Insurers Bracing for Business Interruption Claims Following Global Tech Outage
Monday, 22 July 2024, 05:05
Overview of the Global Tech Outage
On Friday, a major global technology outage disrupted various sectors, including travel and finance, leading to significant operational challenges.
Implications for the Insurance Industry
As a result of the interruption, insurers are expected to face a wave of business interruption claims from affected organizations.
Industry Response and Future Considerations
- Understanding Coverage: Insurers will need to clarify policy terms regarding global outages.
- Assessing Claims: The assessment of claims will be crucial as businesses report losses.
- Preparing for the Future: This outage may prompt reviews of risk management strategies in tech-reliant industries.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.