AM Best TV & Audio
COVID-19 and Creativity
Hockey and lacrosse equipment factories are making face shields, a group raises funds for children affected by the coronavirus, students gain ‘real-world’ experience in dealing with a pandemic and the growth of telemedicine has its risks. AMBestTV and AMBestAudio report on stories from a number of sectors within the insurance industry.
- August 2020
Zurich Canada expanded client Bauer Hockey’s liability coverage so its hockey and lacrosse equipment factories could make face shields needed during the COVID-19 pandemic. Making that change on the factory floor also meant shifting liabilities and insurance coverage. Larry Weber, Bauer Hockey risk manager, spoke about the transition, and Matthew Arbuckle, casualty underwriting specialist with Zurich, addressed how this switch in product impacted the company’s insurance.
A student team from St. Joseph’s University took first place for a second-straight year in the Spencer RIMS Risk Management Challenge that gave them a chance to examine real risks, including COVID-19 and active shooters. Marya Propis, Spencer Chair, SVP of Distribution & Broker Partnerships at All Risks Ltd., explains what the students of the 23 universities participating in the competition were asked to do.
Lloyd’s donated $500,000 to COVID-19 Crisis: IICF Children’s Relief Fund, said Hank Watkins, president of Lloyd’s Americas, and board member, Insurance Industry Charitable Foundation’s Northeast Division. The fund recently passed the $1 million mark.
Congress is discussing proposals that would provide business interruption coverage for future pandemics, said Eric Dinallo, insurance regulatory chair, Debevoise & Plimpton. The Pandemic Risk Insurance Act is being met with a counterproposal called the Business Continuity Protection Program, which was developed by a group of insurers.
Homeowners are using new technology to reduce water damage claims. Insurers can offer discounts to encourage homeowners to use water monitors, said Dan Davis, director, internet of things and emerging markets, insurance, LexisNexis Risk Solutions.
Pandemic disruptions, changing job roles and the explosive growth of telemedicine are opening new risk vistas for hospital organizations. Organizations have increased their use of telemedicine tenfold, said Susan Tewhill, health care practice leader with Edgewood Healthcare Advisors, a division of Epic Insurance Brokers.
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Pandemic’s Effects Felt in a Number of Ways
Industry professionals talk with AMBestAudio about data for hurricane forecasting and changes in ways of working in insurance.
With the quarantine grounding many flights, hurricane forecasters may have less data, said Tom Varney, regional manager, Americas, Allianz Global Corporate and Specialty.
Thomas Troy, president and chief executive officer of CSAA Insurance Group, discusses how the COVID-19 pandemic is impacting the insurance industry from touchless claims to employees working remotely, and what it may mean for the future.
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