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The ins. industry could face business interruption claims worth bns of USD after a global tech outage last week triggered by a bad software update from cybersecurity outfit CrowdStrike, Financial Times writes. Leading ins. broker Aon said the outage was set to become “the most important” incident of its kind since the NotPetya cyberattack in 2017.
ICYMI- Blue screens of death for everyone: A routine software update to CrowdStrike’s Falcon Sensor software on Friday threw some 8.5 mn machines running Microsoft Windows into boot loops. The glitch affected dozens of institutions worldwide — including Saudi companies, airports, and government agencies — among many others.
Some already have an estimated cost: 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.
Others had a more guarded outlook, saying it’s 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.
MARKETS THIS MORNING-
Asian markets are seesawing in early trading, 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.
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TASI |
12,106 |
-0.6% (YTD: +1.2%) |
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MSCI Tadawul 30 |
1,513 |
-0.7% (YTD: -2.4%) |
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NomuC |
26,164 |
+0.5% (YTD: +6.7%) |
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USD : SAR (SAMA) |
USD 3.75 Sell |
USD 3.75 Buy |
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Interest rates |
6.0% repo |
5.5% reverse repo |
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EGX30 |
29,195 |
+0.7% (YTD: +17.3%) |
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ADX |
9,234 |
-0.5% (YTD: -3.6%) |
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DFM |
4,216 |
+0.9% (YTD: +3.9%) |
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S&P 500 |
5,556 |
-0.2% (YTD: +16.5%) |
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FTSE 100 |
8,167 |
-0.4% (YTD: +5.6%) |
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Euro Stoxx 50 |
4,917 |
+0.4% (YTD: +8.7%) |
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Brent crude |
USD 81.01 |
-1.7% |
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Natural gas (Nymex) |
USD 2.16 |
-1.2% |
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Gold |
USD 2,457 |
+0.1% |
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BTC |
USD 65,953 |
-3.2% (YTD: +56.0%) |
THE CLOSING BELL: TADAWUL-
The TASI fell 0.6% yesterday on turnover of SAR 6.9 bn. The index is up 1.2% YTD.
In the green: Sumou (+10.0%), Kingdom Holding (+9.9%) and 2P (+4.0%).
In the red: Miahona (-6.8%), Nama Chemicals (-3.4%) and Jadwa Reit Saudi (-3.2%).
THE CLOSING BELL: NOMU-
The NomuC rose 0.5% yesterday on turnover of SAR 30.1 mn. The index is up 6.7% YTD.
In the green: Al Qemam (+9.3%), Bena (+8.3%) and Armah (+7.3%).
In the red: Quara (-10.0%), Osool and Bakheet (-9.4%) and Enma Alrawabi (-6.0%)
