Insurer American International Group Inc racked up US$730 million in COVID-19-related losses during the first half of the year, its chief ...
Insurer American International Group Inc racked up US$730 million in COVID-19-related losses during the first half of the year, its chief executive officer said on Tuesday.
The pandemic is a"formidable and ongoing catastrophe," AIG CEO Brian Duperreault said during a call with analysts to discuss the company's second-quarter results.AIG, one of the largest U.S. insurers, on Monday posted a 56per cent fall in quarterly adjusted earnings, partly a result of US$458 million in losses related to COVID-19 for its general insurance business.
The pandemic has left many insurers struggling to estimate future losses and fallout for their massive investment portfolios.Pandemic-related losses affected a larger number of insurance lines than during the first quarter, AIG's president and chief operating officer, Peter Zaffino, said during the call.
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