Articles by Alwyn Scott and Suzanne Barlyn

AIG Shareholders Approve Insurer’s Executive Compensation Plan

Shareholders of American International Group Inc. strengthened their support for the U.S. insurance company’s executive compensation plan after the board made changes to its pay packages, according to vote totals AIG released on Thursday. Nearly 94% of the shareholder votes …

Proxy Firms Offer ‘Cautionary Support’ for AIG Executive Pay Before Shareholder Vote

American International Group Inc. faces a crucial test on Wednesday, when shareholders are to vote on whether the board of directors has adequately addressed their concerns about executive pay. Investors offered relatively weak support for AIG’s pay proposals in the …

AIG Takes Hit from Coronavirus in Q1; Sees Industry’s ‘Biggest CAT Loss Ever’ Ahead

Insurer American International Group Inc. on Monday posted a 93% drop in quarterly adjusted profit, as it set aside money to cover claims related to the COVID-19 outbreak, which it called the single largest catastrophe loss the industry has ever …

Insurers’ Loss Estimates Linked to Coronavirus Range Widely: Analysis

Insurers are normally great with numbers. But the coronavirus pandemic has them struggling to estimate how many billions of dollars in losses they face, and what the fallout will be for their massive investment portfolios. Executives, lawyers and analysts say …

Insurers Promote Federal Pandemic Insurance Plan to Congress

The U.S. insurance industry is promoting the idea of an insurance plan backed by the federal government that would help businesses that in the future suffer losses from a pandemic, people familiar with the effort told Reuters. The campaign involves …

Analysis: Insurers Feel Rising Legal Heat for COVID-19 Business Interruption Exclusions

Daniel Duckett, owner of the Lazy Claire patisserie in Belfast, was hoping for an insurance payout of up to 100,000 pounds ($123,460.00) to cover losses during the coronavirus lockdown. Now he fears for the future as he battles for the …

Some Auto Insurer Premium Discounts Should Be Bigger, Say Consumer Groups

Two consumer groups said on Thursday that some of the largest U.S. auto insurers, including billionaire Warren Buffett’s Geico Corp., are short-changing customers on premium rebates as Americans drive less due to stay-at-home orders aimed at curbing the coronavirus outbreak. …

Travelers Sees Q1 Profit Fall From Storms; It’s Watching COVID-19 Workers’ Comp Claims

Property and casualty insurer Travelers Cos. Inc. reported a 25% drop in quarterly profit on Tuesday and warned that potential claims tied to compensation coverage for furloughed and laid-off employees would hit results for the year. The coronavirus pandemic has …

Casino Gambles on Coronavirus Business Interruption Lawsuit Against Lloyd’s, AIG, XL

A Native American tribe on Tuesday sued a group of insurance companies, asking a court to declare that losses it is incurring from shutting down its casinos during the coronavirus pandemic are covered by insurance. Among the defendants named in …

Life Insurers Go Slow on New Policies to Limit Coronavirus Risk

U.S. life insurers are trying to curb their own risks to coronavirus by imposing waiting periods for applicants who have traveled to regions with widespread outbreaks, industry experts said. Life insurers are worried about insuring U.S. customers who have traveled …