Articles by Suzanne Barlyn

Allstate Would Consider Selling Private Flood Insurance If Federal Program Is Revamped

Allstate Corp.’s Chief Executive Officer Tom Wilson on Tuesday called on U.S. lawmakers to overhaul a government subsidized flood insurance program, calling for a more streamlined system that does not overburden taxpayers. Allstate, the second-largest U.S. homeowners’ insurer based on …

Firms Hit by Harvey, Irma Hope Business Interruption Coverage Pays Off

Business owners who are trying to get back on track after hurricanes Harvey and Irma now face a different sort of challenge: trying to recoup lost income from their insurers. Exclusions in the fine print of policies, along with waiting …

Insurers Rush to Find, Deploy Adjusters for Harvey, Irma Claims

Insurers are scrambling to find inspectors in Texas and Florida after fierce hurricanes battered the states one after the other, causing tens of billions of dollars’ worth of property damage in less than two weeks. Although insurers maintain some number …

Florida’s Private Flood Insurers Could Face Big Test from Hurricane Irma

Hurricane Irma could test a nascent private flood insurance market in Florida that some advocates say is a model for making U.S. flood coverage more affordable and commonplace in high-risk areas. Florida’s private flood insurance market represents a tiny sliver …

AIG Revives Lucrative Top Executive Pay Packages of Pre-Bailout Glory Days

American International Group Inc.’s new Chief Executive Brian Duperreault has pledged to revive the insurer’s glory days of top talent, underwriting discipline and fat profit margins. One thing he has already brought back: big pay packages. As he rejoined AIG …

Hurricane Harvey Could Spur Congress to Act on Flood Insurance

The destruction that heavy rain and floods from Hurricane Harvey could inflict on Texas would add to the pile of debt owed by a federal flood insurance program that is due to expire in September, advocacy groups said. The National …

Insurers Pummeled by Car Dealers’ Claims for Hail-Damaged Vehicles

A hailstorm that pounded down on a Subaru dealership in Plano, Texas, barely lasted 30 minutes, but left behind a trail of smashed windows, dented hoods and millions of dollars’ worth of claims for an insurer to cough up. Damage …

Major Cyber Attack Could Cost Global Economy $53 Billion: Lloyd’s

A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as U.S. Superstorm Sandy in 2012, Lloyd’s of London said in a report on Monday. …

Investor Icahn Eases Demand to Split AIG, Giving New CEO Room to Act

Billionaire investor Carl Icahn is backing off his demand to break up insurance giant American International Group Inc., following the company’s sale of assets and hiring of a new chief executive officer, a person familiar with the matter said. Icahn, …

New AIG CEO Duperreault Wants to Pursue Acquisitions, Slow Buybacks

American International Group Inc.’s new chief executive Brian Duperreault said on Wednesday the company would likely slow the pace of share buybacks and instead spend on acquisitions. “I’d love to find great additions to the company. I think the important …