Special Coverage: COVID-19

Arch Capital estimates up to $95M in losses for virus claims

Posted: Apr 16, 2020

Arch Capital Group Ltd. expects to see pre-tax losses across its property/casualty insurance and reinsurance segments of $85 million to $95 million for claims incurred due to the COVID-19 pandemic as of March 31, net of reinsurance recoveries and reinstatement premiums, the company said in a stateme...

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AIR Worldwide unveils COVID-19 projection tool

Posted: Apr 16, 2020

Catastrophe risk modeler AIR Worldwide has launched a COVID-19 projection tool, AIR said in a statement Wednesday.

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Wisconsin law extends COVID-19 coverage to first responders

Posted: Apr 16, 2020

Wisconsin Gov. Tony Evers signed into law on Thursday a bill that expands workers compensation coverage for COVID-19 to first responders.

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Arkansas Insurance Dept. to Consumers: Contact Agents About COVID-19 Auto Insurance Premium Relief

Posted: Apr 16, 2020

The Arkansas Insurance Department is advising auto insurance consumers to contact their insurance agents as to whether their auto insurance carrier is offering premium relief in light of the COVID-19 health crisis AID has posted a list of insurers that …

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Arkansas Insurance Dept. to Consumers: Contact Agents About COVID-19 Premium Relief

Posted: Apr 16, 2020

The Arkansas Insurance Department is advising auto insurance consumers to contact their insurance agents as to whether their auto insurance carrier is offering premium relief in light of the COVID-19 health crisis. AID has posted a list of insurers that …

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Damage to Iowa Ag Industry from Virus Will Be Huge, Economists Say

Posted: Apr 16, 2020

A group of agriculture economists said on April 15 the coronavirus pandemic will cause billions of dollars in damage to Iowa’s crop and livestock industries. In a report released from Iowa State University’s Center for Agricultural and Rural Development, the …

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More States Introduce COVID-19 Business-Interruption Bills

Posted: Apr 16, 2020

New Jersey was the first state to propose a bill that would mandate insurers cover COVID-19-related losses under their business interruption policies, and the insurance industry was quick to express its concern. But that hasn’t stopped some states from rolling …

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Regulator: Thousands Oil Wells Idled in North Dakota

Posted: Apr 16, 2020

A top state oil regulator estimates that North Dakota producers have idled thousands of wells — amounting to more than a quarter of the oil wells in the state — as the U.S. oil industry crashed during the coronavirus outbreak. …

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Regulator: Thousands of Oil Wells Idled in North Dakota

Posted: Apr 16, 2020

A top state oil regulator estimates that North Dakota producers have idled thousands of wells — amounting to more than a quarter of the oil wells in the state — as the U.S. oil industry crashed during the coronavirus outbreak. …

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NYC transit authority raises death benefits for COVID-19

Posted: Apr 16, 2020

New York’s Metropolitan Transportation Authority on Wednesday announced an agreement with union leaders to give surviving family members of transit workers who die of COVID-19 complications $500,000.

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COVID-19 hits the contingency market: Miller

Posted: Apr 16, 2020

COVID-19 has led to a multibillion-dollar loss for the contingency market, while coronavirus exclusions are being applied on all new and renewal health care business, according to a London market update from Miller Insurance Services LLP.

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Fears of ‘Wild West’ as Unregulated COVID-19 Tests Hit the Market

Posted: Apr 16, 2020

Blood tests for the coronavirus could play a key role in deciding whether millions of Americans can safely return to work and school. But public health officials warn that the current “Wild West” of unregulated tests is creating confusion that …

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Progressive Gives $2M to Big ‘I’ Fund to Aid Agencies Affected by Coronavirus Crisis

Posted: Apr 16, 2020

Progressive Insurance has donated $2 million dollars to establish the Trusted Choice COVID-19 Relief Fund in response to the economic and operational challenges the coronavirus crisis has presented to independent agencies. The grant will be dispersed directly to independent agencies …

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Marketing Is Not Reputational Risk Management. You Need to Know the Difference

Posted: Apr 16, 2020

Companies need to think about the relationship between marketing and reputation in a new way. It’s the new reality of our post #MeToo, COVID-19, green-washing, social-washing, post-advertising world. Reputation is not built on marketing. It is a product of stakeholders’ expectations — helpfully shap...

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Analysts See Auto Insurers’ Coronavirus Rebates As a Solid Short-Term Move

Posted: Apr 16, 2020

Auto insurers have seen something new with the coronavirus pandemic: an historic reduction in driving due to millions of customers staying home and sheltering in place. That change led to carriers issuing between $8 billion and $10.5 billion in customer …

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Utica National Provides Insurance Premium Payback to Personal Auto Customers

Posted: Apr 16, 2020

As a result of changing driving habits due to the COVID-19 pandemic, the member companies of the Utica National Insurance Group have announced that they will provide policyholders with a 15 percent payback of their personal auto insurance premiums for …

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CORONAVIRUS WRAP-UP: PROPERTY AND CASUALTY (4/16/2020)

Posted: Apr 16, 2020

Legislation and regulationDemocrats Plan Legislation to Force Insurance Companies to Pay Out for Pandemic LossesThompson Introduces the Business Interruption Insurance Coverage ActLawmakers Advocate Stimulus Aid to Insurers on Business InterruptionSC Proposes Bill Over Coronavirus-related Business I...

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AIR Worldwide Launches Free COVID-19 Catastrophe Modeling Tool

Posted: Apr 16, 2020

AIR Worldwide has launched a free COVID-19 catastrophe modeling tool, one that predicts cases and offers death projections for the weeks ahead. The company said its COVID-19 Projection Tool, designed with AIR’s pandemic modeling data, will provide COVID-19 case and …

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Progressive’s Monthly Financial Report Shows Early COVID Impacts

Posted: Apr 16, 2020

Progressive’s Monthly Financial Report Shows Early COVID Impacts Progressive Corporation released a monthly earnings report for March 2020 yesterday, providing some early signs of the premium and loss ratio impacts of COVID-19 shelter-at-home restrictions for ...

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Arch Capital’s Estimated COVID-19 Losses During 1st Quarter Could Hit $145 Million

Posted: Apr 16, 2020

Arch Capital Group Ltd. said its estimated pre-tax losses for claims incurred due to the COVID-19 pandemic could reach $145 million. Breaking down the total, Arch said COVID-19 claims across its property casualty insurance and reinsurance segments ranged from $85 …

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