A bipartisan group of U.S. House members has asked insurers to retroactively recognize financial losses relating to COVID-19 under commercial business interruption coverage for policyholders. Eighteen House members made their case in a March 18 letter addressed to the leaders …
California’s governor on Thursday issued an unprecedented statewide “stay at home order” directing the state’s 40 million residents to hunker down in their homes for the foreseeable future in the face of the fast-spreading coronavirus pandemic. Governor Gavin Newsom’s directive, …
The nation’s restaurants stand to lose at least $275 billion and shed as many as 7 million jobs over the next three months due to the coronavirus, the industry told lawmakers yesterday in appealing for help. The National Restaurant Association …
The original property/casualty insurance industry reaction that business interruption losses may be modest may have been too optimistic, according to a leading insurance analyst. KBW’s Meyer Shields believes that the “combination of an aggressive trial bar, legitimately suffering insureds, and …
At lunch hour, James Leahy’s Burrito Joe stall in the City of London’s financial district is usually buzzing as people line up from around the corner for their fajitas, tacos, quesadillas and rice-and-meat bowls. Now, those same finance sector employees …
The NCAA made more than $1 billion last year, almost $867 million from the men’s Division I basketball tournament, and most of that from a massive television rights deal with CBS and Turner that runs through the 2032 tournament. The …
Ratings firm AM Best said it is developing stress testing that it will conduct on its rated insurance companies’ balance sheets to gauge the impact of the COVID-19 virus fallout on their risk-adjusted capital levels, investment portfolios, reserve adequacy and …
Uber Technologies Inc. and Lyft Inc. Tuesday began suspending shared rides on their ride-hailing platforms in the United States and Canada to limit the spread of the coronavirus. The pooled option, which allows riders to book trips at lower prices …
Gov. Ron DeSantis on Saturday banned most visits to nursing homes statewide as he acknowledged the coronavirus has likely spread into the general population. Meanwhile, officials closed world-famous South Beach to prevent college spring breakers from congregating. During a news …
The Lloyd’s Market Association (LMA) is closing its office from Tuesday March 17 until the end of March in response to the COVID-19 outbreak. While its “Work From Home Business Continuity Plan” is operational and the office is closed, the …
