Property

The Great American Economic Revival industry groups include senior executives from sectors including energy, hospitality and banking.

The state regulator wants insurers to work with their customers as risk exposures change.

CEO Bruce Hepburn said insurers should have “feet held to fire” over claims payment.

The regulator sees no “reasonable grounds” to intervene in policies with no pandemic protection.

Ricardo Lara says certain carriers had tried to dissuade policyholders from filing claims.

Early assessments of the impact of Covid-19 on the insurance sector focused on the asset-side shock and the implications for demand resulting from the severe depression.

The groups sent a letter of opposition yesterday to the California congressman.

The proposed legislation would potentially have a cataclysmic impact on insurers’ balance sheets, according to industry trade bodies.

The move comes after Republican lawmakers asked President Trump to intervene on the industry’s behalf.

Shares in peers Lancashire and Beazley also registered losses during trading.

Mandating carrier payouts for uncovered claims would undermine contract law and jeopardise the sector’s solvency, the lawmakers warn.

The bill follows similar legislation proposed in six other states.