The coronavirus pandemic dealt a relatively modest $2.5 billion blow to five insurers with large U.S. operations in the second quarter — a cost that was far less than feared and which the industry has absorbed without touching capital, analysts …
Insurer American International Group Inc racked up $730 million in COVID-19-related losses during the first half of the year, its chief executive officer said on Tuesday. The pandemic is a “formidable and ongoing catastrophe,” AIG CEO Brian Duperreault said during …
A workers’ compensation insurer cannot charge an employer an extra $1.7 million in premiums for the risk presented by employees who were exempt from coverage under Iowa’s workers’ compensation law, a federal appellate court ruled Monday. The 8th Circuit Court …
American International Group Inc.’s Peter Zaffino drew a clear line ahead of his jump to the insurer almost three years ago. “I didn’t want any advice,” Zaffino, AIG’s president, said in a rare sit-down interview. “I needed to see things …
Chubb Ltd. Chief Executive Officer Evan Greenberg has a stark warning for policy makers pushing insurers to pay out some uncovered business-interruption losses. “The insurance industry is a fundamental part of the economic plumbing of this country,” Greenberg said in …
NEW YORK — Peter Zaffino sat at 2 World Trade Center poring over financial reports on the morning of Sept. 11, 2001, when the first plane struck a neighboring building. Zaffino, known by colleagues for his laser-like focus, remained at …
Separate reports by financial analysts concluded that property and casualty carriers improved the condition of their claim reserves in 2018, in large part because of favorable loss development in the workers’ compensation line. Keefe, Bruyette & Woods reported that property …
PHILADELPHIA — Bill Cosby’s insurance company has settled another lawsuit filed by a female accuser a week before the imprisoned comedian was set to give a deposition in the case, prompting Cosby to call the insurer “complicit” in a scheme …
Norwegian aluminum maker Norsk Hydro may have lost more than $40 million in the week that followed a cyber attack that paralyzed parts of its operations, and a full recovery of IT systems will take weeks or more, the company …