Chubb Ltd. Chief Executive Officer Evan Greenberg has a stark warning for policy makers pushing insurers to pay out some uncovered business-interruption losses. “The insurance industry is a fundamental part of the economic plumbing of this country,” Greenberg said in an interview Thursday. Forcing insurers to foot the bill for losses not covered by policies… Continue reading Chubb CEO Greenberg Warns Retroactive Measures Would ‘Bankrupt’ Industry
Tag: business interruption perils
Hiscox Believes Its Business Interruption Exposure to COVID-19 Limited in Europe, U.S.
Hiscox Ltd on Wednesday clarified that its insurance policy wordings do not provide cover for business interruption resulting from UK government actions in response to Covid-19, however, the company is “proactively” paying claims made by businesses. The FTSE 250-listed insurer believes its business interruption exposure to Covid-19 is limited in Europe and that it has… Continue reading Hiscox Believes Its Business Interruption Exposure to COVID-19 Limited in Europe, U.S.
Trump: Insurance Companies Should Pay Out for Pandemic Claims
President Trump expressed frustration on Friday over insurance companies not paying their customers for business interruptions attributable to the coronavirus pandemic. “I would like to see the insurance companies pay if they need to pay — if it is fair,” said Trump during a coronavirus briefing at the White House on Friday. “They know what… Continue reading Trump: Insurance Companies Should Pay Out for Pandemic Claims
Monthly Loss of $431 Billion Spurs Insurance Claims Across U.S.
Barbara Snowden dreamed of opening a wig shop to help women who’d lost their hair during chemotherapy feel better as they battled cancer. In November, she beamed at the grand opening of Hair Goals Club in the Houston suburb of Humble, Texas. But four months later, her dream died when local officials ordered all non-essential… Continue reading Monthly Loss of $431 Billion Spurs Insurance Claims Across U.S.
China Offering COVID Coverage to Businesses
Insurance companies in China are taking on an unusual mission: They are promising to cover business losses from the coronavirus pandemic, as hundreds of millions of people return to work, and the country tries to rev up its economic engine. Since February, dozens of Chinese property-and-casualty insurers have rolled out new policies or expanded existing… Continue reading China Offering COVID Coverage to Businesses
Insurance Industry Warns Its Companies Not Built to Withstand ‘Catastrophic and Nearly Universal’ Losses
A group of associations that represent members of the insurance industry penned a letter to a pair of congressional lawmakers from California noting that its companies are not built to withstand pandemics such as the current coronavirus outbreak. “Insurance coverage works by spreading risk, but that model simply cannot account for a situation in which… Continue reading Insurance Industry Warns Its Companies Not Built to Withstand ‘Catastrophic and Nearly Universal’ Losses
COMMENTARY: Insurance Coverage for Business Losses Due to COVID-19
Intro by Larry Neilson, CEO, Neilson Marketing Services/ProgramBusiness.com: The coronavirus has created a scary and sometimes bleak outlook for us all. My career is defined by providing marketing services to the property and casualty insurance industry. The professional insurance people with whom I have had the pleasure to serve and work with through the years… Continue reading COMMENTARY: Insurance Coverage for Business Losses Due to COVID-19