(Reuters) - Insurer American International Group Inc racked up $730 million in COVID-19-related losses during the first half of the year, its chief executive officer said on Tuesday. The pandemic is a "formidable and ongoing catastrophe," AIG CEO Brian Duperreault said during a call with analysts to discuss the company's second-quarter results. But the impact will affect earnings and not capital, Duperreault said. AIG, one of the largest U.S. insurers, on Monday posted a 56% fall in quarterly adjusted earnings, partly a result of $458 million in losses related to COVID-19 for its general insurance business. Analysts and investors have been awaiting insurers' second-quarter results, the first full quarter of the pandemic, for a clearer picture of the impact of COVID-19 on insurers' payouts.

Source: International New York Times August 04, 2020 15:00 UTC