Class action lawsuits, especially data breach suits, on the rise for insurance industry

As recently reported by InsuranceNewsNet, “[i]nsurance companies have emerged as a significant target for class action lawsuits.” In particular, class action suits resulting from data breach claims are expected to spike for insurers.

Insurance companies are not strangers to class action litigation, given that they often deal with policy adjustments, suitability issues, pricing conflicts and claim reimbursement issues with multiple policyholders. But with cyber hacking and data breach threats on the rise, insurance companies’ corporate counselors seem to be realizing their vulnerability and are preparing for this new wave of class action contests.

Data Privacy and Cyber Security, Insurance Industry