, schools, jails, and other locations. Hackers gained access to 150,000 cameras by breaching a Verkada “Super Admin”…
Healthcare cyberattacks jumped 55% in 2020 and cost an estimated $13 billion, according to a report from cloud security firm Bitglass. Hacking and IT incidents were the top sources of data compromise, causing two-thirds (67%) of all breaches, the IT firm…
Social inflation is cause for concern for insurers, according to a recent Geneva Association report, as insurance premiums may no longer cover the liability risk insurers take on. Broadly, social inflation describes all ways in which insurers’ claims costs rise…
Almost a year into the coronavirus pandemic, insurers are winning most lawsuits from businesses seeking compensation for government-ordered shutdowns. The trend favoring insurers appears to be continuing in 2021. According to reports, federal judges in Florida dismissed three Covid-19 business-interruption…
Hospital merger and acquisition activity stayed within its 10-year historic range in 2020 despite the coronavirus pandemic disruptions. Healthcare management advisory firm KaufmanHall reported 79 M&A transactions last year, down from 92 reported transactions in 2019. However, there are signs…
Hard market conditions continued last quarter with premium price increases averaging double digits, according to a new survey. The Council of Insurance Agents & Brokers’ (CIAB) quarterly index found the average premium for all-sized accounts jumped 11.7% in Q3 2020 compared to…
The U.S. Department of the Treasury issued a warning to companies that help make ransomware payments; you could face civil penalties. “Companies that facilitate ransomware payments to cyber actors on behalf of victims, including financial institutions, cyber insurance firms,…
The increased usage of telemedicine visits during the COVID-19 pandemic has both doctors and patients calling to expand access across the U.S. permanently. Some lawmakers agree. The Advancing Telehealth Beyond COVID-19 Act, introduced in the House, would make the telehealth regulations changed…
