{"id":635120,"date":"2024-07-24T00:00:00","date_gmt":"2024-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/"},"modified":"2024-07-24T00:00:00","modified_gmt":"2024-07-24T00:00:00","slug":"ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/","title":{"rendered":"Ins. industry braces for a torrent of claims after CrowdStrike goof"},"content":{"rendered":"

The ins. <\/strong>industry<\/strong> could face business interruption claims worth bns of USD after a global <\/strong>tech outage last week triggered by a bad software update from cybersecurity outfit CrowdStrike<\/strong>, Financial Times<\/a> writes. Leading ins. broker Aon said the outage was set to become \u201cthe most important\u201d incident of its kind since the NotPetya cyberattack in 2017.<\/p>\n

ICYMI- Blue screens of death for everyone: <\/strong>A routine software update to CrowdStrike\u2019s Falcon Sensor software <\/span>on Friday<\/a> threw some 8.5 mn machines running Microsoft Windows into boot loops. The glitch affected dozens of institutions worldwide \u2014 including Saudi companies, airports, and government agencies \u2014 among many others.<\/span><\/p>\n

Some already have an estimated cost: <\/strong>Burns & Wilcox liability broker Derek Kilmer sees an ins. loss of at least USD 1 bn with the figure possibly coming in even higher. PA Consulting sees thousands of claims due to the global outage with claims worth multiple bns.<\/p>\n

Others had a more guarded outlook<\/strong>, saying it\u2019s too early to guess how much insurers will have to pay out: Many companies can only file claims if tech outages disrupt operations for 6-12 hours or more, while others have caps on the value of damages they can pursue.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are seesawing in early trading<\/strong>, with the ASX 200, Nikkei, and Hang Send all down slightly, while the Kospi and Shanghai Composite were flat at dispatch time. Futures point to selling pressure in both major European markets and on Wall Street later today. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

29,195<\/p>\n<\/td>\n

\n

+0.7% (YTD: +17.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.30<\/p>\n<\/td>\n

\n

Sell 48.44<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.31<\/p>\n<\/td>\n

\n

Sell 48.41<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,106<\/p>\n<\/td>\n

\n

-0.6% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,234<\/p>\n<\/td>\n

\n

-0.5% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,216<\/p>\n<\/td>\n

\n

+0.9% (YTD: +3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,556<\/p>\n<\/td>\n

\n

-0.2% (YTD: +16.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,167<\/p>\n<\/td>\n

\n

-0.4% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

4,917<\/p>\n<\/td>\n

\n

+0.4% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 81.01<\/p>\n<\/td>\n

\n

-1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.16<\/p>\n<\/td>\n

\n

-1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 2,457<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 65,953<\/p>\n<\/td>\n

\n

-3.2% (YTD: +56.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 4.3 bn (9.7% above the 90-day average). Local investors were the sole net buyers. The index is up 17.3% YTD.<\/p>\n

In the green: <\/strong>Egypt Kuwait Holding (+6.3%), ADIB (+6.2%), and Orascom Development (+5.7%).<\/p>\n

In the red: <\/strong>Orascom Construction (-1.3%), Abu Qir Fertilizers (-1.2%), and Talaat Moustafa Group (-1.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Some say it was too early to determine an estimate for the economic damage<\/p>\n","protected":false},"author":1,"featured_media":635121,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[965,72,119,462,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-635120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-crowdstrike","tag-enterpriseam","tag-financial-markets","tag-microsoft","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"36a4491e-e628-484d-8ee3-ece63c3606ab","order":"9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1910.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Insurers braces for a torrent of claims after CrowdStrike goof","related_issue":[635105],"teaser":"Some say it was too early to determine an estimate for the economic damage","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.059aca2a-13bd-4faa-8d89-e14ddb6b3be6.mp3"},"yoast_head":"\nIns. industry braces for a torrent of claims after CrowdStrike goof - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ins. industry braces for a torrent of claims after CrowdStrike goof\" \/>\n<meta property=\"og:description\" content=\"Some say it was too early to determine an estimate for the economic damage\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-24T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1910.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Ins. industry braces for a torrent of claims after CrowdStrike goof\",\"datePublished\":\"2024-07-24T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/\"},\"wordCount\":360,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1910.jpg?fit=%2C&ssl=1\",\"keywords\":[\"CrowdStrike\",\"EnterpriseAM\",\"Financial Markets\",\"microsoft\",\"Planet Finance\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/ins-industry-braces-for-a-torrent-of-claims-after-crowdstrike-goof\/\",\"name\":\"Ins. industry braces for a torrent of claims after CrowdStrike goof - 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The initiative is looking at ticket sizes of between EUR\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559964,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/no-self-dealing-in-the-ins-industry-fra-says\/","url_meta":{"origin":635120,"position":1},"title":"No self-dealing in the ins. industry, FRA says","author":"enterpriseam admin","date":"10 February 2021","format":false,"excerpt":"Major shareholders of ins. companies can\u2019t also be major clients: Property and liability ins. companies will be restricted in how much business they can do with their principal shareholders under a recent decision from the Financial Regulatory Authority (FRA). Shareholders will now only be able to account for 10% of\u2026","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557500,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/there-was-a-bunch-of-news-on-the-non-bank-lending-front-yesterday\/","url_meta":{"origin":635120,"position":2},"title":"There was a bunch of news on the non-bank lending front yesterday","author":"enterpriseam admin","date":"21 September 2021","format":false,"excerpt":"A lot of news related to non-bank lending landed yesterday. Here\u2019s a snapshot: The Central Bank of Egypt (CBE) and the Financial Regulatory Authority will collaborate to issue licenses for consumer finance companies, under the terms of an partnership agreement signed by both parties (pdf).EFG Hermes Corp-Solutions will provide Arkan\u2026","rel":"","context":"In "Finance"","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578913,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/","url_meta":{"origin":635120,"position":3},"title":"New FRA regulations aim to help insulate ins. companies from credit risk of borrowers","author":"enterpriseam admin","date":"18 January 2023","format":false,"excerpt":"FRA hands down new regulations controlling ins. against credit risks: The Financial Regulatory Authority (FRA) has issued new regulations designed to mitigate credit risk for ins. companies, it said in a statement on Monday. The amendments aim to encourage lenders to run background checks on borrowers before granting them loans\u2026","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583709,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/20\/kaf-receives-license-to-provide-commercial-life-ins\/","url_meta":{"origin":635120,"position":4},"title":"Kaf receives license to provide commercial life ins","author":"enterpriseam admin","date":"20 March 2023","format":false,"excerpt":"EFG Hermes and GB Auto acquired 75% of the firm in 2020","rel":"","context":"In "FINANCIAL SERVICES"","block_context":{"text":"FINANCIAL SERVICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-services\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Umbrellas-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547056,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/07\/insurtech-player-nice-deer-raises-usd-1-mn-naqla-launches-automotive-maintenance-store\/","url_meta":{"origin":635120,"position":5},"title":"Insurtech player Nice Deer raises USD 1 mn + Naqla launches automotive maintenance store","author":"enterpriseam admin","date":"7 June 2022","format":false,"excerpt":"Insurtech startup Nice Deer has raised USD 1 mn in a pre-seed round led by Disruptech Ventures, the company said in a press release(pdf) yesterday. An angel investor also participated in the round, cofounder Engy Shalash (LinkedIn) told us. About Nice Deer: Founded earlier this year by Shalash and Mostafa\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/175.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/635120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=635120"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/635120\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/635105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/635121"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=635120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=635120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=635120"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=635120"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=635120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}