COVID-19 Impact to Insurance Programs and Carriers
I hope this post finds you safe and well in our new world.As you may be aware, the most credible association in regards to insurance projections is the Casualty Actuarial Society ("CAS") casact.org. This is the fellowship of the "mathematical prophets".
Lines of Insurance most impacted by Covid
The below link is a very timely white paper that addresses the lines of insurance that will be most impacted due to this pandemic. Specifically:
- Health Insurance
- Workers' Compensation
- Liability (general and specialty casualty)
- Cyber
- Event cancellation
- Property
The full report can be accessed by clicking here.I think that some of these lines of insurance are directly impacted, especially health, workers' comp and event cancellation. What that impact will be has yet to be understood as the cost of medical and timeline of indemnity unknown. Other lines have the potential to be impacted such as cyber and liability. Property should have the least impact unless the feds step in. If they force the issue and do not subsidize, the money is not there to cover the claims.Our prayers to you and yours.
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The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.To contact a PEO expert, please visit Libertate Insurance Services, LLC and RiskMD.