AIG Says Pandemic ‘Catastrophe’ Puts Dent in Travel Business
- CEO says insurer is showing resiliency through the catastrophe
- Insurer posts net loss of $7.9 billion, hurt by Fortitude deal
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American International Group Inc. is feeling more pain from the pandemic.
The insurer, which took a $272 million hit in the first quarter from claims related to Covid-19, reported an additional $458 million of costs tied to the pandemic in the three months ended June 30. The crisis has also hurt sales of travel insurance and increased mortality rates in the life insurance operation.