AUSTIN, TEXAS :In what ways has insurance been affected by the COVID-19 pandemic? InsuranceQuotes.com’s newly released 3,500-word State of Coronavirus and Insurance Report answers that question, detailing how insurers, consumers and businesses have all been—and are continuing to be—impacted.
“People may debate whether or not this pandemic could have been foreseen, but in most areas of the insurance industry, they saw it coming 18 years ago. That is because, following the SARS epidemic in 2002, nearly every line of insurance coverage began writing in clauses that excluded pandemics and infectious disease causes, protecting many insurers from having to pay out claims in a time like this. That doesn’t mean the insurance industry has been unaffected, though,” said Michael Giusti, insuranceQuotes analyst and author of the report.
“From auto insurance companies offering refunds to idled drivers, to business insurers fending off lawsuits challenging their exclusions, to life insurers finding new ways to underwrite their policies, COVID-19 has rocked nearly every part of the insurance world,” said Giusti.
The report provides an analysis of COVID-19’s effect on:
- Health insurance
- Travel insurance
- Unemployment insurance
- Business insurance
- Restaurant insurance
- Special events insurance
- Film/TV/production insurance
- Auto insurance
- Life insurance
In addition, insuranceQuotes.com provides a look at relevant key issues for the months and years ahead.
“Post pandemic, many changes and questions will likely emerge moving forward. For one, no insurance policy is likely to offer pandemic or infectious disease coverage any time soon. Another question mark is whether states, regulators, and local jurisdictions will step in and try to force insurers to pay for things that they thought were excluded in their policy language,” added Giusti.
The full State of Coronavirus Insurance Report is available at https://www.insurancequotes.