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”.

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 –

 

 

Paul Hughes

Author: Paul Hughes

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