US Judge dismisses CrowdStrike shareholder fraud suit tied to 2024 global outage
A US federal judge dismissed a shareholder lawsuit accusing CrowdStrike of hiding software testing failures ahead of the July 2024 outage, allowing plaintiffs to amend
Insurance Fraud
Florida insurance broker gets 35 months for $134 mn ACA enrollment fraud
A federal judge sentenced a Pembroke Pines insurance broker to nearly three years in prison for a $134mn Affordable Care Act fraud scheme
New Jersey prosecutors charge four over $250k travel insurance fraud
New Jersey prosecutors indicted four people accused of filing fake travel insurance claims tied to trips and medical emergencies that never happened
Aflac to notify 22.7 mn insurance customers after June cyber incident – Case study
Aflac has completed a review of files tied to a June cybersecurity incident and has begun notifying roughly 22.65 mn affected individuals
London dental insurance fraud trio avoid immediate jail
A struck-off dentist and her two children were convicted over a £350k dental insurance fraud in North London but received suspended sentences
US Labor Department sends fraud strike team to Minnesota UI
The US Labor Department will review Minnesota’s Unemployment Insurance program after fraud findings raised concerns over system integrity
Germany blames Russia for Bundestag cyberattack as US breach hits 5.6 mn
Berlin accuses Russia of a cyberattack on parliament during Zelenskyy’s visit, as a US credit firm confirms a breach affecting 5.6 mn people
47% of Texas homeowners insurance claims closed with no payout
Texas insurers closed 47% of homeowners claims without payment in 2024, shifting more repair costs onto property owners as deductibles and denials rise
State Farm sued over PHL policies as buyers insurance claim fraud, gutted payouts
A new class-action suit says State Farm sold PHL-issued life products despite a $2.2bn shortfall that left policyholders with sharply reduced payouts
Hesperia and Adelanto suspects tied to staged rideshare crash and insurance fraud case
Four men face felony convictions after a staged rideshare crash on I-215. A fifth suspect from Adelanto now confronts added charges including pimping and false imprisonment
Whistleblowers accuse Farm Bureau P&C Insurance of fraud concealment and retaliation
Two ex-investigators sue Farm Bureau, alleging fraud cover ups, retaliation, and long running pressure to hide cases from state regulators
Indiana court dismisses Cantor’s $25 mn fidelity bond case over jurisdiction
Indiana’s appeals court tossed Cantor’s $25mn fidelity bond suit, ruling nonresident insurers lacked the minimum contacts required for state jurisdiction
Hiscox ordered to release records in $6.8 mn Dwolla fraud coverage fight
A U.S. court ordered Hiscox to hand over claims and underwriting records in a $6.8mn dispute over Dwolla’s denied computer fraud insurance claim
Allstate sues Texas pain clinics for $1.7 mn insurance fraud scheme
Allstate alleges a Texas pain clinic network inflated $1.7 mn in auto injury bills through fake procedures and unlawful fee-splitting, seeking $5.2 mn in damages
State Farm hit with lawsuit over AI bias, discrimination and unpaid insurance claims
State Farm faces federal lawsuit alleging AI-driven bias, unpaid $372K in claims, and fraudulent damage reporting practices
Berkley Insurance sues IT provider over $1 mn cyber-theft tied to email breach
Berkley Insurance is seeking $1mn from Alliance Systems, alleging failure to notify client PPL of an email breach that led to wire transfer fraud
Canada expands data pooling program that uses AI to detect potential fraud
The Canadian Life and Health Insurance Association (CLHIA) is expanding its data pooling program that uses artificial intelligence to detect potential fraud
CLARA Analytics study shows AI can spot insurance fraud early
A recent study by CLARA Analytics shows that AI tools can flag possible fraud in property and casualty claims just two weeks after filing, much faster than traditional methods
Life insurance broker convicted in $20 mn fraud scheme spanning 30 years
A federal jury convicted life insurance broker James W. Wilson on 13 counts of fraud for orchestrating a $20 mn scam involving at least seven life insurers
Hartford Counselor sentenced to 27 months for $1 mn Medicaid insurance fraud scheme
U.S. District Judge Kari A. Dooley in Bridgeport ordered Epps to pay $1,001,058.43 in restitution to the Connecticut Medicaid program
Former Allied World Insurance executive sentenced to 20 months for $1.4 mn fraud scheme
A federal judge sentenced James Keating to 20 months in prison and three years of supervised release for stealing more than $1.4 mn from Allied World Insurance
American Transit Insurance sues for $450 mn in alleged fraud case
American Transit Insurance Co. (ATIC), a provider of taxi and for-hire vehicle insurance, has filed a $450 mn lawsuit, alleging extensive fraud
CLARA Analytics launched of a fraud detection product for insurance claims
CLARA Analytics, a provider of artificial intelligence (AI) technology for insurance claims optimization, has launched of a fraud detection product that leverages
Web3 security startup Blockaid sequred a $33 mn funding
Blockaid, a web3 security startup co-founded by two former Israeli military cyber intelligence personnel, has come out of stealth with $33 million in funding
Verisk launched ClaimSearch system against insurance fraud in Israel
Verisk announced the launch of its new ClaimSearch system in Israel. Developed in collaboration with the Israel Insurance Association
Allianz Trade introduced a new standalone fraud insurance product in the UK
Allianz Trade, the trade credit insurer, has introduced a new standalone fraud insurance product to assist businesses
Former insurance executive indicted for $2bn fraud scheme to deceive state Regulators
A federal grand jury in Charlotte returned an indictment charging a North Carolina man with masterminding and directing a massive scheme to deceive state insurance regulators
Florida’s Homeowners Insurers are Facing Fraud Schemes & Underwriting Losses
An issues brief published by the Insurance Information Institute has affirmed that the turmoil in Florida’s homeowners insurance market is due to fraud schemes
Zurich Insurance has seen a ‘sharp increase’ in fraudulent insurance claims
Zurich Insurance has warned of “a sharp increase” in the number of insurance fraud cases it receives, echoing calls that the cost-of-living crisis
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Artificial intelligence and digital technology are changing how life insurers distribute policies, assess risks and manage customer relationships
Life insurance distribution remains market-specific, with independent intermediaries gaining share in the US while bancassurance dominates France and Italy
Lloyd's outlines how insurers are adapting war risk coverage, cyber war exclusions and pricing to geopolitical threats, hybrid warfare and rising exposure accumulation
European insurers tighten riot coverage as civil unrest spreads, raising deductibles and limiting protection amid potential losses of €1.2 bn in France