Security risk

Early in its investigation of a major cyber attack, health insurer Anthem shared much of what it knew with other health industry stakeholders, all of whom participate in the HITRUST Cyber Threat Intelligence and Incident Coordination Center.

When the country’s second-largest health insurance company is hacked leaving the personal information of 80 million people vulnerable to identity theft, it’s a watershed moment that cannot be ignored. There is no doubt that this data breach is a wake-up call for a healthcare industry that is lacking when it comes to information security.

The most common vector of cyberattack is still poor habits by associates, says Joseph Smith, former CIO of Arkansas Blue Cross and Blue Shield.

Security, for all intents and purposes, should be a “crowdsourced” effort – everyone needs to contribute.

A Manhattan federal judge on Monday denied Coventry’s request that he throw out the bulk of Lavastone’s claims, including those alleging racketeering, fraud and breach of implied good faith, in an abbreviated decision.

The information compromised includes names, birthdates, Social Security numbers, street and e-mail addresses and employee data, including income, Anthem said.

The specialty insurer has established a group for catastrophe engineering and analytics, under the leadership of a former AIR Worldwide executive.

The insurer attempted to start a social conversation about childhood accidents with a jarring spot in which the child protagonist dies. But if sentiment is any indicator, people didn’t want to listen.

With the National Association of Insurance Commissioners looking closely at industry- data security practices through a task force, it’s likely that new standards soon will emerge.

Financial losses due to insurance fraud cost U.S. insurers at least $80 billion a year, according to the Coalition Against Insurance Fraud, an association of industry, government and consumer organizations. The human cost, in terms of suffering and loss of life, is sky high as well. In an effort to dramatize the scope and depth of the problem, the coalition has singled out what it dubs the worst instances of insurance fraud in 2014. While these seven cases may not be the biggest in terms of total dollars involved, they are remarkable for the brazenness of the crimes and the viciousness of the perpetrators.

Deloitte’s Sam Friedman suggests the industry can use its influence to impact the national agenda.

The filing will also help the company avoid a Securities and Exchange Commission move to appoint a receiver, which could lead to a liquidation and make an appeal of the judgment impossible.

In what has become a buyer’s market, underwriters must get creative to maintain their profitability.

Dan Daniel will serve as Crawford’s VP of catastrophe services, focusing on strategic growth and service delivery.

The consulting company acquired the P&C insurance actuarial service to boost its counsel and enhance its advisory services.

The insurer is mounting the strongest opposition yet to a provision of the 2010 Dodd-Frank law, which was passed to prevent future financial crises.

After weeks of uncertainty, President Barack Obama Signed Into Law the Terrorism Risk Insurance Act of 2015, making terrorism insurance affordable and available.

Rick Roberts, director of risk management for Ensign-Bickford, has served on the nonprofit’s board for seven years.

Having passed both the House and Senate, the Terrorism Risk Insurance and National Association of Registered Agents and Brokers acts advance toward Presidential approval.

The legislation, which includes a measure to enact the NARAB Reform Act of 2015, now moves to the U.S. Senate for approval, after it expired on Dec., 31, 2014.