Zurich Insurance said Thursday that its operating profit fell in 2020 due to the impact of the coronavirus pandemic. Full-year business operating profit at the Swiss insurer came to $4.24 billion, down 20% from $5.30 billion in 2019. Net income after tax attributable to shareholders fell 8% to $3.83 billion. The coronavirus pandemic had a… Continue reading Zurich Insurance Operating Profit Falls 20% Due to Pandemic Impact
Tag: coronavirus pandemic
Insurer Appealing North Carolina Restaurant BI Claim Decision
The question of whether insurance companies can be held liable for COVID-19 losses has not yet been settled. A Durham court’s decision to grant a business interruption claim due to restaurant losses from pandemic restrictions has been appealed by the insurance company. Durham restaurant owners Matt Kelly and Giorgios Bakatsias won a lawsuit last month… Continue reading Insurer Appealing North Carolina Restaurant BI Claim Decision
U.S. Businesses Are Fighting Insurers in the Biggest Legal Battle of the Pandemic
John Houghtaling was working in the second-floor den of his mansion near the Garden District in New Orleans when a legal memo arrived in his email inbox. It was mid-March, not long before the pandemic shut down much of the U.S., and cooks in white aprons were downstairs preparing an extravagant dinner: lobster casserole, veal… Continue reading U.S. Businesses Are Fighting Insurers in the Biggest Legal Battle of the Pandemic
Commercial Property Foreclosures Are Poised to Rise as Covid-19 Lingers
The coronavirus pandemic came at a bad time for the Burnsville Center mall near Minneapolis. In May, Macy’s Inc. said it would close its store. J.C. Penney Co., which also has a store at the mall, filed for bankruptcy. Owner CBL & Associates Properties Inc. risked losing the mall if it stopped making payments on… Continue reading Commercial Property Foreclosures Are Poised to Rise as Covid-19 Lingers
FCA BI Insurance Test Case Appeal Heads to Supreme Court
A test case brought by Britain’s markets regulator against some of the world’s biggest insurers will jump straight to the Supreme Court after London’s High Court agreed to a fast-track appeal on Friday. Although expedited, the appeal will further delay payouts on disputed claims for thousands of struggling businesses battered by the coronavirus pandemic, hoping… Continue reading FCA BI Insurance Test Case Appeal Heads to Supreme Court
Coronavirus Poses an Array of New Legal Risks for Companies
The coronavirus pandemic has created a legal minefield for companies. Massive disruptions have forced compliance officers to vet new suppliers and revamp internal safeguards, while travel restrictions and remote working have complicated investigations and increased exposure to cyberattacks. Compliance chiefs must also help businesses navigate the risks and complex requirements of relief programs and the… Continue reading Coronavirus Poses an Array of New Legal Risks for Companies
College Town Economies Suffer as Students Avoid Bars, Football Tailgating
College students came back to Blacksburg, Va., last month, but so far many remain reluctant to fill the restaurants, shops and other local businesses that have helped insulate this southwestern Virginia town from past downturns. It is a bad sign for Blacksburg and other college towns that rely heavily on spending by students, alumni and… Continue reading College Town Economies Suffer as Students Avoid Bars, Football Tailgating
Senate GOP Looking to Give Federal Courts Jurisdiction over COVID PI and Medical Liability Claims
Top Senate Republicans are pushing to give federal courts jurisdiction over personal injury and medical liability claims stemming from the coronavirus pandemic as part of a temporary set of legal protections for businesses, schools and other organizations. Senate Majority Leader Mitch McConnell (R., Ky.) and Sen. John Cornyn (R., Texas) crafted the measure ahead of… Continue reading Senate GOP Looking to Give Federal Courts Jurisdiction over COVID PI and Medical Liability Claims
How the Pandemic Is Impacting Boomers & Millennials
Millennials, you’re taking a big hit — again. And you’re not OK, either, boomers. Sometimes at odds, America’s two largest generations now have something to agree on: The coronavirus pandemic has smacked many of them at a pivotal time in their lives. For baby boomers, named for the post-World War II surge of births, that… Continue reading How the Pandemic Is Impacting Boomers & Millennials
McConnell Says No Recovery Bill without Lawsuit Protections for ‘Everyone Related to the Coronavirus’
A new plan under development by the White House and Senate Republicans to deal with the fallout from the coronavirus pandemic is expected to include financial incentives to push schools to reopen while also shielding health care workers and companies against lawsuits, Republicans said Monday, a move that will spur a fight with Democrats. Senate… Continue reading McConnell Says No Recovery Bill without Lawsuit Protections for ‘Everyone Related to the Coronavirus’