Coronavirus Wrap-up: Property and Casualty (4/8/2020)
Published on April 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:
AutoA 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 InterruptionTriple-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.
CyberriskCyber 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.orgFBI Urges Vigilance During COVID-19 PandemicFTC: Coronavirus Scams FloodAs 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 CompensationThe 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 [email protected].
