AM Best TV & Audio
Workers’ compensation insurance, commercial auto, life insurance and asset management are all facets of the insurance industry being impacted by the COVID-19 pandemic and quarantine. Even hurricane forecasting can be affected. AMBestTV and AMBestAudio report on how the turmoil from the pandemic is impacting insurers.
- July 2020
Marla Schwartz Pourrabbani
June was the official start of hurricane season, but with commercial flights grounded due to the pandemic, forecasters have less data for predictions, industry experts said. Tom Varney from Allianz and Marla Schwartz Pourrabbani from Swiss Re discuss the risks.
High unemployment rates are pushing workers’ comp premiums down, while claims related to the pandemic are still developing, said Bill Donnell, president and CEO, National Council on Compensation Insurance.
While insurers saw accident frequency drop during the quarantine, industry experts, including Kyle Hoffman of Convr, worry that essential workers logging longer hours could hike severity.
Insurers must educate policymakers on why business interruption writers can’t pay COVID-19 claims for coverage they never wrote, said Brady Kelley, executive director, WSIA.
As economies slow, marine insurers are finding more cargo at rest, and at risk, said Andrew Kinsey, senior marine risk consultant, Allianz Global Corporate & Specialty.
Life insurers are stepping up digital sales and automatic underwriting during the pandemic, say industry executives including Alison Salka of LIMRA.
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Changes Happening In Underwriting And Marketing Methods
Executives talk to AMBestAudio about a wildfire backstop for utilities and about how agents are responding in the era of COVID-19.
The publically managed but privately funded California Earthquake Authority, a nonprofit, is now also managing the $21 billion wildfire backstop for utilities, said CEO Glenn Pomeroy.
Independent agents are refreshing their websites, finding new social channels and improving digital marketing during the pandemic, said Tyler Asher, president, Independent Agent Distribution, Liberty Mutual and Safeco Insurance.
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