Tag Archives: COVID-19 Triple-I impact
Coronavirus Wrap-up: Property and Casualty (4/8/2020)
An article in Claims Journal: Anticipated Coronavirus Claims Scenarios Across Major Coverage Lines discusses the wide range of insurance lines in which claims could rise, whether as a direct result of the pandemic or of social, institutional, and governmental reactions to it.
The Financial Times reports on two shareholder lawsuits relating to coronavirus that have already been launched in the United States, one against Norwegian Cruise Lines, the other against a pharmaceutical company called Inovio.
And, in a new publication, Allianz Global Corporate and Specialty (AGCS), Coronavirus: Safety Measures for Businesses Forced to Temporarily Close Their Premises, AGCS experts provide an overview of general security and prevention measures to help avoid physical damages.
An NBC6 (Miami) report highlights actions that some major insurers are taking to provide relief to their customers who are facing financial difficulties due to the coronavirus pandemic. Said Sean Kevelighan, CEO of Triple-I, “In the insurance community, we refer to ourselves often as financial first responders and you’re really starting to see that kick in right now.” Some companies are allowing customers to delay payments without penalties or initiate a personal payment plan. A few are offering relief in the form of paybacks to customers.
Other recent articles related to coronavirus from a property and casualty insurance perspective:
Auto
A New York Daily News article describes the rebates auto Insurers are offering to their customers due to coronavirus-induced driving lull. Liberty Mutual, American Family and Allstate are among the companies offering refunds.
Triple-I’s CEO Sean Kevelighan was quoted in a Los Angeles Times column and appeared in a Miami NBC affiliate segment about economic relief for drivers.
A Winknews report discusses the assistance available to customers during the coronavirus pandemic and includes an anecdote from a policyholder who was told by his insurer that he couldn’t get an extension. Triple-I’s Mark Friedlander says this customer’s experience is not the norm.
Business Interruption
Triple-I CEO Sean Kevelighan was quoted in Washington Examiner and Santa Rosa, Calif. Press Democrat articles on business interruption coverage.
Artemis published this interview with PCS’s Tom Johansmeyer on silent pandemic risk.
The Financial Times reported on the growing controversy over how much companies can claim from their business interruption insurance policies related to the coronavirus pandemic.
Cyberrisk
Cyber Perspectives on Coronavirus – Audio panel on the PLUS Blog
The National Insurance Crime Bureau (NICB) and the Cybercrime Support Network (CSN) announced they are partnering to educate online users about scams surrounding COVID-19, and what consumers need to watch out for when surfing the web, working online, or e-learning from home. NICB and Cybercrime Support Network Partner to Warn the Public About COVID-19 Scams
Additional resources:
- Cybercrime Support Network Scam Alerts
- NICB ID Theft Brochure
- ID Theft Infographic
- FraudSupport.org
- FBI Urges Vigilance During COVID-19 Pandemic
- FTC: Coronavirus Scams
Flood
As local, state and federal agencies scramble to react to the public health needs of COVID-19, cities and towns must also keep one eye on the weather forecast and river levels, according to this Chicago Tribune article.
Workers Compensation
The Minnesota Legislature passed a workers’ compensation bill Tuesday to cover first responders, health care workers and daycare workers. The legislation is effective April 8 and is in place until May 1. Minnesota to Ensure Workers Comp to Responders With COVID-19
Triple-I’s Daily newsletter covered many of the preceding stories this morning. To subscribe to the Triple-I Daily contact daily@iii.org.
Triple-I Webinar Covers COVID-19’s Economic and Health Implications
The Insurance Information Institute invited its members to a webinar titled “Covid-19’s Impact on Health, the Economy and Growth” on March 5 at 11:00 a.m. EST presented by Triple-I Vice President and Senior Economist Michel Léonard, PhD, CBE.
Dr. Lèonard will discuss the following key points:
• Economic impact likely to continue into Q3/Q4 2020 and 2021
• Could reduce global growth by as much as 1 percent and delay recovery by up to 12 months
• Fiscal and monetary policy, rates cuts, unlikely to be effective
• Insurance industry to see higher claims, reduced premium growth
He will also preview the Global Macro and Industry Outlook report before it is made available to the public.
To find out more about the benefits of Triple-I membership click here.
Preparing for a pandemic should be part of every household’s emergency plan
Health officials in the U.S. have advised businesses, schools and communities to prepare for a possible outbreak of the COVID-19 coronavirus. On Tuesday, February 25, the Centers for Disease Control and Prevention (CDC) said a wider spread of the virus in the U.S. can be expected, but the agency is uncertain of the severity of the threat.
The disruption to everyday life could be severe.
“It’s not so much a question of if this will happen anymore but rather more a question of exactly when this will happen and how many people in this country will have severe illness,” said Dr. Nancy Messonnier, the head of the National Center for Immunization and Respiratory Diseases at the CDC.
Being prepared for a pandemic should be a part of every household’s emergency plan. The Federal Emergency Management Agency’s Ready.gov website offers the following tips:
Before a Pandemic
- Store a two-week supply of water and food.
- Periodically check your regular prescription drugs to ensure a continuous supply in your home.
- Have any nonprescription drugs and other health supplies on hand, including pain relievers, stomach remedies, cough and cold medicines, fluids with electrolytes, and vitamins.
- Get copies and maintain electronic versions of health records from doctors, hospitals, pharmacies and other sources and store them, for personal reference. Get help accessing electronic health records.
- Talk with family members and loved ones about how they would be cared for if they got sick, or what will be needed to care for them in your home.
During a Pandemic
- Limit spread of germs and prevent infection.
- Avoid close contact with people who are sick.
- When you are sick, keep your distance from others to protect them from getting sick too.
- Cover your mouth and nose with a tissue when coughing or sneezing.
- Washing your hands often will help protect you from germs.
- Avoid touching your eyes, nose or mouth.
- Practice other good health habits. Get plenty of sleep, be physically active, manage your stress, drink plenty of fluids, and eat nutritious food.
Here at the Triple-I blog, we’ve been following the news of the spread of the COVID-19 coronavirus disease both from an insurance industry and a public safety perspective over the past few weeks. For Triple-I members, we also make available a database of news abstracts. Members can access the latest news pertaining to COVID-19, by clicking here (scroll down on the page to the coronavirus in the news section).