AM Best TV & Radio
COVID-19 Turmoil Is Taking a Toll
AMBestTV and AMBestRadio report on the insurance implications of the COVID-19 pandemic and the resulting economic turmoil.
- May 2020
Scott Stransky, vice president of emerging risk modeling, AIR Worldwide, said worries over COVID-19, combined with more people working outside of offices, are creating opportunities for phishing and other cyber exposures.
The quickly spreading COVID-19 virus could spike workers’ compensation and life insurance claims, said Mitch Wein, senior vice president, consulting and research, Novarica.
Health insurers are bracing for increased frequency and severity of claims due to COVID-19, said Sally Rosen, senior director with AM Best Rating Services.
James Gillard and Stefan Holzberger
James Gillard, executive vice president and chief operating officer, and Stefan Holzberger, chief rating officer, both of AM Best Rating Services, said the organization is taking steps to examine and monitor all facets of the insurance industry in light of the coronavirus outbreak, including stress testing, gathering data from rated companies, issuing additional research and more.
Kenneth Johnson, senior director, AM Best Rating Services, said the change to a negative outlook is based on the impact of the COVID-19 outbreak, slowing economic conditions and record-low interest rates.
Ann Modica, economist, AM Best Rating Services, says “We basically need to cause a recession in order to curtail the spread of the disease.”
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Looking at Risk, Suggestions for Agents
Industry experts talk with AMBestRadio about contingency plans and communication during the coronavirus pandemic.
While the COVID-19 outbreak isn’t likely to trigger most commercial property policies, it is forcing risk managers to review contingency plans, said Jeff Beauman, vice president and chief underwriter of FM Global.
Jennifer Torneden, senior vice president and head of distribution, Aon Affinity, explains the need for insurers to communicate to agents what they should be discussing with clients during the coronavirus outbreak.
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