August 27, 2020
Even though investment returns rebounded from first-quarter levels during the second quarter of 2020, claims from COVID-19 created an “anemic earnings” picture for global reinsurers, Moody’s Investor Services says. In a new report on half-year earnings for the sector published …
August 26, 2020
COVID-19-related claims were not the biggest driver of the North American property/casualty insurance industry’s overall combined ratio during the first six months of 2020. Natural catastrophes cost insurers more, Fitch Ratings concluded in its latest report. Pandemic-related claims increased the …
August 11, 2020
Fashion firm Ralph Lauren Corp. is suing its insurer to recoup what it says has been a huge drop of two-thirds of its revenues in the first quarter alone due to the pandemic. Ralph Lauren Corp. (RLC) maintains that Factory …
August 6, 2020
CNA Financial Corp. saw its 2020 second quarter net income sliced almost by half compared to the previous year due to “considerable catastrophe losses” from COVID-19, civil unrest and weather-related events. The Chicago-based commercial property/casualty insurer booked $151 million in …
August 6, 2020
AXA SA’s profit sank in the first half as it booked a 1.5 billion-euro ($1.8 billion) charge for claims related to COVID-19 and warned of further shocks from the pandemic. The French insurer saw net income fall 39% from the …
August 5, 2020
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 …
August 4, 2020
Insurer American International Group Inc. on Monday posted a 56% fall in quarterly adjusted earnings, spurred partly by higher catastrophe losses and lower private-equity returns. Adjusted after-tax income attributable to AIG common shareholders fell to $571 million in the second …
July 31, 2020
The Hartford emerged from the second quarter’s COVID-19 related challenges with an overall profit and a plan to reduce expenses through “headcount reductions,” information technology investments and other moves. The insurer is calling its expense reduction move Hartford Next and …
July 31, 2020
Global insurer Chubb’s employees have begun to return to their offices in many countries around the world as governments have brought the coronavirus pandemic under control. However, the United State government has not been able to get the virus under …
July 29, 2020
The Hanover Insurance Group Inc. reported net income of $115.2 million in the second quarter of 2020, compared to $74.0 million in the prior-year quarter. The insurer said it has experienced limited COVID-19-related loss activity to date, although it increased …