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Companies use kidnap insurance to guard against ransomware attacks

May 19, 2017 By Suzanne Barlyn and Carolyn Cohn NEW YORK/LONDON (Reuters) – Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry”, insurers say. Cyber insurance can be expensive to buy and is not widely used outside the United States, with one insurer previously describing the cost as $100,000 for $10 million in data breach insurance. Some companies do not even consider it because they do not think they are targets….

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Ex-AIG CEO Greenberg loses appeal over 2008 bailout

May 9, 2017 By Jonathan Stempel (Reuters) – A federal appeals court threw out a ruling that the U.S. government illegally bailed out insurer American International Group Inc during the 2008 financial crisis, in a defeat for former chief executive officer Maurice “Hank” Greenberg. The Federal Circuit Court of Appeals in Washington said on Tuesday that Greenberg’s Starr International Co lacked standing to challenge the bailout because that right belonged to AIG, which chose not to sue. Greenberg’s lawsuit is one of the main challenges to federal authority to bail…

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U.S. insurance profits hit by lower premiums, bad weather

May 4, 2017 By Suzanne Barlyn NEW YORK (Reuters) – The U.S. insurance industry is suffering from lower property-casualty premiums, bad weather claims and interest rates that are still too low to move the needle, according to earnings reports by some of the largest players this week. Although MetLife Inc, Prudential Financial Inc, American International Group Inc and Allstate Corp each handily beat expectations for first-quarter profits, some of their underlying businesses showed signs of weakness. Across the industry, insurers had to pay out higher claims for catastrophes due to…

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AIG taps into consumer fears with new cybersecurity product

April 3, 2017 By Suzanne Barlyn NEW YORK(Reuters) – American International Group Inc is joining insurers offering products that offer consumers safeguards against hackers and cyber criminals who might steal personal data. The U.S. insurer plans to roll out a product on Monday that offers coverage for expenses that arise from online bullying, extortion and other digital misdeeds. Called “Family CyberEdge,” it includes public relations and legal services, as well as at-home assessments of family electronic devices, executives said in an interview. Wealthy, high-profile individuals have increasingly become hacker targets,…

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