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Craig Kliethermes says full exposure from US state government shutdowns “will take significant time to reveal” itself.
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Laws to nullify exclusions on BI cover would “destroy” the insurance industry, the Starr CEO said.
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Social inflation related to the pandemic will put added strain on insurers, the executive said during an earnings call. -
The state department of insurance said it has received complaints from policyholders about changes to coverage.
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The executive says proposals to retroactively force insurers to pay BI claims would set a “dangerous precedent”.
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Small businesses from the hospitality sector sued the insurers in six states.
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The findings by the state supreme court could create implications for insurance disputes.
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Chaos in financial markets is also expected to have a substantial effect on Arch’s investment income in Q1.
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The company has cut its expected full-year EPS by roughly 26 percent.
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The Hartford, CNA, Arch and The Hanover all dropped more than 6 percent on Wednesday, performing worse than the broader market.
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The Great American Economic Revival industry groups include senior executives from sectors including energy, hospitality and banking.
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The state regulator wants insurers to work with their customers as risk exposures change.
