Tag: insurance payouts

Insurance industry may not be liable for payouts relating to Boston Marathon Bombings

Logan B.
Insurance Industry Boston sports

Insurance industry may be exempt from claims payouts The Boston Marathon Bombings continue to send ripples throughout the insurance industry as more details concerning the disaster come to light. Last week, President Obama declared that last week’s bombings were, in fact, an “act of terror” perpetrated by a malicious party. The federal government has been pressured to avoid the term “terrorism,” however, due to the implications that could have within the insurance industry. Classifying the disaster as terrorism could potentially exempt insurance companies from providing benefits to policyholders. Bombings may…

Read More

Insurance industry faced with major losses in 2012

Logan B.
insurance industry report

Swiss Re reports on insurance industry losses from 2012 The insurance industry faced massive losses due to natural disasters and man-made catastrophes in 2012, according to Swiss Re, one of the world’s leading reinsurance firms. Over the past two years, the insurance industry has been stricken with several catastrophic events. Hurricanes, earthquakes, and an ongoing financial crisis in Europe have all served as major stumbling blocks for the global insurance industry. According to Swiss Re, many of the companies operating in the industry are still fighting to recover from such…

Read More

AIG to repay $6 billion to U.S. government following AIA share sale

Julie Campbell

American International Group Inc. (AIG) will use $6 billion following the sale of AIA Group Ltd. shares to repay some of the $182.3 billion in bailout funds it received from the United States government. According to a sales document, this insurance company, based in New York, is majority owned by the government, and is selling approximately 1.7 billion shares of AIA at between HK $27.15 and HK $27.50 per share, to unidentified institutional investors. The same document revealed that approximately 19 percent of the AIA stock will still be held…

Read More

April tornados cause more than $2.2 billion in damage, according to Alabama insurance officials

Julie Campbell

The Alabama Department of Insurance has released the latest numbers concerning insured losses from the tornado outbreak in April of last year. A series of devastating tornados hit the state in late April, causing large amounts of damage to homes, businesses, automobiles and claiming a number of lives. The latest estimates of damage do not account for the claims paid through surplus insurance lines from companies like Lloyd’s of London. The estimates only concern insurance payouts that come from insurers regulated by the state. According to the Department of Insurance,…

Read More