Articles by Noor Zainab Hussain and David French

Insurance Startup Clearcover Raises $200M, Creating Unicorn Valued at $1B: Reuters

Clearcover has raised $200 million in fresh capital as part of a late-stage financing round led by Eldridge, the investment firm helmed by Los Angeles Dodgers owner Todd Boehly, the digital car-insurance startup will announce on Tuesday. In a statement …

Insurers Have Not Yet Embraced Cryptocurrency Craze Despite Demand

If Elon Musk’s Tesla wanted to insure all of its recent $1.5 billion bitcoin investment against the myriad of pitfalls it could encounter, like hacks, theft and fraud, it would be out of luck. Insurers have yet to catch up …

Demand for Travel Insurance Takes Off As More Destinations Require Coverage

COVID-19 insurance policies are increasingly joining passports and sunscreen as vacation staples, creating opportunities for insurers as more countries require mandatory coverage in case visitors fall ill from the coronavirus. Airline bookings are on the rise in some regions, driving …

If Tokyo Olympics Canceled, Loss for Insurers Would Be ‘Mind-Blowingly’ Big

LONDON — Insurers are facing a $2-3 billion loss if the Tokyo Olympics are canceled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. With less than six months until the Games are …

Travelers Insurance Profit Soared in Q4 on Fewer Claims, Investment Gains

Property and casualty insurer Travelers Cos. Inc. reported a jump in quarterly profit that beat analysts’ estimates on Thursday, helped by an increase in returns from investments and lower catastrophe claims. Travelers reported a core income of $1.26 billion, or …

Cyber Insurers Scale Back as Ransomware Attacks Rise

Ransomware attacks increased in terms of both severity and costs this year, forcing insurers to become more selective and even scale back on the cover they offer against cyber crimes, a report from a leading insurer showed. The total costs …

Travel Insurance Surges Along with Coronavirus This Thanksgiving

U.S. websites have seen a surge in travelers seeking expensive ironclad insurance this Thanksgiving, as Americans desperate to break the monotony of a year spent at home look to cover themselves against coronavirus-related risks. Data from insurance comparison website Squaremouth …

Global COVID-19 Insurance Losses to Be Higher than Early Estimates: Lloyd’s Chairman

Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told the Reuters Events Future of Insurance USA conference that …

Insurers Remain Unfazed by Risks of Clinical Trials for COVID-19 Vaccine

The world is racing towards a vaccine in record time, stirring public concerns about safety to the extent that nine leading developers have felt compelled to issue a pledge to uphold scientific standards and testing rigor. Yet, while more than …

Businesses Urge U.S. Insurers to Stop Insuring, Investing in Fossil Fuel Producers

A group of about 60 American businesses on Thursday urged their insurers to stop providing coverage to and investing in fossil fuel producers. In a letter, companies including outdoor-gear producer Patagonia and ice-cream maker Ben & Jerry’s, a unit of …