Why Are Umbrella Rates On The Rise?
Rising loss costs have affected auto rates across the industry, and umbrella rates are facing similar trends. While COVID-19 may have resulted in a short-term decrease in miles driven, we expect miles and claims impacts to return to normal in the near future. Because umbrella claims tend to stretch over longer periods of time than other personal lines claims, it's important to consider long-term trends and data even in times of short-term fluctuation.
There are three key trends driving these changes: auto accidents, liability claims and legal trends.
Luxottica Gets Blindsided by Ransomware Attack
Luxottica, the world’s largest eyewear company, has confirmed that it suffered a ransomware attack which led to the shutdown of its operations in Italy and China.
The conglomerate, whose eyewear frames account for about 10% of sales worldwide, is the owner of popular eyewear brands Ray-Ban, Oakley, and Persol. Luxottica also produces designer eyewear for fashion brands like Armani, Bulgari, Chanel, Prada, Ferrari, Giorgio Armani, Michael Kors, Burberry, Versace, Dolce and Gabbana, Miu Miu, and Tory Burch.
In addition, Luxottica operates eyecare providers like Pearle Vision, LensCrafters, and EyeMed, as well as eyewear retail outlets such as Sunglass Hut. Last week, consumers reported that the websites for Ray-Ban, EyeMed, Pearle Vision, and Sunglass Hut were down. At the same time, Luxottica’s own websites – one.luxottica.com and university.luxottica.com – were also reported down, displaying messages that the websites were “temporarily unavailable” and were undergoing maintenance.
Italian cybersecurity news portal SecurityOpenLab.it reported earlier this week that Luxottica’s offices in Agordo and Sedico, Italy, suffered “computer system failure.” Employees were sent an SMS message to stay home, as the offices were practically disabled. A Luxottica employee eventually confirmed that the company had been hit by a ransomware attack that affected the company worldwide.
A security professional unattached to Luxottica later said that no data had been stolen during the malware attack, but this information has yet to be independently verified.
ACL Fest 2020
October 9, 2020 to October 11, 2020
Oktober Fest October 10, 2020 | Stubb's Bar-B-Q
The German-Texan Heritage Society holds this annual festival, featuring limited picnic tables by reservation with live music and authentic German food. It'll be the biggest little Oktoberfest around this year! Austin Film Festival October 22, 2020 to October 29, 2020 | Virtual
Recognized as one of the top film festivals in the country, this cinematic event shines the spotlight on both top-billed films and indies alike. Click HERE for more info.
Texas Monthly BBQ Fest: Backyard Edition October 24, 2020 to November 01, 2020 | City Terrace at The Long Center
The famed festival is returning for 2020 with a new format! Order your BBQ Fest box for a Texas-sized celebration of barbecue in your own backyard. Click HERE for more info.