Industry News
Pressure Builds on Insurers to Be Part of Coronavirus Business Solution
While federal and state legislators try to fashion financial relief for businesses interrupted by the public health actions related to coronavirus, pressure is mounting on private property/casualty ...
Specialty P/C Insurers More Likely to See Business Interruption Losses: Analyst
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 ...
Restaurant Suit Tests Business Interruption Insurance for Coronavirus Shutdowns
A restaurant in the heart of the New Orleans tourism district filed a lawsuit on Monday asking a state judge for a declaratory judgment that its business interruption policy will cover its damages if ...
Fitch Revises Global Re ‘Sector’ Outlook to Negative; Rating Outlook Stable
On Friday, Fitch Ratings announced a dimmer "sector outlook" for global reinsurers—changing it to negative from stable, pointing to increased concerns over COVID-19. Rating agencies like Fitch ...
Members of Congress Urge Insurers to Cover COVID Business Interruptions
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. ...
How Silence May Impact Commercial Insurers on COVID Cover
Silence may be deadly for property/casualty insurers writing commercial insurance, an executive of an InsurTech that specializes in analyzing insurance policy language suggested recently, explaining ...
Providence Mutual Is Dealt an A.M. Best Financial Strength Rating Downgrade
The Providence Mutual Fire Insurance Company has been dealt a financial strength rating downgrade from A.M. Best. A.M. Best said its decision to downgrade the insurer's financial strength rating to ...
Malpractice Claims Climbing Higher for Architects and Engineers, Insurers Say
Increased billings by architecture and engineering firms generated bigger professional liability premiums in 2019 but also led to the first upswing in claims activity in several years, Ames & ...