Looking for the latest news on COVID-19 impact on the industry? You’ll find information from Texas and national sources as well as state and local news alerts here. Read this week’s top stories here – we’re updating and adding to this site daily.
COVID-19 — Top Stories this Week
P/C Insurance Survey: 55% Back Worker Presumption; 54% See Interrupt Cases Failing
A slight majority (54%) of property /casualty insurance industry professionals think insurers will succeed in defeating legal and political attempts to force them to pay business interruption claims from the coronavirus pandemic. Read more here.
Insurers launch products for some pandemic risks
Insurers are creating products for a world where virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis. Read more here.
Global insurance industry to recover strongly from COVID-19 induced pull-back, sigma says
The insurance industry is set to overcome this year’s COVID-19-induced global economic recession, the latest Swiss Re Institute’s sigma says. Read more here.
Despite coronavirus shutdowns, San Antonio DWI arrests on par with 2019
Extended periods of bar closures and the absence of Fiesta have not slowed down the number of DWI arrests for 2020, according to statistics from the San Antonio Police Department. Read more here.
Chubb Estimates $1.4B in Q2 Pretax COVID-19 Catastrophe Losses
Chubb’s new, sobering disclosure of Q2 2020 global net catastrophe losses underscores the damage COVID-19 is doing to carriers’ bottom lines. Read more here.
Reopening the restaurant sector – a legal perspective
As the COVID-19 lockdowns lift, many restaurants and hospitality businesses are struggling to resume operations due to limited capacity, restrictions from health authorities, and low customer traffic caused by eroded consumer trust. Read more here.
Exclusive Coronavirus Survey: P/C Insurance Return to ‘Normal’ Office May Take Time
Many property/casualty insurance professionals, most of whom have been working at home during the pandemic, may need some convincing not only to return to an office anytime soon but also to engage in typical business activities with colleagues and customers. Read more here.
U.S. Commercial Auto Insurers Report Worst Losses in Decade: AM Best
The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results, according to a new AM Best report. Read more here.
Enforceability of COVID-19 waivers in question
Businesses requiring customers to sign COVID-19 liability waivers as they reopen should not expect the documents to absolve them of all liability because it is unclear whether they will be enforced by courts, legal experts say. Read more here.
COVID-19 and hurricanes: The perfect storm
Business owners should continue to take precautions in light of COVID-19, but also must take due care to prepare for hurricane season. Read more here.
CORRECTED-INSIGHT-Car crashes deadlier as drivers speed during lockdowns
Coronavirus lockdowns led to huge reductions in traffic and fewer car crashes this spring, but as drivers sped up on quieter roads, the collisions became deadlier in several cities, a Reuters analysis shows. Read more here.
In the age of COVID-19, businesses may require waivers, but…
As Texas reopens and the number of confirmed COVID-19 cases spike in some parts of the state including Central Texas, some businesses may require customers to sign waivers intended to prevent lawsuits if someone gets sick, but do they really work? Read more here.
Exclusive: How P/C Insurance Pros Are Faring Working From Home During Pandemic
While millions of people in other industries have been laid off and furloughed since anti-contagion policies and business shutdowns began in March, most property/casualty insurance professionals have been able to keep working. Many had the option to work remotely, an option not available to those working for restaurants, hotels, meat processing plants or fitness clubs. Read more here.
Citing COVID-19 Concerns, APCIA Will Move 2020 Annual Meeting Online
The American Property Casualty Insurance Association plans to move its 2020 annual meeting online because of continued safety concerns about the ongoing coronavirus pandemic. Read more here.
No Hurry: Waivers Continue for Texas Drivers
Don’t sweat the sticker. The waivers for Texas vehicle registration and driver’s license renewals implemented in March at the start of the coronavirus pandemic are still in effect. Gov. Greg Abbott issued the waivers as part of a statewide declaration of emergency. Read more here.
Restaurant Owners Could Face a Host of New Liabilities as a Result of the Covid-19 Pandemic
Even as thousands of restaurant owners deal with the business disruptions caused by Covid-19 and the subsequent business interruption claims being filed with their insurers, they now also face a host of new potential exposures for which there are no easy, clear-cut answers. Read more here.
Congress needs to pass tort reform to protect CARES Act funding
Predators are lining up to pillage the trillions of dollars provided in the Coronavirus Aid, Relief, and Economic Security (CARES) Act from American workers, families and small businesses. Read more here.
US commercial insurer capital will cover COVID-19 uncertainty, says Fitch
A new report from Fitch Ratings states that commercial line insurers’ longer-term stability in financial performance and capital strength suggests an ability to withstand stress from adverse events, including catastrophes, adverse reserve development and asset market volatility. Read more here.