The coronavirus pandemic dealt a relatively modest $2.5 billion blow to five insurers with large U.S. operations in the second quarter - a cost that was far less than feared and which the industry has absorbed without touching capital, analysts said.
) lost money on their private equity investments due to market declines in the first quarter, which are reported on a three-month lag. Those losses are expected to reverse, since the market has recovered.
It may still be too early to say insurers are not at risk of major claims from the coronavirus and a related respiratory disease, COVID-19, said Piper Sandler analyst Paul Newsome.But insurers now have better predictions about COVID-related mortality and are well-capitalized, said Andrew Kligerman, analyst at Credit Suisse. “The industry is positioned to see some growth if and when we can pull through COVID,” he said.
The company expects full-year premium revenue to increase, Chief Executive Evan Greenberg said on a conference call.AIG's general insurance business reported $458 million worth of claims and expected claims related to the pandemic in the second quarter, in line with its expectations.
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