Insurance
Top stories summarized by our editors
6/23/2017

Hacking group CyberTeam took to Twitter to claim responsibility for a distributed-denial-of-service attack that took Skype offline, saying that the attack was "all for fun." In a tweet, the group suggested that it would attack digital gaming platform Steam next.

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DDoS attack, Twitter
6/23/2017

Sens. Rand Paul, R-Ky., Mike Lee, R-Utah, Ted Cruz, R-Texas, and Ron Johnson, R-Wis., said in a joint statement that they do not support the current version of the Senate health care bill, arguing that it does not do enough to unravel the structure of the Affordable Care Act, but they expressed willingness to negotiate. Republican leaders can only afford two defections from their party to pass the bill.

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CNN, The Hill
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Senate
6/23/2017

The five remaining measures in a seven-bill package to overhaul and reauthorize the National Flood Insurance Program gained the approval of the House Financial Services Committee on Wednesday, with provisions that would no longer mandate flood coverage for commercial properties. "PCI strongly supports the committee's reforms that encourage the growth of a private, competitive flood insurance marketplace," said Nat Wienecke, PCI's senior vice president of federal government relations.

6/23/2017

PCI says catastrophes last year caused $21.6 billion in direct insured property losses, above the most recent 10-year average and a jump from $15.2 billion in 2015. The property insurance market is facing challenges as larger homes contain more personal property and as more people live in coastal areas, making homes more costly to insure, said Chris Hackett of PCI.

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PropertyCasualty360
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PCI, Chris Hackett
6/23/2017

A study published in the American Journal of Public Health cites no significant rise in vehicle-related deaths in Colorado and Washington -- states that allow recreational marijuana use -- compared with eight similar states in which recreational marijuana use remains illegal. The findings don't mesh with those of a Highway Loss Data Institute collision-claims study also released this week.

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Reuters
6/23/2017

Storm bands from Tropical Depression Cindy spawned an EF2 tornado with a top wind speed of 120 in the Birmingham, Ala., area Thursday. Cindy was downgraded from tropical-storm status after making landfall in Louisiana earlier in the day, but it still poses a flood risk.

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Cindy
6/23/2017

A flood warning is in effect for parts of two Pennsylvania counties after flash floods caused damage and prompted the rescue of one person from a home. One man drowned when his kayak flipped while he was trying to remove debris from a pond's overflow pipe.

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KDKA-TV (Pittsburgh)
6/23/2017

Around 400 homes have been evacuated in addition to the hundreds who have already fled as wildfire threatens Brian Head, a resort area in Utah. The fire has destroyed at least one home and damaged at least two other properties.

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The Associated Press
6/23/2017

Reports from Fitch Ratings and A.M. Best show that cyberinsurance policies generated $1.35 billion in direct written premiums last year, up 35% compared with 2015 premiums. Fifteen companies had about 83% of the cyberinsurance market share last year, the reports say.

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Insurance Journal
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Fitch Ratings
6/23/2017

People in 44 counties across three states could have no access to insurers in Affordable Care Act exchanges next year, which would leave those people unable to use federal health insurance tax credits. Some states are funding reinsurance pools in hopes that carriers will remain, but many without ACA options might have to seek coverage through a broker or an alternative source, such as a business group or trade association.

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CNBC