- Home
- News
- Industry news
- Health Provider in Arizona to Pay $ ★'6M Settlement in Breach§☆
A Phoenix, Ariz.-based health pro ®§vider has agreed to settle ♦γ≥a lawsuit over a computer data breach that ∞∞may have compromised health and§✘§Ω personal data of about 3 million ∏Ω patients, employees, health in<>surance customers and othe☆rs.
The class action law∑₽↑suit against Banner Health stemmed from a 2016 cy☆¥∏₹berattack that exposed the information, The A☆♣₩rizona Republic reports.
The settlement, up to $6 million, includ₩'©®es free insurance coverage for claims ofε♣ up to $1 million to cover financ≤¥≤₹ial losses and two years of ♠£γfree credit monitoring thro"≤ugh Identity Guard T &&otal, officials said.
When the breach occurr ≤≤ed, Banner Health initially gave th☆€ose affected a year of free credit monitoring,Ω< officials said.
Those affected would be able to file claims for u Ωשp to $500 for ordinary expenses< or up to $10,000 for extraordin¥∞'ary expense reimbursement such as δ∏ lost time at work or professiφonal help with ident'←←÷ity theft issues under the settlement§↔∞ agreement, company offic€∑☆ials said.
“All things considere♦®♠d, this settlement comparΩ✔₽es very favorably with those that have been app±&roved in other data breach cases,” said ₩Ω∏Andrew Friedman, one₽∑↔& of the lawyers representing the &★>§plaintiffs.
The settlement was granted preliminary appro$↔val and is subject to final court approvaα₽l April 21, officials said.
“This is still a pending legal matter, so↓ we are unable to discuss details. HoweveΩ→&r, we are hopeful that it will be ★ ↑"resolved soon, at which time ≈≈those who were impacted can learn additσ ional information,” provider spokeswoman Beck&↔πy Armendariz said.
Banner Health has also agreed to impr↕≈ove its information γ&§security systems, off↕☆₩icials said.
“In the meantime, data security is one→∑ λ of our highest priorities and we continue tλ₽♦Ωo work diligently to protect the sensitive infor$¥↔©mation of our patients and em♣∞ployees,” officials said.
Organizer：China Insurance Digit≠≠↔λal & AI Development 2020
Web:http://en.zenseegroup.com/p/560>₩€573/
Contact:Ann 021-65650305
From :businessinsuranceU.S. commercial ± α®property/casualty rates rose 5% on aveε ¥€rage in the fourth quarter of 2019, up f₽♣≤©rom 4% in the third quarter, reflectingβ®÷ insurers’ intent to con♦₹∞•tinue to increase price≈ s across most lines, online insurance exchange M♠®arketScout Corp. said Monday.“Aut∑☆o rate increases have been up all year long; ∑™however D&O (directors &<÷♦amp; officers) and professional rate increase♦∞s have spiked significantly in t¥αhe fourth quarter,” Richard Kerr, CEO of λ↓MarketScout Corp. said in a statement.Insurers ®γ ÷are carefully analyzing their property ↓↑♥exposures using catastrophe modeling tools,∏ he said. “We expect many of the major prΩ≤α™operty catastrophe insurers to cu☆♣>≥rtail their 2020 wriγ≠§tings in California brush γ&and East and Gulf Coast wind areas. ∑πNaturally, this will result in higher★€ rates to insureds,” Mr. ¶αKerr said.D&O liability rates incr✔∑eased by 8.25%, while ≈✔ commercial auto increased 8% in the quarter☆↑, and professional liability rates were¥≠↓> up 6%, and umbrella/excess rates were up 5.5%, aβ§∞♠ccording to MarketScout.Commercial property ra "∏tes increased 5.25% in the quarter, and bu₹$§βsiness interruption rates were u"↔εΩp 5%, while all other lines showed smaller i™↑¶♣ncreases, except for workersφ≥ compensation, where rate✘✘$→s fell 1%, MarketScout saπid.By industry class, transportation a±≥nd habitational saw the highe ☆∞st average rate increases at 9% and 8 ♦☆.25% respectively, MarketScout γ∏said.Large accounts – those with $250,001 to $1 γ ≠million in premium – saw a σ® rate hike of 5.5% in the fou↓≈> rth quarter, as did jumbo accounts, which ®φ÷©have more than $1 million in premium. S♠✔mall accounts – those with up to $25,000 in prem♥≤✘$ium – were up 5%, while medium ac€€✔counts – those with $25,001 to $250,000 in €✔ £premium – were up 4.5%.The “steady trend” ofββ upward rates reflects insurers’ plans toβ→β continue increasing prices across all lines exΩφcept for workers compensation, Ma← rketScout said.Organizer：China Insura$ nce Digital & AI •β Development 2020Web:http://eγε♣ n.zenseegroup.com/p/560573/Contact:Ann 02" § 1-65650305
From :insurancejournalIt was a rel≠£'atively quiet year for the S"∏ outheast in terms of major catastro ₹↔phes compared with 2018 when Hurricane’s Michael ♣★™and Florence caused major damage in the region. T'÷♦his year, Hurricane Dorian sideswi±"ped the Southeast coast and made landfall☆α ★ on the Outer Banks of North Caro↕↔ lina but most of the area was spared. Sσ♠till, Aon said economic damage in β✔ •the U.S. and Canada was poised to a₽¥≠pproach a combined $★'↑1.5 billion.Florida spent the year recovering fro≥¥₹m Hurricane Michael, which was u♥÷ →pgraded to a Category 5 storm by NOAA in A↓÷pril. Florida officials have repeatedly&nb§σsp;called on the insurance industry to speed up ✘the recovery process, wit≈¥h nearly 12% of claims still open a year a"≠→<fter the storm hit.Organizerβ≠：China Insurance Digital & AI De✘γvelopment 2020Web:http://en.zens∞♣eegroup.com/p/560573/Contact:✘δ≠Ann 021-65650305
From:businessinsurance ∏§einsurance renewals at J ₩an. 1, 2020, mainly saw single-d'∏igit increases, with some exceptions, acco γ rding to reports by reinsuran<δce brokers released Thursday.Will₩πis Re, the reinsurance brokerag¥±→©e of Willis Towers Watson PLC,♦₩≈ and Guy Carpenter & Co. LLC, a unit of ₽φ"£Marsh & McLennan Cos. Inc. bo₩↔€₽th reported that year-end reinsura $nce renewals varied by account and region, but $<the retrocessional reinsur¥γance was under pressure.Rates♣π☆γ on line for property ♦α☆¥catastrophe reinsurance programs remained stabl♣₩♦e and property per risk pric™"₩Ωing was driven by individual ε±÷program performance, the Willis report s→≤aid.Although some Lloyd’s of London synd§₩↔icates took firm positions on rate increases∏∑±λ and the London market au₩≈'☆thorized capacity de• ↕☆creased, that capacti₹¶$y was replaced by new capital and a st→₽rong supply from other marke ✘σ♦ts, Willis Re said.U.S. loss-f€≥≈ree accounts renewed at flat to up 10% while tho™∞se with losses saw increases of₩γ¥$ 10% to 50%, the Willis Re report♦← said, which was among↓£♥ the largest increases. Property £✘<¶catastrophe accounts without losses re♠↕newed at flat to up 5%, while loss↕•♣♦ hit accounts were up 10% to 20%, Wλ₹ £illis Re said.According to Ω≥the Guy Carpenter report, tγ he brokerage’s global♥∞>§ property catastrophe rate on line index≤ rose 5% in 2019.According toπ↓ the Willis Re report, other large increases→σ↑ were seen in Central ±Ωand Eastern Europe, where property programs with ®∞>losses saw increases of 5% to 20%,€≤↕↑ and Canada, where such accounts renewed™§π up 10% to 40%.Most other re∏'gions and countries sa←w property increases in the single or low doubl↓↑&e digits, the report said.The Jan. 1 r&λ♠∏enewals saw some “difficult” neg<otiations, according to a letter in the report fr®&§om James Kent, global CEO, Willis Re.The ↕φπGuy Carpenter report said the reinsurance market★ was “asymmetrical,” adding “this is cer♠&εtainly not a one-size-fits-all marke↕✘↕t” and while overall✔€ capacity remained adequate, “allocated capaci€ty tightened notably i±∏™n stressed classes.”Dedicated reinsuγπφrance capital rose 2%↕®® in 2019 and the year saw appro₽±×ximately $60 billion in global insured catγ±astrophe losses, according to Guy Carpenter, whicφ¶≠h was significantly lower than 2017 an✔π♠σd 2018.Alternative capital,¥✘ however, contracted by apλ✔proximately 7% percen≤<εt “as investors were more ∑÷↓φcautious with new investments after aα♦←↕ssessing market dynamics and pricing adeq uacy,” Guy Carpenter said.The retrocession mark↕γet “was challenged … by trap≥ ped capital, a lack of new ca×απ≠pital and continued redemptions♠↓ from third-party cap ♣₹ital providers,” a st®δ atement issued with the Guy Carpen≥↔™±ter report said.However, significant retroce≠£ssion providers returned to the mark♠×et in the past two weeks, Willis Re€& said.Organizer：China I↓¥nsurance Digital & AI Development×♦ 2020Web:http://en.zenseegroup.com/p/5605 €§73/Contact:Ann 021-65650305
Major information technology companies ∏∑in India are running th≤δ×εe risk of termination of their $1 billion ☆↑✘contracts following Boeing Co.’s decision to ☆≤↔halt the production of its 737 Ma☆x jets, MoneyControlδ←γ reported citing the ∞×Business Standard. Companies like Tata Consu•"εltancy Services Ltd., Infosys Ltd.☆ , HCL Technologies Ltd., Cyient Ltd. π ✘and L&T Technology Services L♣≤ ✘td. have outsourcing contracts with Boeing or i $∞ts suppliers and Boeing’s jet crisis is ☆<expected to affect these IT com•'®panies in the short run.λγ±™From:businessinsuranceOrganizer：China Insuσ$rance Digital & AI Development 2020Web:•Ωhttp://en.zenseegroup.co'↑∑m/p/560573/Contact:Ann 021-65650305
France-based eyewear maker♥γ® Essilor International S.A. has discovere© '™d fraudulent activities α✔≥€at one of its factories in Thailandε¶ that could cause €190 millio✘≈ n ($213 million) in financial losses to t≤↑he company, The Irish Times reported citin<♠€≠g Reuters. The company has filed c™±omplaints in Thailand and has fired all the∞•± involved employees. It ho ★pes to recover the losses fr >om frozen bank accounts, insurance a₽ nd lawsuits.Organizer：China Insurance Digital &&"αamp; AI Development 2020Web:http:₩↔δ//en.zenseegroup.com/p/560573/Contacφ×t:Ann 021-65650305
