Travelers says declined "vast majority" of business interruption claims because of exclusions

Ceo alan schnitzer says industry to be impacted by lower premium levels as economy contracts - conf call.ceo says there will be covid-19-related losses, but as exposures decline there will ]be some corresponding decline in losses - conf call.ceo says loss ratios could improve or deteriorate, varying by line - conf call.exec says expects "downward pressure" on both written and earned premiums during second quarter - conf call.exec expects "downward pressure" on net investment income during second quarter - conf call.says expense ratio will likely increase due to declining premiums - conf call.exec says insurer has a "very few number of policies" that explicitly cover viruses and those losses are included in q1 results - conf call.says company has declined "vast majority" of business interruption claims because of exclusions - conf call.travelers ceo- our commercial property policies that include bi require losses to be caused by direct physical damage to property from a covered cause.travelers ceo- our standard policy form specifically excludes loss or damage caused by resulting from a virus.travelers ceo says requiring losses to be covered retroactively for covid-19 would overwhelm industry's plain staying ability for legitimate claims.travelers ceo - . surety loss activity could be elevated depending on the duration of economic shutdown and duration of stress in the economy.
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