For decades, people (including me) have predicted that cyberinsurers might be a way to get companies to take security seriously. After all, insurers have to live in the real world (which is why terrorism insurance is cheap, because terrorism is not a meaningful risk in America), and in the real world, poor security practices destroy peoples' lives, all the time, in wholesale quantities that beggar the imagination.
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From Wuhu in China's Anhui province comes one of the best worst insurance scam attempts ever.
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The Right to Repair movement got state legislatures to consider more than a dozen Right to Repair bills last year, and have made great strides in the EU and elsewhere, but for every two steps forward they manage, they're forced a step or two back by giant corporate lobbyists, led by Apple, who want to ensure that third parties can't repair products, and that a manufacturer's decision it's time to retire a product from the market won't be challenged by independent repair depots.
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A new report from Betterley Risk Consultants, shared with The Intercept, reveals that many of the world's largest insureres will no longer conside whole industries for "employment practices liability insurance" (EPLI), which covers liability from "sexual harassment, sex discrimination, and other employee claims."
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In March 2018, Nathan Ganas was murdered in his driveway in Durban, South Africa, during a botched hijacking; now Momentum, the insurer who wrote the 2.4m Rand (USD 170,700) policy on his life, is refusing to pay out because they say he didn't disclose his elevated blood-sugar levels when he took out the policy -- instead, they will refund the premiums Ganas paid during the four years he held the policy.
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Wolf Richter's dental insurer sent his family a free "smart" toothbrush that records how often and how well you brush, using a set of proprietary consumables to clean your teeth.
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In some ways, there's never been a better time to be an insurer: every business wants cybersecurity insurance, and the market is willing to tolerate crazy annual premium hikes -- 30% a year for the past five years!
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Before Equifax changed its name in 1976 -- in the midst of a Congressional investigation and a national scandal -- it was the Retail Credit Company, founded in Atlanta in 1899. Read the rest
Many insurers offer breaks to people who wear activity trackers that gather data on them; as Cathy "Mathbabe" O'Neil points out, the allegedly "anonymized' data-collection is trivial to re-identify (so this data might be used against you), and, more broadly, the real business model for this data isn't improving your health outcomes -- it's dividing the world into high-risk and low-risk people, so insurers can charge people more. Read the rest
In the aftermath of the 2008 crash, international shipping sank to record lows -- but container ship companies kept on building, turning out some of the biggest ships the seas have ever seen. Read the rest
Reps from Afghanistan, Bangladesh, Barbados, Bhutan, Costa Rica, Ethiopia, Ghana, Kenya, Kiribati, Madagascar, Maldives, Nepal, Philippines, Rwanda, Saint Lucia, Tanzania, Timor-Leste, Tuvalu, Vanuatu and Vietnam just gathered in Peru to announce the formation of the "Vulnerable 20" group, a coalition of 20 nations threatened by climate change. Read the rest
In 2014, Home Depot disclosed a security breach of 53 million customer credit cards and 56 million email addresses. This week the company settled a class action lawsuit and agreed to pay as much as $19.5 million in damages and compensation. Read the rest
An independent review board has ordered an unspecified health insurer in the northeastern USA to reimburse a patient for a $69,500 exoskelton from Rewalk, whose products enable people with spinal cord injuries to walk. Read the rest
Chubb's new troll rider on its elite personal insurance package for its wealthiest customers now offers up to £50,000 to cover the cost of counselling, lost income, and professional anti-troll services (forensics, reputation management) for people who are targeted by online harassers. Read the rest
BMG Rights Management and Round Hill Music. has been trying to enlist Cox Cable as an accomplice in a copyright trolling scheme, demanding that the company pass on copyright infringement notices that accuse users of downloading music and order them to pay large sums of music or face punishing lawsuits. Read the rest
Two doctors have written a really fascinating analysis of the history and economics of health insurance that will make our current U.S. system seem even more ridonculous than it already did. Read the rest
The Consumer Federation of America did a mystery shopper review of several auto insurers and found that drivers with at-fault accidents paid lower premiums than drivers with spotless records -- provided that the careless driver was rich and well-educated and the careful driver was a single renter without an advanced degree.
Using two hypothetical characters the group compared premiums offered to two 30-year-old women. Both had driven for 10 years, lived on the same street in a middle-income Zip code and both wanted the minimum insurance required by whichever state the group was researching.
The imaginary woman who wasn’t married, rented a home, didn’t have coverage for 45 days but has never been in an accident or ticketed with a moving violation was compared to a married executive with a master’s degree who owns her home and has always had continuous insurance coverage. But she’d been in an accident (again, hypothetically) that was her fault and caused $800 in damage within the last three years.
The results were somewhat surprising, although there were differences across the five insurers. Farmers, GEICO and Progressive always gave a higher quote to the safer driver than the woman who’d caused an accident. Across all 12 cities in the study, State Farm offered the lowest or second lowest premiums.
“State insurance regulators should require auto insurers to explain why they believe factors such as education and income are better predictors of losses than are at-fault accidents,” said J. Robert Hunter, CFA’s director of insurance and former Texas insurance
Consumer Group: The Rich May Pay Less For Car Insurance Even If They’re Not Safe Drivers [Consumerist/Mary Beth Quirk]
LARGEST AUTO INSURERS FREQUENTLY CHARGE HIGHER
PREMIUMS TO SAFE DRIVERS THAN TO THOSE RESPONSIBLE FOR
ACCIDENTS (PDF) [Consumer Federation of America] Read the rest