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
5 crucial insurance questions for the post-COVID ‘new normal’
We are now several months into the coronavirus pandemic and it is clear that the crisis has rewritten the rules for customer engagement, business processes and technology. Insurers understand that the customer experience is critical during the claims process otherwise they risk customer attrition. Read more here.
Traffic Deaths Fell But Fatality Rate Spiked During Coronavirus Lockdowns
U.S. traffic deaths fell during the coronavirus lockdowns but drivers engaged in riskier behavior as the fatality rate spiked to its highest level in 15 years, according to preliminary data released Thursday. Read more here.
Auto insurance carriers have offered $10 billion in rebates during the pandemic, but customers still aren’t happy — and they’re looking to switch
During the coronavirus pandemic, the auto insurance industry has offered over $10 billion in rebates on premiums for policyholders. But after all the rebates and discounts offered, customer satisfaction with car insurance providers has fallen, according to a study by J.D. Power Insurance Intelligence. Read more here.
Coronavirus fast-tracked insurance’s digital response to Hurricane Laura
Before Hurricane Laura made landfall or wildfires engulfed the Pacific Coast, insurers were well aware that the raging COVID-19 pandemic would decidedly alter catastrophe claims experiences and processes. Read more here.
Ratings agencies see reinsurance rate increases amid pandemic
Ratings agencies Moody’s and S&P Global said on Tuesday they expected global reinsurance premium rates to rise at the key January renewal season as companies seek to recoup some of their COVID-19-related losses. Read more here.
Why Some Organizations Are Managing Coronavirus Risk Better Than Others
While few, if any, organizations saw the coronavirus pandemic and all of its death and disruption coming, some were better positioned to deal with it than others. Read more here.
Coronavirus raises fears of increase in insurance fraud
As if the insurance industry didn’t have enough to worry about amid the coronavirus pandemic, from how business interruption coverage lawsuits will be decided to how longer term remote working arrangements will impact insurers’ services, they also have to keep an eye out for an uptick in insurance fraud. Read more here.
Will Agency E&O Claims Be The ‘Next Wave’ of COVID-19?
As many states keep watch for the “next wave” of COVID-19 infections, the insurance industry is keeping watch for the “next wave” of potential claims that could be directed at independent agents. Read more here.
About 61 Million Americans Have Stopped Commuting Due to COVID-19
The coronavirus has upended nearly every aspect of life in the United States, and Americans’ driving behavior and commutes are no exception. ValuePenguin surveyed drivers to see how their habits have changed. We found a large number of drivers are no longer commuting to the office, whether because they are working from home or have lost employment due to COVID-19. Read more here.
Recession, Pandemic to Affect P/C Underwriting Results, New Triple-I / Milliman Report Shows
The COVID-19 pandemic and the recession it started will result in no premium growth for 2020 and a deteriorated combined ratio for the property/casualty industry, according to the new report, Insurance Information Institute (Triple-I)/ Milliman P/C Underwriting Projections: 2020-2022. Read more here.
Public policy post-COVID-19: TRIA or NFIP for a pandemic?
Following terrorist events and viral outbreaks in the past 30 years, the insurance industry has laid the groundwork for what may evolve into a federally-backed “pandemic insurance” program. Read more here.
Updated: GEICO, Gen Re Are Bright Spots in Otherwise Tough Q2 for Buffett’s Berkshire Hathaway
Berkshire Hathaway Inc. had a tough second quarter with the pandemic taking a toll on most of its operating businesses including Precision Castparts aircraft parts, the BNSF railroad, Occidental Petroleum Corp., Kraft Heinz Co. and retailers including See’s Candies that temporarily closed stores. Read more here.
P&C insurance industry suffers largest-ever drop in surplus in Q1 2020
The surplus for the private United States property & casualty insurance industry dropped by $75.9 billion in the first quarter of 2020 Read more here.
Swiss Re $973M COVID Business Interruption Estimate Won’t Remain Outlier, CEO Says
While Swiss Re’s $2.5 billion estimate of COVID-related insurance and reinsurance losses stands above most others around the industry, the situation is destined to change, according to the group CEO. Read more here.