American International Group

The pullback goes beyond California and Florida as insurers face climate risks and inflation. The pullback goes beyond California and Florida as insurers face climate risks and inflation. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the…

Allstate has stopped writing new homeowner and commercial insurance policies in the state of California due to rising repair costs and wildfires. The company was the fifth largest homeowner’s insurance provider in the state, according to the Insurance Information Institute.Boogeyman Star Sophie Thatcher Wrote Howl's Moving Castle Fan Fiction | io9 InterviewThis news, reported by the San Francisco Chronicle last week, at first would appear to follow State Farm’s announcementthat it would cease new homeowner insurance…

State Farm has stopped accepting new applications for home and business insurance in California this month due to wildfire risk and rising costs, the company announced on Friday.Biggest Forest Fire in New Mexico HistoryIn an official statement on its website, the insurance company stated that the decision was made because of rising construction costs that are outpacing inflation, a challenging insurance market, and “rapidly growing catastrophe exposure.” “We take seriously our responsibility to manage risk. We recognize…

American International Group showed continued improvement in its core business-insurance operations, but a weaker and shrinking share of income from a life-insurance unit being divested kept its operating income relatively flat. AIG ’s so-called adjusted after-tax income, which excludes items judged nonrecurring and noneconomic, dropped 1.4% to $1.21 billion from $1.23 billion, although on a per-share basis, which is what Wall Street analysts closely watch, it rose 9.4% to $1.63. The per-share gain…

Even before Trafigura Group said phony nickel shipments could cost it up to $577 million, some people and businesses had decided to steer clear of both Prateek Gupta—the businessman Trafigura says is responsible for the alleged misconduct—and a Swiss firm Mr. Gupta had acquired.Commodity-trading giant Trafigura has accused Mr. Gupta and related companies of committing “systematic fraud.” It says it agreed to buy nickel—a hot commodity, due to the electric-vehicle boom—but instead received other, cheaper cargoes. The Wall…

China is turning to an old friend in corporate America to bolster communications with the U.S., as President Xi Jinping tries to stabilize the bilateral relationship while gearing up for greater competition between the two powers.A few days before Mr. Xi’s summit last week with President Biden, according to people with knowledge of the matter, Beijing dispatched a delegation of senior policy advisers and business executives to New York to meet with a U.S.…

The two big insurers faced different challenges in the difficult quarter. Prudential’s so-called adjusted operating income slid 46% to $803 million from $1.49 billion, and it swung to a loss of $284 million on a net basis, from net of $1.53 billion in the year-earlier period.  The insurer largely blamed rising interest rates for $1.46 billion of  pretax net realized investment losses and related charges and adjustments. About $100 million of pretax losses came from divested and runoff businesses.…