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Insurance

Reuters | Equities.com |

(Reuters) - Insurance and reinsurance industry losses from wildfires across U.S. states, including California, Oregon and Colorado, were estimated to be more than $8 billion, according to a monthly report on global catastrophes by Aon Plc.

Economic losses from the fires could top $13 billion, the insurance broker said here on Wednesday.

Wildfires have scorched through millions of acres in California this year, the worst fire season in state history, while crews ha...


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Insurer American International Group Inc said on Friday it is considering an initial public offering or a private sale of nearly 20% of its life and retirement business to separate the unit from the rest of the company over the coming year.

The comments during AIG’s third-quarter earnings call offered further detail on how it might carry out the long-discussed divestiture, which it announced last week.

“We currently contemplate either an IPO or a private sale of up to 19.9% of Life and Retirement, followed by one or more dispositions of our remaining ownership interest over time,” President Peter Zaffino said on the call. AIG last week named Zaffino to take over as chief executive officer in March.


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WASHINGTON (Reuters) - Allstate Corp wants a potential Democratic administration to back a taxpayer-funded program that would pay for losses caused by the largest climate-change fueled natural disasters, the Illinois-based insurer's chief executive said.

Democratic presidential challenger Joe Biden was leading Republican incumbent President Donald Trump in electoral college votes on Wednesday evening, as the ballot count looked poised to stretch into a third day.


Reuters | Equities.com |

NEW YORK (Reuters) - Insurers appear to have dodged a revival of strict regulations and policy upheavals after an anticipated Democratic “Blue Wave,” which would have allowed progressives to push for broad reforms, failed to materialize on Wednesday, said industry executives.

The U.S. presidential election result was on a knife-edge on Wednesday, with Republican President Donald Trump and Democratic challenger Joe Biden tightly knotted as officials in several states completed their vote counts. Congress looked set to remain divided with Democrats keeping the House of Representatives and Republicans on track to retain control of the Senate.


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Insurer American International Group Inc on Monday named President Peter Zaffino as chief executive officer, and said it plans to spin off its life and retirement business unit.

AIG shares were up nearly 8% in extended trading.

Zaffino, who succeeds Brian Duperreault, will take charge in March. Zaffino will be AIG’s seventh CEO since 2005.

The insurer said it has yet to make a decision on how to execute th...


AP News | Equities.com |

UnitedHealth Group beat third-quarter earnings expectations and finally hiked its 2020 forecast after holding off while trying to gauge COVID-19’s impact.

But the nation’s largest health insurance provider also is thinking conservatively about its 2021 growth prospects as the coronavirus continues to spread widely.

Health insurers have approached 2020 forecasts cautiously, even though many reaped huge profits in the first half as the pandemic ke...


Equities Staff | Equities.com |

In its latest move to capture more of the healthcare market, Walmart announced the launch of Walmart Insurance Services today, through which it will sell Medicare insurance plans in 50 states and Washington, DC, during this year’s Annual Enrollment Period (AEP), Oct. 15 through Dec. 7, 2020.

Walmart's initial offerings will include Medicare plans (Part D, Medicare Advantage and Medicare Supplement plans) offered by Humana, UnitedHealthcare, Anthem Blue Cross Blue Shield, Amerigroup, Simply Health, Wellcare (Centene), Clover Health and Arkansas Blue Cross and Blue Shield.


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Insurer MetLife Inc said on Thursday it will buy vision-care benefits company Versant Health for $1.68 billion from an investor group led by Centerbridge Partners and FFL Partners, to strengthen its vision insurance business.

The deal, which is expected to close in the fourth quarter of 2020, will add to the insurer’s earnings and free cash flow, MetLife said.

Once the deal is completed, MetLife will become the third largest vision insurer in t...


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Abu Dhabi’s Etihad Airways on Monday said it would cover medical and quarantine costs for passengers if they contract the new coronavirus after traveling on one of its flights.

Airlines around the world are trying to find ways to stimulate demand that has been shattered by the pandemic and expected to take years to recover.

Medical costs of up to 150,000 euros ($177,000) and quarantine costs of up to 100 euros a day for 14 days will be covered by Etihad for its passengers who contract the disease within 31 days of first travel.


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U.S. insurer MetLife Inc on Wednesday posted a 43% drop in quarterly adjusted earnings, spurred by declining premium income and private equity investment losses.

Adjusted earnings fell to $758 million in the second quarter from $1.3 billion a year earlier, MetLife said. Excluding items, MetLife earned 83 cents per share compared with $1.46 per share a year ago.

Analysts estimated earnings of 91 cents per share for the second quarter ...