The U.S. could be in for an "extremely active" Atlantic hurricane season this year, possibly "one of the busiest on record," the National Oceanic and Atmospheric Administration (NOAA) said Thursday.
Swiss Re today reported COVID-19 claims and reserves totalling $2.5 billion across the Group, resulting in a net loss of $1.1 billion in the first half of 2020 (all figures in U.S. dollars).
Chubb Chairman and CEO Evan Greenberg told CNBC on Thursday the insurance industry is confronting an event like no other when it comes to the Covid-19 pandemic. “It has no time limit, and it has no geographic bounds,” Greenberg said on “Squawk Box.”
Karen Clark & Company (KCC) has estimated that insurance industry losses from Hurricane Hanna, the first hurricane of the 2020 North Atlantic hurricane season, will near $350 million.
Eberl Claims Service and US Adjusting Services have announced that they have combined their business operations. Eberl will acquire certain assets and the business of US Adjusting Services, and both businesses will operate together.
The upcoming Atlantic hurricane season and California wildfires in the autumn may be more extreme than usual, the German reinsurer Munich Re said on Thursday.
With natural catastrophes starting to hit, the economy in rough shape, and the courts poised to weigh in on potential business interruption exposures, insurance companies are buckling in for a rough ride ahead, a recent report warns.
Unlike restaurants, bars, salons and gyms, insurance companies didn’t shut down at the beginning of the COVID-19 pandemic. They’re not facing uncertain futures like many businesses that depend on retail traffic. And no matter how they were financially affected, their customers can’t avoid buying their product.
As we head into what is predicted to be an active hurricane season, we can expect major property damage to hit the industry again. But as virtual adjusting and predictive analytics continue to disrupt the claims space, mega property claims remain stubbornly analog.
Disasters come in all shapes and sizes and are indiscriminate in those they catch up in their chaos. As such, when it comes to disaster planning, it’s essential to account for linguistic diversity.
The final total is far from known for the insurance and reinsurance industry in terms of the cost of the pandemic crisis, but it is expected to be one of the most expensive event price tags in history.
Lloyd’s of London is calling for the creation of new insurance policies and government-backed funds to protect against future pandemics and global threats.
COVID-19 appears to be kindling proud sentiments about employing Canadian adjusters, after social media posts triggered an age-old debate about using U.S. adjusters to handle catastrophe claims in Canada.
Friday’s hail storm in Potter and Randall Counties was declared a catastrophic event, meaning over 500 insurance claims were made in each county. The Insurance Council of Texas is projecting around 2,800 auto claims and around 1,600 homeowners claims in Amarillo from the first round of hail storms in Amarillo.
