CCRIF SPC, the Cayman Islands-based parametric catastrophe facility, will pay approximately US$40 million to the government of Haiti, following the devastating magnitude 7.2 earthquake, which struck the Caribbean island on Aug. 14, significantly affecting the city of Les Cayes. This …
Property and casualty insurer Chubb Ltd on Thursday offered to acquire smaller rival Hartford Financial Services Group Inc in a $23.24 billion cash-and-stock deal. Chubb’s $65 per share offer represents a premium of 13.2% to Hartford’s last close of $57.41. …
Property and casualty insurer Travelers Cos Inc reported a second-quarter loss on Thursday, hurt by a sharp increase in catastrophe losses and dismal returns on non-fixed income investments in pandemic-hit financial markets. Travelers reported a net loss of $40 million, …
Property and casualty insurer Travelers Cos. Inc. reported a 25% drop in quarterly profit on Tuesday and warned that potential claims tied to compensation coverage for furloughed and laid-off employees would hit results for the year. The coronavirus pandemic has …
The past decade broke new records in terms of economic damages and insured losses, according to Aon’s latest catastrophe report. The costs to global economies reached US$2.98 trillion between 2010 and 2019, which was US$1.19 trillion higher than 2000-2009, said …
LONDON — By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burnt both his tractor and the shipping container where he kept some tools. His insurer is …
PG&E Corp., the bankrupt California utility giant, reported a $2.6 billion second-quarter loss and said it expects more charges this year tied to wildfires that devastated the state in 2017 and 2018. The company, which didn’t provide an outlook for …
Florida’s disjointed property insurance system that relies almost exclusively on small and midsize companies will take a multibillion dollar loss from Hurricane Michael, but has sufficient reserves and backups that providers should be able to pay claims without problems, analysts …
Editor’s Note: This article, previously published in 2012, offers evergreen tips on staying safe while adjusting catastrophe losses. Displaced rats, contaminated flood waters, downed electrical wires and unstable flooring are just some of the dangers encountered by workers assessing Sandy …
Wildfires, hurricanes, tornadoes, hail storms, Nor’easters and mudslides. A string of disasters has pummeled the biggest U.S. insurers over the past year, and the second quarter was no exception. Allstate Corp. estimated its pretax catastrophe losses at $906 million for …