Editor’s note: This story has been updated with new AccuWeather total loss estimates. With aerial firefighting returning as strong Southern California winds died down for a bit, damage assessments from a handful of destructive Los Angeles area blazes are sure to become clearer—likely pushing up billion-dollar-plus insured loss estimates put forth from fires that are … Read more
Ransomware criminals in 2024 stooped to new lows and high-level black hat trade craft. Targets included critical industries such as healthcare, public infrastructure, and the cloud. Notable was the rise of ransomware-as-a-service (RaaS), allowing a new class of rookie attackers to perpetrate devastating campaigns. Meanwhile nation-state actors transformed ransomware into a tool for geopolitical weapon. … Read more
New York is considering asking property and casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans. That measure is one of several options under discussion as the state’s Department of Financial Services — which regulates insurers — grapples with mounting financial troubles at … Read more
US insurer Allstate has confirmed its pre-tax loss from hurricane Milton at $102 million, at which level it seems possible the Sanders Re II Ltd. (Series 2024-2) catastrophe bond may face a loss, while the companies year-to-date pre-tax catastrophe losses have reached $4.84 billion after October.Previously, Allstate had reported an initial estimate for its hurricane … Read more
NORTHBROOK, Ill., November 21, 2024 – The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of October of $286 million or $226 million, after-tax, including $102 million, pre-tax, from Hurricane Milton and unfavorable reserve reestimates of $144 million, pre-tax, related to Hurricane Helene, primarily in Georgia, South Carolina and North Carolina. … Read more
