REUTERS: Insurer American International Group Inc on Monday posted a 56 per cent fall in quarterly adjusted earnings, spurred partly by higher catastrophe losses and lower private-equity returns.
The loss included US$674 million of catastrophes, net of reinsurance, partly reflecting US$458 million related to COVID-19 and US$126 million for civil unrest claims.A decline in travel during the pandemic affected AIG's travel insurance business. AIG's general insurance accident year combined ratio excluding changes from losses incurred in past years, was 94.9 for the quarter, compared with 96.1 a year ago.
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