Commercial Lines

Lloyds Banking Group took another 1 billion pound ($1.6 billion) hit to compensate customers mis-sold loan insurance, taking its charge for the scandal to 5.3 billion and dragging it to a third-quarter loss.

Catastrophe modeler Eqecat doubled its initial estimate of insured losses from Superstorm Sandy to up to $20 billion.

Moodys Investors Service says in a new report that one positive result of Hurricane Sandy for insurance companies is that the event will likely help support price increases going into 2013.

Business interruption and contingent business interruption claims loom as a large issue following Superstorm Sandy, as thousands of businesses of all sizes deal with flooding, physical damage, power outages, government orders and supply chain disruptions.

Liberty Mutuals operating results improved and catastrophe losses have been modest, leading to 2012 third-quarter net income of $465 million, compared to a $112 million net loss in 2011s third quarter.

Liberty Mutuals operating results improved and catastrophe losses have been modest, leading to 2012 third-quarter net income of $465 million, compared to a $112 million net loss in 2011s third quarter.