Claims / Legal
Department Store Blames Unresolved Business Interruption Claims for Causing Bankuptcy
Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy with plans to shut down, becoming the latest victim of the retail industry carnage that's accelerated ...
Some Fear California’s Latest Wildfires Could Spark a Financial Crisis
Wildfires across the U.S. West are among the sparks from climate change that could ignite a U.S. financial crisis by damaging home values, state tourism and local government budgets, an advisory ...
Lloyd’s Records $520M H1 Loss Stemming From COVID-19 Claims
Lloyd's of London recorded a pretax loss of 400 million pounds ($520.08 million) in the first half, battered by the coronavirus pandemic, the commercial insurance market said on Thursday. Insurers ...
Schools Dogged by Unaddressed COVID-19 Insurance Liability Questions: A.M. Best
Questions about COVID-19-related insurance liability are dogging schools as they begin classes, and answers remain elusive, according to new commentary from A.M. Best. "Uncertainty about the plethora ...
Moody’s Downgrades Global Reinsurance Sector Outlook
Moody's downgraded its outlook for the global reinsurance sector to negative from stable, citing a challenging operating environment hampered by the coronavirus pandemic and its adverse impact on ...
With Hardening Market and Higher Rates, Swiss Re Offers Positive Renewal Outlook
Swiss Re said it sees a positive outlook for renewals as the market continues hardening and rates increase. "Even before the COVID-19 crisis, most major markets were operating at below-average ...
Wary Credit Insurers Pull Back, Leaving Suppliers and Retailers in a Bind
Gold Medal International is sitting on millions of dollars worth of socks at its North Carolina warehouse that it can't ship to stores. The reason? The 66-year-old family-owned sock maker can't get ...
Munich Re Saw COVID-19 Claims Slow Down in Q3
German reinsurance group Munich Re said on Monday that claims related to the coronavirus pandemic have slowed so far in the third quarter but that it expects hits from a series of hurricanes in North ...