Published: June 2020
The COVID Catastrophe
AM Best TV & Radio: Pandemic Pressure: As the COVID-19 pandemic and the economic effects of it continue, AMBestTV and AMBestAudio report on how the ongoing catastrophe is impacting insurers.
AM Best Webinars: Legal and Logistical Issues Insurers Face During Pandemic; Effects on Earnings: Industry experts discuss the coronavirus pandemic and related shutdowns that have opened up uncharted territory for the insurance industry; AM Best analysts review the impact of COVID-19 on earnings and balance sheets.
At Large: Remote & Resilient: The COVID-19 pandemic highlights the importance of continuity, community and cyber resiliency.
Best's Research: Best’s Analysis: AM Best continues to monitor the impact of COVID-19 on various segments of the industry, including the insurance-linked securties market. It also comments on the existential threat posed by pending business interruption legislation.
Capital Management: A Needed Resource: Insurers are positioning themselves to borrow from the Federal Home Loan Bank in the event of further financial stress.
Catastrophes: Claims Adjusters: A Permanent Adjustment: After spring storms cause damage, the COVID-19 crisis brings new challenges and approaches for claims professionals.
Catastrophes: Climate Change: Weather Alert: The rising severity and intensity of natural catastrophes, amplified by climate change, in California, Florida and Texas have brought about some insurance, regulatory and building code changes in those states.
Catastrophes: Pandemic: The COVID Catastrophe: The global pandemic is on track to be the costliest event in insurance history. It’s also a defining moment for the industry.
Catastrophes: Regulators: Serving His Country: Georgia insurance commissioner who assisted with COVID-19 facilities with National Guard likens virus fight to World War II.
Corporate Changes: Corporate Changes: All companies listed are life/health or property/casualty insurers in the United States and Canada that underwent changes in January 2020.
Executive Changes: WTW Names Climate, Resilience Hub Senior Director: Also: Arkansas has new commissioner; Farmers New World Life names president and former NAPSLO president dies From COVID-19 complications.
Financial Benchmarks: On the Way Out: With the London Interbank Offered Rate phasing out next year, insurers should welcome the flexibility alternative rates can bring to their financial decisions.
From the Editor's Desk: Storm Warning: The coronavirus pandemic will rank as one of the biggest catastrophes ever for the insurance industry. Hurricanes, floods and wildfires, however, remain threats that will demand attention.
In the News: British Regulator to Ask Court For Clarity in BI Coverage: In disputed cases, the regulator will rule on the meaning and effect of some policy wording.
In the News: California Workers’ Comp Order Opposed by Insurers: The industry says the governor’s order jeopardizes the stability of the state’s workers’ comp system.
In the News: Pa. Rehabilitators File Plan To Aid Long-Term Care Insurer: The plan must be confirmed by a judge to go into effect—however a hearing date has not yet been set.
Industry Updates: ‘Road to Oblivion’: Starr’s Greenberg lobbies Congress to shield insurers from uncovered business interruption claims.
Insurance Marketing: New Messages: Insurance industry CEOs step into the spotlight in TV and social media ads to deliver messages about their commitment to customers and the resilience of their organizations in the midst of the pandemic.
Life Insurance: [Still] Open for Business: Stay-at-home orders and social distancing measures took a toll on many small businesses, including Main Street agents and brokers. The Paycheck Protection Program may be something of a lifeline for them.
Next Wave: Emotional Support: In times of crisis, empathy and understanding are more important than ever.
Regulatory Update: Regulatory Update: Several states issue regulations on auto, homeowners and health insurance and annuities.
Regulatory/Law: The Fire Last Time: Insurance coverage during the Spanish flu pandemic of 1918-1920 was much different than it is today.
Risk Adviser: A Better Remedy: Lawmakers must develop a public-private partnership to address insured losses from pandemics.
Technology: Beyond Digital: The journey to digital evolution moves insurers from transformation to innovation to reach customers.
The Last Word: A Model Approach: COVID-19 is shining a spotlight on the need for predictive infectious disease modeling to help insurers project the onset and spread of costly outbreaks.
What AM Best Says: An ‘Existential Threat’: John Weber