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The (re)insurance group expects to report a combined ratio below 100 percent and investment income of $148mn. -
The UK and Ireland chief expects the pandemic to erode capacity and drive claims and operating costs higher.
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The country’s finance ministry says a working group will examine the issue.
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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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The Night Time Industries Association becomes the third business group to fight the carrier over denied claims.
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Uncertainty over the impact of state support creates reinsurer fears of a far larger loss quantum.
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Laws to nullify exclusions on BI cover would “destroy” the insurance industry, the Starr CEO said.
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The carrier predicts the pandemic and associated capacity contraction will lift rates.
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Social inflation related to the pandemic will put added strain on insurers, the executive said during an earnings call.
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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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Carriers are paring back their appetite and reducing exposure as they brace for insolvencies due to the virus.
