A group of associations that represent members of the insurance industry penned a letter to a pair of congressional lawmakers from California noting that its companies are not built to withstand pandemics such as the current coronavirus outbreak. “Insurance coverage works by spreading risk, but that model simply cannot account for a situation in which… Continue reading Insurance Industry Warns Its Companies Not Built to Withstand ‘Catastrophic and Nearly Universal’ Losses
Tag: coronavirus pandemic
Global Reinsurers Resilient in Face of COVID-19: AM Best
Despite mounting uncertainties around the coronavirus pandemic, AM Best believes reinsurers globally are well capitalized and remain resilient thanks to a long history of innovative and prudent risk management. AM Best expects any covered losses to be manageable and believes relevant policy exclusions will hold up. Adverse impacts from the pandemic may act to restrain… Continue reading Global Reinsurers Resilient in Face of COVID-19: AM Best
Thousands of U.S. Banks May Sit Out Small-Business Rescue Plan on Liability Worries: Sources
Thousands of U.S. banks, including some of the country’s largest lenders, have said they may not participate in the federal government’s small-business rescue program due to concerns about taking on too much legal and financial risk, five people with direct knowledge of industry discussions told Reuters. Seeking to help millions of small businesses that have… Continue reading Thousands of U.S. Banks May Sit Out Small-Business Rescue Plan on Liability Worries: Sources
United States Seeking Public and Private Solutions to Health Insurance Losses Due to Layoffs
Job Loss During the Pandemic Last week, over 3 million people filed for federal unemployment insurance – the most on record. The present pandemic has forced mass social distancing and the temporary closure of countless businesses. Millions of people are now being laid off of these jobs, or put on furlough until the crisis has… Continue reading United States Seeking Public and Private Solutions to Health Insurance Losses Due to Layoffs
Coronavirus Lands Another Blow to Senior Housing Operators
A number of big landlords are offering rent relief to senior housing operators, the latest sign of trouble for owners in an industry that was struggling even before the new coronavirus pandemic. Ventas Inc., one of the country’s largest owners of senior housing, is offering businesses that operate about one-fifth of its portfolio a 25%… Continue reading Coronavirus Lands Another Blow to Senior Housing Operators
COMMENTARY: Insurance Coverage for Business Losses Due to COVID-19
Intro by Larry Neilson, CEO, Neilson Marketing Services/ProgramBusiness.com: The coronavirus has created a scary and sometimes bleak outlook for us all. My career is defined by providing marketing services to the property and casualty insurance industry. The professional insurance people with whom I have had the pleasure to serve and work with through the years… Continue reading COMMENTARY: Insurance Coverage for Business Losses Due to COVID-19
Congress Moves to Take Up Relief Package
Congress readied to pass an estimated $2 trillion stimulus package aimed at combating the economic consequences of the coronavirus pandemic, hours after legislative leaders and the Trump administration struck a deal. The Senate plans to vote on the mammoth bill on Wednesday, though full text hasn’t been released. The legislation will provide direct financial checks… Continue reading Congress Moves to Take Up Relief Package
Zurich Warns of Heightened Cyber Risk During Pandemic
Zurich Insurance has warned that a surge in remote work during the coronavirus (COVID-19) pandemic will result in heightened cyber security risks. With businesses around the world increasingly urging employees to work from home to help slow the spread of the virus, analysts believe that the security standards of some organisations could be compromised. Nikki… Continue reading Zurich Warns of Heightened Cyber Risk During Pandemic
Boards Begin Planning for Long-Term Fallout from Coronavirus Pandemic
Corporate directors, after spending weeks in crisis mode, have begun to plan for the long-term fallout from the coronavirus pandemic on their operations. Thirteen percent of directors said their companies have delayed a planned investment for 2020 because of the outbreak, according to a survey by the National Association of Corporate Directors. The survey was… Continue reading Boards Begin Planning for Long-Term Fallout from Coronavirus Pandemic