losses News

Edison Raises California Fires Loss Estimate to $7.5 Billion

Edison International’s Southern California Edison raised its estimated losses from 2017 and 2018 wildfires to $7.5 billion after reaching a settlement over the blazes with state regulators. The owner of the largest electric utility in Southern California said it agreed …

Claims Process ‘Challenging’ as Insurers Suffer Record Winter Losses, Aon Says

US insurers suffered record-breaking winter storm losses during the first quarter of 2021 while also grappling with several high-profile cyberattacks, according to a report released Thursday by Aon. Maybe claims departments are becoming a little testy. Aon’s quarterly Global Market …

BlackRock, Citi in $100 Million Fight Over Texas Storm Aftermath

A Texas wind farm owned by BlackRock Inc. is locked in a $100 million court battle with Citigroup Inc. over losses caused by the devastating winter storms in Texas. The BlackRock unit, Mariah Del Norte, sells power to Citigroup under …

Jewelry Losses From Crime Nearly Doubled in 2019, Defying Long-Term Trend

The value of losses from crimes against jewelers jumped by 89.1% in 2019 even though the number of thefts, burglaries and robberies decreased slightly, according to a new report by the Jewelers’ Security Alliance. The organization said it received reports …

Lloyd’s of London Sees Global Pandemic Insurance Losses Above Previous Estimate

Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told the Reuters Events Future of Insurance USA conference that …

AIG’s Pandemic Losses Hit $730M for First Half of 2020 -CEO

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 …

World’s Insurers Face $203 Billion Losses From Coronavirus

Lloyd’s of London, the world’s largest insurance exchange, estimates the industry will suffer around $203 billion in losses from the coronavirus pandemic this year. The projected losses include about $107 billion from underwriting claims, with the rest from insurers’ investment …

Willis: COVID-19 Losses Offset by Reduced Claims for Auto Lines

If the novel COVID-19 pandemic is brought under control soon, the disease’s impact on the insurance industry as a whole may be pretty much a wash. If not, the industry may be on the verge of an historic catastrophe. A …

Insurers Warn on Forced Payouts for Uncovered Coronavirus Losses

LONDON — World insurers told governments on Monday that making them pay out on losses suffered due to the coronavirus that were not covered by policies risked destabilizing the insurance industry. With the global economy hammered by measures to halt …

U.S. Peach Grower Awarded $265 M From Bayer, BASF in Weedkiller Lawsuit

A Missouri jury’s $265 million award to peach grower Bill Bader in his lawsuit against herbicide providers Bayer and BASF has raised the stakes for the two companies as at least 140 similar cases head to U.S. courts later this …