Uninsurability of Mass Market Business Continuity Risks from Viral Pandemics
The concept of insurance is both ancient and intuitive. People and institutions have for millennia understood that the losses of the unfortunate few could be “pooled” and distributed across the broader population, most of whom have sustained no loss, resulting in tangible benefits to society as a whole. Read more here.
Viewpoint: What’s Fair When It Comes to Paying Insurance Claims?
The ongoing COVID-19 pandemic has tragically resulted in the deaths of 100,000 Americans, changed our day-to-day lives, hampered our economy, and forced us to reexamine how we live. Read more here.
Insurance Council of Texas (ICT) Executive Director, Albert Betts Jr., offers a conversation around the call for “fairness” in paying insurance claims. What’s Fair?
As the country moves to reopening, after weeks of a shut down to avoid the spread of the virus, some have demanded that insurance companies pay for business interruption claims, even if the policies did not have coverage to include this type of situation. Read more here.
Future of American Insurance & Reinsurance Will Educate Public On The Industry’s Role and Response to the COVID-19 Pandemic. Read more here.
Celebrity Chefs Are Feeding You a False Narrative About Business Interruption Insurance
The shock of the COVID-19 pandemic has devastated the U.S. economy. Millions have lost their jobs and many large and small businesses alike have been shuttered for weeks now. The restaurant industry, like many small businesses, has been acutely affected, with employees nationwide out of work entirely or with dramatically reduced hours. Read more here.
Insurers push back in COVID-19 coverage case
An insurer facing a coronavirus-related business interruption case and various industry trade groups filed arguments Thursday urging a state high court not to fast-track the litigation process. Read more here.
International Association of Insurance Supervisors
“…The IAIS cautions against initiatives seeking to require insurers to retroactively cover Covid-19 related losses, such as business interruption, that are specifically excluded in existing insurance contracts. In such cases, the costs of claims against losses have not been built into the premiums that policyholders have paid for their insurance. Read more here.
Forced Pandemic Payouts Risk Financial Instability: Insurance Regulators
Forcing retroactive payouts to cover business disruption losses resulting from the coronavirus pandemic could ultimately put financial stability at risk, global insurance regulators said. Read more here.
Louisiana bills would force insurers to pay businesses’ coronavirus claims
As the Louisiana Legislature resumes its session amid the coronavirus shutdown, two critical bills seek to force insurance companies to pay business-interruption claims due to the pandemic. Read more here.
Burger Boy, State Farm agents giving away $5,000 worth of gift cards to essential workers
Local State Farm Agents and Burger Boy are giving away $5,000 worth of gift cards as a way to thank frontline workers fighting the COVID-19 pandemic. Read more here.
Texas Insurance Commissioner: Modernization Efforts Paying Off During Pandemic
The employees of the state agency in charge of regulating the insurance industry in Texas might not put it this way, but in a sense, operationally at least, they have been preparing for the current health crisis brought on by the new coronavirus for a couple of years. Read more here.
APCIA Releases Update to Business Interruption Analysis
David A. Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA),released the following statement along with new industry data today. Read more here.
Chubb Senior Vice President John R. Marlow sent letter to Commissioner Sullivan
Chubb Senior Vice President John R. Marlow sent a letter to Commissioner Sullivan and senior staff at TDI outlining Chubb’s proactive initiatives to address issues facing policyholders, agents, employees and the community impacted by the COVID-19 pandemic. Read the letter here.
Some Insurance Regulators Skeptical About Business Interruption Claims
Insurance commissioners in at least seven states have advised business owners not to get their hopes up if pursuing business-interruption claims. Scott Seaman, a partner with the Hinshaw & Culbertson law firm in Chicago, posted a blog on Friday that relayed communications from insurance commissioners in Georgia, Kansas, Louisiana, Maryland, Mississippi, North Carolina, West Virginia and the District of Columbia. Read more here.
The Insurance Information Institute: Insurance Industry’s Response to COVID-19
The insurance industry is applying forward-thinking solutions to take care of its customers, communities, and employees during the COVID-19 crisis. Read more here.
Covid-19 BI an existential threat, reinsurance capital availability key: Willis Re
Business interruption claims from the Covid-19 coronavirus pandemic pose an “existential threat” to the entire reinsurance industry, broker Willis Re said today. Read more here.
TLR Statement on COVID-19 Liability
As our nation copes with the coronavirus pandemic, we are all concerned about the health and well being of our families and neighbors. We are in this together. We are experiencing a devotion to duty and a level of responsibility throughout our society that is inspiring and reminiscent of our national effort during World War II. Read more here.
Chubb CEO: Why pandemic losses are not included in business interruption insurance
Extending business interruption losses is a “self-inflicted injury” and would create “great uncertainty at a time when we have enough uncertainty,” Chubb CEO Evan Greenberg told CNBC. Watch the video here.
US Congressman Pramila Jayapal of Washington State wrote a letter to nine insurance companies with questions and concerns about the denial of business interruption claims due to the coronavirus. Read that letter here.
How Re-evaluating the Claims Handling Process Can Improve Outcomes
ESIS is leading the charge in leveraging data analytics and adjuster experience to change the workers compensation claim watch management paradigm and drive improvements in outcomes and help client reduce their total cost of risk. Read more here.
A message about pandemic risk from Dave Eslick, Chairman & Chief Executive Officer, Marsh & McLennan Agency
The COVID-19 pandemic has affected many of us. While the pandemic is first and foremost a human tragedy, we are also deeply concerned about its impact on our economy. The stakes – for businesses and organizations, their employees, and the U.S. economy – are high. That is why today, John Doyle, CEO of Marsh, wrote to Congress and the Administration to offer Marsh’s assistance in creating a public-private pandemic risk solution that can accelerate our economic recovery and provide much-needed protection against future pandemic risks.
APCIA supports creation of federal business-recovery fund
APCIA is among the 36 groups calling for a federal recovery fund for businesses affected by the coronavirus pandemic, providing assistance in addition to the $2.2 trillion stimulus package approved last week. “The COVID-19 Business and Employee Continuity and Recovery Fund is an additional tool to address the economic challenges brought on by this unprecedented crisis. Read more here.
COVID-19—When Civil Authorities Take over, Are You Covered?
The novel coronavirus (COVID-19) is a respiratory disease that can result in serious illness or death. It is caused by a new strain of coronavirus not previously identified in humans and easily spreads from person to person. There is currently no approved vaccine or antiviral treatment for this disease. Read more here.
National Association of Mutual Insurance Companies: Coronavirus and the Mutual Insurance Industry
The National Association of Mutual Insurance Companies issued the following statement on March 27 by President and CEO Charles M. Chamness:
“Despite the unprecedented economic disruption caused by the response to the COVID-19 pandemic, NAMIC member companies remain focused on their sole mission of serving policyholders. Mutual insurance companies have taken steps to help their policyholder members get through this crisis, including increased flexibility and the adoption of procedures to enable remote inspections and claims adjusting. Read more here.
Joint Memo to Texas House Insurance and Senate Business & Commerce Committees
Trade Associations including, ICT, AFACT, APCIA, NAMIC and TCAIS, representing carriers who write property and casualty insurance in Texas sent a Joint Memo to Texas House Insurance and Senate B&C Committees on Business Interruption Insurance. Read the memo here.
NAIC Statement on Congressional Action Relating to COVID-19
State insurance regulators are committed to working at the state and federal level to help mitigate the devastating economic impacts of the coronavirus (COVID-19) pandemic. Read more here.
National Council of Insurance Legislators (NCOIL) letter Re: Business Interruption Insurance and Coronavirus
National Council of Insurance Legislators (NCOIL) sent a letter to The Honorable Nydia M. Velazquez, Chair of the House Committee on Small Business and Members of Congress. Read the letter here.
Triple-I: Insurers Well-Positioned to Confront COVID-19’s Challenges
The U.S.’s auto, home, and commercial insurers have the financial resources to meet its obligations during the COVID-19 crisis, according to a presentation the Insurance Information Institute (Triple-I) delivered to state regulators. Read more here.