Phoenix Sets Loss Figures, Confirms Claims Procedures

The Phoenix Companies of Hartford confirmed that the Group expected losses from the September 11 attacks of around $5 million net of reinsurance, and detailed a number of expedited procedures to help customers affected by the tragedy.

Phoenix indicated it would accept the “Affidavit in Lieu of Death Certificate” provided by the New York State Insurance Department (See IJ Website Sept. 24), and had extended premium payment deadlines on all its life policies for, an additional 30 days.

The company further confirmed that due to the exceptional nature of the disaster it had taken further measures to handle claims inquiries and “implemented procedures to be flexible and quick in managing claims payment.” It’s made more staff available to expedite claims, and has waived requirements that either the original or a lost policy agreement be presented.

Phoenix also stated that it will not deny any claims based on “war” exclusions that may be found in its life and annuity policies, and would pay claims related to the September 11 attacks on all pending policies, provided a premium payment was submitted with the application.

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Topics Claims Profit Loss