REUTERS: Insurer American International Group Inc on Monday (May 4) posted a 93 per cent drop in quarterly adjusted profit, as it set aside money ...
REUTERS: Insurer American International Group Inc on Monday posted a 93 per cent drop in quarterly adjusted profit, as it set aside money to cover claims related to the COVID-19 outbreak, which it called the single largest catastrophe loss the industry has ever seen.
Global insurers are waking up to the prospect of a double whammy - a sharp rise in payouts at a time of big investment losses as insurers' investments come under pressure and the investments they rely on to pay the claims unravel. Adding to the pressure, US commercial insurers are facing mounting political pressure to cover claims from businesses that are losing revenue because of coronavirus-led shutdowns ordered by state and local governments."We believe COVID-19 will be the single largest CAT loss the industry has ever seen," AIG Chief Executive Officer Brian Duperreault said in a statement.AIG's total net investment income, on an adjusted basis, fell by US$1 billion, to US$2.7 billion, from a year ago.
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