Insurers not significantly impacted by CrowdStrike disruption, estimated losses in mid-high single-digit billions

From Investing.com: 2024-07-22 13:49:01

Fitch Ratings predicts global insurance industry will not face major financial impact from CrowdStrike’s security software glitch causing internet outage. Insured losses estimated in mid-to-high single-digit billion dollars, with primary insurers handling most claims. Investor concerns over claims and litigation from disruption may ease as insurers transfer liability to reinsurers.

CrowdStrike’s software update crash affected computers running Microsoft’s Windows OS, impacting industries like airlines, banking, and healthcare. Standard cyber insurance typically covers cloud downtime from security, operational, or system failure within the insured’s operations but not from third-party network service provider issues. Difficulty in accounting for cyber risk remains a challenge for the insurance industry.



Read more at Investing.com: Insurers to see limited hit from CrowdStrike disruption, Fitch says By Reuters