Earthquake insurance claims cause the third highest number of consumer complaints

Earthquake insurance - Complaints

The Australian Financial Complaints Authority recorded COVID and flood emergency claims in first and second. Earthquake insurance claim are responsible for the third most consumer complaints, behind only claims relating to COVID and those associated with flood emergencies, according to new data from the Australian Financial Complaints Authority (AFCA) based on Queensland and New South Wales filings. As of June 22, the AFCA had already received more than 350 complaints about claims from a September quake. The town of Mansfield in Victoria, Australia, suffered a 5.9 magnitude earthquake September 22,…

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COVID-19 pandemic crisis may be the most expensive event for US insurance

Most Expensive Event - Costs - US dollars

Though uncertainty remains regarding the final cost, the coronavirus will be among the costliest. The final total is far from known for the insurance and reinsurance industry in terms of the cost of the pandemic crisis, but it is expected to be one of the most expensive event price tags in history. A new report published by reinsurance broker Guy Carpenter points to record costs. The pandemic is particularly dangerous because of two primary factors. The first is that it comes with ongoing potential for causing unexpected and unpredictable loss…

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Zurich Insurance predicts its pandemic claims payouts will break $750 million this year

Pandemic claims - Man sittig at window looking out - virus

The estimates involve the overall property and casualty (P&C) payments specific to the coronavirus. Zurich insurance has released its most recent forecast regarding payments of pandemic claims. The insurer giant predicts that its own payouts will be in the ballpark of $750 million for 2020. The insurer’s CFO said that the claim level can be compared to all 2017’s hurricanes combined. George Quinn, CFO at Zurich said that the size of the pandemic claims is similar to what they experienced in 2017 from Hurricanes Harvey, Irma and Maria, combined. That…

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