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CNA expects insurance loss as COVID-19 claims increase



CNA Financial Corp. expects to report an insurance loss of $ 210 million when it publishes its second-quarter results next month, but a recovery in investment markets and other investment gains will keep the insurer in the black during the quarter, CNA said Wednesday.

The CNA expects disaster losses from the previous quarter of $ 301 million, based on $ 182 million in losses related to the COVID-19 pandemic, $ 61 million related to civil unrest and $ 58 million from severe weather events.

Pandemic-related losses "are essentially driven by health care responsibilities with additional impact from workers' compensation, management responsibilities, commercial property, trade credit and security," the insurer said in a statement.

In addition to catastrophic losses, the CNA expects to report $ 50 million in unfavorable debt developments before the year, primarily due to New York's renewal status-related receivables. In 201

9, New York enacted a law relaxing legislation limiting sexual abuse of children.

The insurer expects to post a net profit of $ 151 million for the second quarter, compared to $ 278 million for the same period in 2019. [19659002] The results will benefit from "the beneficial effect of limited partnerships, ordinary shares and unredeemed preferred stock investments "and a recovery in the stock markets, the statement said.

CNA is scheduled to publish its results for the second quarter on August 3. .

More insurance and risk management news about the coronavirus crisis here .


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