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The carrier took “proactive” reserve charges and continued raising rates to address high reinsurance costs and elevated claims severity in Florida.
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Covid-19 losses caused the group’s reported combined ratio to swell to 97.5% from 89.2% reported last year. -
Zaffino said also that AIG remains on track to achieve run rate savings of $300mn for 2020.
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Covid losses contributed eight points to the combined ratio of 106%.
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The P&C unit suffered a $210mn underwriting loss during the quarter, as Covid-19 losses took the combined ratio to 112.3%.
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Unlike those of its peers, Aon's report on Friday included a few unexpected things.
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Janelle Frost said the carrier had not seen many cases where insureds’ headcount was reduced to zero.
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Group margins expand by 240 basis points as the group slashes expenses.
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Universal said it made ‘significant progress’ in closing Irma claims.
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The broking chief says the pandemic buttresses the case for its takeover by Aon.
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The firm’s expense ratio was hit by a lower earned premium base.
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The CEO highlights his company’s ability to protect jobs and salaries and forecasts a diminished role for travel and entertainment.
