Natural disasters in the first quarter resulted in global insured losses totaling an estimated $53 billion, over three times higher than the Q1 average for the past 25 years, Aon says in a report. The US accounts for 95% of the global total, with $37.5 billion, or 71%, of the losses stemming from the Los Angeles-area Palisades and Eaton Fires, the report says.
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The market for catastrophe bonds and insurance-linked securities set a first-quarter record with issuance totaling $7.1 billion, raising the total outstanding market size to a record-high $52.2 billion, Artemis data shows. The Q1 total represents a year-over-year increase of more than $2.8 billion, marking the second-highest quarterly issuance on record, according to Artemis.
The Consumer Product Safety Commission will no longer collect data through the National Electronic Injury Surveillance System on injuries from falls, work-related incidents, motor vehicle crashes, adverse drug effects or various other incidents. The change, stemming from job and budget cuts at the CDC, will reduce data collection under the program by between 20% and 65%, according to a source.
A bill under consideration in Illinois is aimed at requiring insurers to provide more detailed information about policy cancellations, particularly for climate-related reasons. The legislation, which has gained state House approval, also seeks to mandate insurers' participation in National Association of Insurance Commissioners surveys regarding their climate risk management.
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Two thunderstorms that struck eastern Nebraska into western Iowa produced at least three tornadoes, powerful wind gusts and hail as large as baseballs, causing damage in the Omaha metropolitan area. Further severe weather is forecast for parts of the Plains, Midwest and South this weekend, with threats of hail, damaging wind and isolated tornadoes.
The Cybersecurity and Infrastructure Security Agency has issued a warning about elevated breach risks after legacy Oracle Cloud servers were compromised earlier this year, potentially exposing credentials and posing threats to enterprise networks. Oracle has confirmed that the breach involved obsolete servers and didn't affect current customer data or cloud services.
The energy sector is seeing a surge in cyberattacks, with some incidents linked to nation-state campaigns, according to Resecurity researchers. Hacktivism and espionage from actors in Iran, China and North Korea pose threats. Technological transformations such as cloud adoption and AI integration have made systems more vulnerable, researchers say.
