A global IT outage on Friday has caused significant disruptions across various sectors, including air travel and financial institutions. Thousands of flights were canceled or delayed, with some passengers receiving hand-written boarding passes. Organizations have had to halt operations, leading to potential losses in the millions. Analysts warn that the outage could result in billions of dollars in losses and potentially major claims against insurance companies. The insurance industry is expected to face numerous business interruption claims as a result of the widespread impact on businesses.