Travelers

Nearly 1,000 insurance disputes over pandemic coverage were filed by the end of July, according to data highlighted by sister title Inside P&C.

The insurer also took a $400mn subrogation gain on wildfire losses.

The claims stemmed from US storms and civil unrest, with pandemic losses broadly offset by reduced claims frequency on the underwriting side of its business.

As many parts of the world start to emerge from lockdown, potential Covid-19 BI claims are yet to be tested.

The insurer's Q1 net profit fell 25 percent to $600mn as cat losses were almost double those of Q1 2019.

The insurer cut back the 2020 placement after making claims on the deal's first year in effect.

The insurer placed 35 percent less aggregate limit than in 2019.

Catastrophe losses of $241mn added 3.3 percentage points to the combined ratio of 101.5 percent in Q3.

The insurer said Q2 cat loss levels were favourable even though it has eroded more than half its aggregate deductible.

The Camp Fire and Woolsey Fire have now destroyed 10,000 and 504 buildings respectively.

Chubb and Travelers also face losses of around $400mn each should total insured losses hit $10bn, the analyst said.

USAA is among the top 10 carriers with exposure to the loss and has already eroded aggregate deductibles for the current year of cover after this year’s hurricane season.