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The insurance executive expects losses related to Covid-19 to exceed $100bn for the industry. -
Businesses across America would be eligible for direct payouts from federal government for three months under the plan.
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Bill 477 will now move on to the state’s second legislative chamber for further scrutiny.
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Senator Ward told this publication the amended legislation would protect both carriers and policyholders.
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John Howard says an earlier estimate indicates carriers are under-reserved in casualty by about $100bn.
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He noted that D&O, E&S and event cancellation are areas that could be particularly impacted.
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The Judicial Panel on Multidistrict Litigation will determine whether federal BI lawsuits should be consolidated.
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The carrier’s chief executive officer said the “vast majority” of BI cover in the US has virus exclusions.
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Dan Malloy says most of the carrier’s property cat portfolio is personal lines-focused.
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Horace Mann released its Q1 results which included a 6.9pt decline in its combined to 88.6% and a 23.8% increase in its operating EPS to $0.78.
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The case brought by a New Jersey restaurant comes as part of a wave of litigation by hospitality businesses against their insurers.
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The amendment would have forced insurers to cover claims, even where cover does not exist.
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