losses News

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 …

Viewpoint: What Do Power Outages, Wildfires, and Vaping Bans Have in Common?

At the outset, power outages, wildfires, and vaping bans do not appear similar at all, but in the rush to protect consumers and constituents from harm, companies and state legislators may be creating an entirely new, uninsured claim type. Insurance …

ACE Announces $380M Loss Estimate Related to Superstorm Sandy

ACE Limited announced preliminary losses in the fourth quarter for the ACE Group of companies attributable to Superstorm Sandy in the northeastern United States are currently estimated to be $380 million after tax, net of reinsurance and including reinstatement premiums. …

California Workers’ Comp Losses, Expenses Reach Over $12B

A report issued last week by the California Workers’ Compensation Institute shows workers’ comp insurers’ loss and expense payments rose to nearly $12.5 billion in 2011, an increase of over $1 billion. The report, compiled from statistics from the Workers’ …