Wildfires threaten the economy of the western United States to a greater extent than the rest of the country, and the coronavirus pandemic and climate change will only make that worse, according to research from the San Francisco Fed on Monday. Some 52% of economic output in Arizona, California, Idaho, Nevada, Oregon, Utah, and Washington… Continue reading Climate Change, COVID-19 Stoke Wildfire’s Economic Risk: Fed Says
Tag: coronavirus pandemic
Michigan Judge Rejects Restaurant Claim Over Business Interruption Coverage
A court in Lansing Michigan has rejected a claim lodged by a restaurant company, Gavrilides Management Co, who wanted a payout after Covid-19 restrictions closed their business. The commercial policy that was in place specifically excluded virus emergencies and basically covered damage to the building itself from fire, flood etc. The US and the UK… Continue reading Michigan Judge Rejects Restaurant Claim Over Business Interruption Coverage
UK Small Firms Launch Claim Against Hiscox Over Pandemic Cover
A small business group has launched a 40 million pound ($50 million) insurance claim against British insurer Hiscox over disputed cover for business disruption caused by the coronavirus pandemic, it said on Monday. Law firm Mishcon de Reya is representing the group of small business policyholders known as the Hiscox Action Group. The law firm… Continue reading UK Small Firms Launch Claim Against Hiscox Over Pandemic Cover
U.S. Insurers Say Coronavirus Is an Unprecedented Event
U.S. property and casualty insurers have cast the coronavirus pandemic as an unprecedented event whose massive cost to small businesses they are neither able nor required to cover. The industry has warned it could cost them $255 billion to $431 billion a month if they are required, as some states are proposing, to compensate firms… Continue reading U.S. Insurers Say Coronavirus Is an Unprecedented Event
Mnuchin Says White House Considering Second Round of Stimulus Payments
The Trump administration is weighing getting behind a second round of stimulus payments for Americans as part of an economic-relief package Congress is likely to consider next month, Treasury Secretary Steven Mnuchin said Thursday. Mr. Mnuchin said he had discussed with President Trump the idea of additional stimulus payments, though no decision had been made… Continue reading Mnuchin Says White House Considering Second Round of Stimulus Payments
Baseball Struggles to Agree on Return After Quarantine
On Wednesday, June 3, Major League Baseball failed to come to an agreement with its players’ union. The 2020 season, which would normally be well under way by now, has yet to begin due to the Coronavirus pandemic. But now that most states have significantly rolled back their restrictions on public gathering and events, the… Continue reading Baseball Struggles to Agree on Return After Quarantine
French Restaurant Ruling Puts Coronavirus BI Claims on Global Menu
AXA will meet the bulk of business interruption claims from some restaurant owners in France, it said on Tuesday, after losing a court case seen as a potential precedent for coronavirus-related disputes across the world. A Paris court ruled last week that AXA should pay a restaurant owner two months of revenue losses caused by… Continue reading French Restaurant Ruling Puts Coronavirus BI Claims on Global Menu
Triple-I’s CEO Tells Congress Global Pandemics Are Uninsurable
U.S. insurers serve as the nation’s financial first responders when natural disasters cause widespread property damage but insurers generally neither collect premiums for nor cover pandemic-caused losses, according to Sean Kevelighan, CEO, Insurance Information Institute (Triple-I). “An event like a global pandemic is uninsurable,” Kevelighan stated today, at a virtual forum hosted by the U.S.… Continue reading Triple-I’s CEO Tells Congress Global Pandemics Are Uninsurable
State Farm Cuts Auto Rates by $2.2B As Americans Continue to Stay Home During the COVID-19 Pandemic
State Farm announced Monday it will cut its auto insurance rates by $2.2 billion as Americans continue to drive less as a result of the coronavirus pandemic. The Bloomington-based firm is the nation’s largest underwriter of auto insurance. State Farm is seeking regulatory approval in each state to reduce auto rates nationwide, and it estimates… Continue reading State Farm Cuts Auto Rates by $2.2B As Americans Continue to Stay Home During the COVID-19 Pandemic
COVID-19 Turns S&P Negative on Global Reinsurance
With rising property and casualty reinsurance claims and failing investment returns, S&P Global Ratings expects the coronavirus pandemic to turn 2020 into a tough year for global reinsurers. As a consequence, S&P believes the sector’s ability to earn its cost of capital in 2020 has visibly reduced, to almost negligible. Including assumptions for 2020, it’s… Continue reading COVID-19 Turns S&P Negative on Global Reinsurance