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It follows an earlier decision by a New York state court that a magazine publisher had not sustained physical damage from coronavirus.
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The carrier pre-announced $1.8bn in cat losses that also included $312mn from nat cats and $130mn from civil unrest. -
Carriers are tightening terms and conditions amid market hardening.
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If passed, the amended legislation would compel insurers to pay out for virtually any policyholder affected by a civil authority shutdown order
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Scott Mackie reports to property treaty SVP Richard Mairano.
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William Steinberg was senior vice president and commercial property head at the AIG unit.
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Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.
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A bill circulating in Congress would make the industry retain the first $250mn of pandemic risk, a proposal that has split industry opinion.
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Strikes, riots and civil commotion wordings in US property policies leave both the US and London markets open to potentially significant losses.
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The move is the latest among large private equity houses to consolidate programmes and leverage buying power.
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Iconic billboards will go blank briefly at 21:00 on Wednesday to focus on the issue of coronavirus-related insurance claims.
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The measure is supported by over 30 companies and trade organisations from across different sectors.
