LIberty Mutual News

Nevada Lawsuits Filed Against Auto Insurers over Rates in Pandemic

Class action lawsuits were filed in Nevada against 10 major auto insurance companies this week, contending that the companies charged excessive insurance premiums during the pandemic by failing to account for a drop in driving and crashes. The lawsuits acknowledge …

Liberty Mutual Boosts Profit for Q4 and Year

Liberty Mutual reported net income of $162 million for the fourth quarter and $758 million for the full year 2020, versus a fourth quarter net loss of $301 million and net income $1.037 billion for full year 2019 Liberty Mutual …

IICF Hosts Virtual Insurance Industry Gala to Benefit Regional Nonprofit and Charitable Organizations

IICF Southeast Division event will help support more than 20 nonprofits DALLAS (Feb. 1, 2021) –The Insurance Industry Charitable Foundation (IICF), a unique nonprofit organization dedicated to helping communities and enriching lives, will host its ninth annual Southeast Division Gala …

Liberty Mutual Reports 46% Hike in Q3 Net Income Despite Catastrophe Losses

Liberty Mutual Holding Co. Inc. has reported a 46% increase in net income during the third quarter, despite elevated catastrophe losses. The company reported Q3 net income of $397 million, compared with $272 million during the same period last year. …

Marine Insurance Losses Likely to Be Under $250M from Beirut Port Blast: Carpenter

Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday. Overall insured losses …

Liberty Mutual Reports Q2 Loss on COVID-19 Event Cancellations, Storms, Downturn

Liberty Mutual Holding Co. reported a net loss of $320 million for the second quarter versus net income of $397 million for the same quarter last year. The loss reflected the impact of COVID-19, catastrophes and the economic downturn, according …

Zurich Insurance Decides Not to Renew Cover for Canada’s Trans Mountain Oil Pipeline

Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups. All financial services companies are under pressure from …

Liberty Mutual Loses Bid to Charge Employer for Claims Paid from Exempt Workers

A workers’ compensation insurer cannot charge an employer an extra $1.7 million in premiums for the risk presented by employees who were exempt from coverage under Iowa’s workers’ compensation law, a federal appellate court ruled Monday. The 8th Circuit Court …

Sustainable Recovery Plan Pitching Pandemic as Opportunity to Grow Greener

Economic growth can be boosted, jobs can be saved or even created and greenhouse gas emissions can be cut if we take advantage of the worldwide changes that have occurred as we hunkered down in response to the COVID-19 pandemic. …

Insurers Zurich and Chubb Raise Cover for Canada Oil Sands Pipeline: Filings

Major insurers Zurich and Chubb increased their insurance cover for a Canadian oil sands pipeline over the last year, Canadian regulatory filings show. The Trans Mountain pipeline, which ships types of crude oil and refined products to British Columbia from …