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The Judicial Panel on Multidistrict Litigation will determine whether federal BI lawsuits should be consolidated. -
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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The insurer says the “great majority” of BI claims will not pay out.
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The “pragmatic" move is contingent on the gastronomy companies involved agreeing to exclusions on existing policies.
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The carrier’s combined ratio worsened by 9.9 points to 98.6 percent although it reported better-than-expected results.
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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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The carrier reiterates its view that SME policies do not cover Covid-19 but sets out an "illustrative" analysis.
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AIG “remains in a strong financial position” despite the pandemic, the executive said.
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The proposed legislation would mandate the payment of claims for businesses with fewer than 100 employees.
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The executive said he is optimistic society will be able to “handle” the pandemic.
