losses News

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’ …

Kentucky Fire Marshal Seeks Help With Arson Cases

Because of an alarming increase in suspected arson fires in Kentucky, State Fire Marshal William Swope is asking citizens to provide information to help solve the crimes. Since December, arson has been suspected in nearly a dozen fires in Pulaski, …

Liquid Claims Introduces New Forecast Plus Software Tool

Liquid Claims LLC, a claims settlement services provider for investors involved in securities class action suits, has launched Forecast Plus, a software tool designed to provide clients with a detailed analysis of the their losses and possible recoveries. Forecast Plus …

Nationwide Posts $852M Q3 Loss Due to Disasters, Interest Rates

Nationwide Mutual reported a third-quarter loss Friday, as the property insurer said it was hurt by investment losses and continuing high levels of claims from natural disasters. Privately held Nationwide, one of the largest insurers in the country, said it …

Northeast Power Outages Hit Many Businesses Hard

Businesses big and small have taken a beating from the power outages caused by the record-setting October snowstorm and the losses are only beginning to be tallied, owners and experts said Monday as tens of thousands of Connecticut homes and …

AIG Loses $4B on Planes, Weak Markets

Insurer American International Group lost more than $4 billion in the third quarter, as its aircraft leasing unit took an impairment charge on a portion of its fleet and the fair value of the company’s one-third stake in Asian insurer …