Oil Insurance to increase per-occurrence limit to $400 million
Oil Insurance Ltd. will increase its per-occurrence limit from $300 million to $400 million and its event aggregation limit from $900 million to $1.2 billion, the insurer said Tuesday.
View ArticleAbbott Labs' $84M insurance award in claims dispute over obesity drug upheld
An Illinois appeals court has upheld an $84.5 million insurance award to drugmaker Abbott Laboratories in a breach-of-contract claim against several Lloyd’s of London syndicate underwriters.
View ArticleHyundai recalls 883,000 Sonata sedans for transmission issue
South Korean automaker Hyundai Motor Co. will recall about 883,000 Sonata mid-sized sedans in the United States and Puerto Rico because a potentially defective transmission-shift cable could increase...
View ArticleGM sued over deaths, injuries linked to ignition switch
(Reuters) — General Motors Co. was hit Tuesday with a lawsuit brought on behalf of more than 650 people allegedly injured or killed in accidents involving cars that have been recalled this year for...
View ArticleBank of America ordered to pay $1.27B for Countrywide fraud
(Reuters) — A federal judge on Wednesday ordered Bank of America Corp. to pay $1.27 billion of damages after a federal jury found the second-largest U.S. bank liable for fraud over defective mortgages...
View ArticleHackers can tap USB devices in new attacks, researcher warns
(Reuters) — USB devices such as keyboards, thumb-drives and mice can be used to hack into personal computers in a potential new class of attacks that evade all known security protections.
View ArticleU.S. government warns retailers about malicious software
(Reuters) — The U.S. Department of Homeland Security warned retailers about a type of malicious software attacking point-of-sales systems, dubbed "Backoff," that it said is undetectable by most types...
View ArticleChina diners test McDonald's, Yum says food scare hurts KFC, Pizza Hut sales
(Reuters) — A food safety scare in China is testing local consumers' loyalty to foreign fast-food brands, including McDonald's Corp. and Yum Brands Inc., which owns the KFC and Pizza Hut chains.
View ArticleTarget names outsider as CEO after data breach
(Reuters) — Beleaguered retailer Target Corp. named former PepsiCo and Wal-Mart executive Brian Cornell as CEO and chairman as it tries to regain customer confidence following a devastating data breach...
View ArticleIrish gambling site reveals data breach
An online Irish gambling website said Thursday that data on 649,055 of its customers was hacked in 2010, although no financial information or customer passwords were accessed in the hacking incident.
View ArticlePfizer says threats to managers force staff lockout at Mumbai factory
(Reuters) — Pfizer Ltd., the Indian unit of U.S. drugmaker Pfizer Inc, said on Friday it locked out staff at its Mumbai drug factory after some employees tried to disrupt production lines and...
View ArticleBrokers develop cyber threat detectors to help risk managers
Technology options are emerging to help risk managers address the cyber threat.
View ArticleManufacturers should fully understand risks to optimize insurance coverage
While insurance for contingent business interruption or supply chain risk can help mitigate manufacturers' risks, they need to fully understand their exposures to make the best use of their coverage...
View ArticleFirms seek to reduce supply chain risks by bringing production closer
Having gone offshore in recent decades to cut production and supplier costs, many U.S. companies now are looking to reduce their supply chain risks by moving those operations closer to the markets they...
View ArticleStrong, direct-sourcing relationships help control supply chain risks
One solution to supply chain risk management challenges posed by suppliers in Bangladesh that subcontract work to other manufacturers is direct, strategic sourcing in which companies form a long-term...
View ArticleCompanies face numerous challenges when monitoring supply chains
The Rana Plaza garment factory collapse that killed 1,129 in April 2013 led to calls for companies using suppliers in Bangladesh to im-prove factory conditions and businesses' subsequent efforts to do...
View ArticleBoard members should ask key questions for effective risk management
A board that wants effective risk management oversight should focus on five key areas, says James W. DeLoach, managing director at Protiviti Inc. in Houston.
View ArticleCorporate boards increase focus on risk management issues
A series of events starting with the 2008 financial crisis and continuing through recent major data breaches and defective-part recalls are prompting many companies' boards to take a more active role...
View ArticleTotal cost of risk rises on 2013 insurance premium hikes
Rising costs last year for property, liability and workers compensation insurance are major factors in the latest increase in the total cost of risk.
View ArticleWhite House, insurers partner on building resillience to catastrophes
A new and ongoing dialogue between the White House and the insurance and reinsurance industries could lead to more effective public/private partnerships to promote resilience in the face of severe...
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