Industry News

Carriers Lost Billions of Dollars in April From U.S. Extreme Weather Events: Aon

Extensive severe weather events in the United States during April cost insurers billions of dollars, according to the latest edition of Aon's Global Catastrophe Recap report. There were 14 killer ...

UK Agency Reportedly Targets July Court Date on Business Interruption Insurance

Britain's Financial Conduct Authority (FCA) aims to get business interruption insurance policies examined by a court as soon as July, a member of a policyholder action group said on Thursday. The ...

North America Commercial Coverage Will See Extended Hardening Into 2021

Buyers of North America commercial insurance should see an extended hardening market as well as added pressure on coverage terms and conditions for the rest of 2020 and into 2021, Willis Towers ...

FERMA Forms Task Force to Address Business Interruption Cover Challenges for Catastrophic Risks

The Federation of European Risk Management Associations (FERMA) announced the launch of a task force to create proposals to address the issue of business interruption coverage for catastrophic risks. ...

Munich Re Expects $1B in Coronavirus Claims; 2020 Profit Still Envisioned

Munich Re said on Thursday it expected to receive claims for canceled or postponed events because of the coronavirus crisis in excess of 1 billion euros ($1.08 billion) this year after it posted a ...

Allstate Credits Active Risk Management for a Solid Q1

Allstate Corp. reported that its adjusted net income rose 47% in the first quarter to $1.14 billion, a jump of 47%, thanks to higher underwriting income and lower catastrophe costs, compared with the ...

State Auto Loses $114.6M in Q1 Due to Investment, Catastrophe Losses

State Auto Financial Corp. lost $114.6 million in the 2020 first quarter and said its combined ratio climbed above 107. Investment and catastrophe losses were behind the results. At the same time, ...

NCCI: Modest COVID-19 Infection Rates Will Still Be Costly

If only 10 percent of health care workers contract COVID-19 and all of their claims are deemed compensable, workers' compensation loss costs for that sector could double or even triple in some ...