Insurance

Lloyd’s of London, the world’s largest insurance exchange, is pushing the industry to do better on diversity recruitment with tougher new hiring and disclosure targets for its members.

Many insurers are focused on ransomware risk protection even though other new vulnerabilities are emerging from remote work. Recent statistics point to a troubling increase in ransomware and phishing, web application attacks and other emerging cybercrime tactics.

The insurer is working with an adviser on the potential divestment of non-core commercial assets in the country, the people said, asking not to be identified because the matter is private. A sale could fetch a few hundred million dollars, and may draw interest from other insurers and investment funds, the people said.

A new report, IT’s Changing Mandate in an Age of Disruption conducted by the Economist Intelligence Unit, supported by Appian, suggests that to continue with various digital transformations and increase adaptability for the future, some IT improvements must be made.

Truepic Inc., which helps companies like banks and insurers fight fraud by verifying images, raised $26 million in a funding round led by Microsoft Corp.’s M12 venture capital arm.

Nicholas is the Atlantic’s 14th storm in 2021. Half of the storms so far have hit the U.S., and Ida was the season’s worst, crashing into the Louisiana coastline before devastating New York with rain and floods that killed more than 40 people. On Monday, AIR Worldwide updated its projected losses from Ida, saying the storm probably caused $20 billion to $30 billion in insured losses. Earlier estimates were around $18 billion.

In other news: Ethos adds board members, new executives; One Inc partners with Mastercard on insurance payments; and Notion, a Comcast company, works with Honey Insurance in Australia.

Amazon will require third-party sellers to secure product liability coverage after reaching $10,000 in sales in one month on Amazon.

Challenge comes with increased awareness of structural racism in financial services.

In other news: Cowbell Cyber releases API; Discount Tire, Motorq offer data analytics platform; and Roamly announces new hire and expansion plan.