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  #21  
Old 03-21-2020, 07:29 PM
Cloister Cloister is offline
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P&C Worker Comp: Probably not a big direct impact from COVID-19 claims, though I suspect some. However, could be significant other impacts:

Frequency: Economic downturns affect frequency. Might be different this time as it’s not just layoffs but whole companies/industries shutting down. Lots of people might look to WC as potential wage replacement.

Return to work opportunities likely diminished substantially.

Medical: Seems likely there will be delays in treatment due to stressed healthcare system. Can turn moderate claims into big claims.
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  #22  
Old 03-25-2020, 07:54 PM
tommie frazier tommie frazier is offline
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employee plans being adjusted to cover employees on fewer (down to 0) hours while the company is reeling. needs cooperation from stop loss writers (assuming they buy it).
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  #23  
Old 03-25-2020, 10:56 PM
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Quote:
Originally Posted by tommie frazier View Post
docs coming out of retirement for the reserves...their tail policies from when they were active should not cover that. (theoretcically possible some don't have such a policy). Would have to somehow be under employed physicians coverage? (who is employing them?)

no money to pay premium will be an all-LOB issue.
Cuomo signed executive order yesterday immunizing medical staff for covid treatments (except "gross" negligence, which is "willful"). Probably won't stop plaintiffs attorneys from filing lawsuits anyway and it'll cost us some dcc filing dismissal paperwork , but this is better than nothing .

Hope other states follow suit
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  #24  
Old 03-26-2020, 08:16 AM
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P&C

If people lose jobs and they default, the mortgage insurance market could have a crazy downturn like in 08.
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  #25  
Old 03-26-2020, 08:17 AM
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P&C

Travel Insurance if the pandemic exclusion is fought in courts, like business interruption, this could become a loss leader.
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  #26  
Old 03-26-2020, 08:18 AM
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P&C

I don't fully understand this, but there is a fear that Paid FMLA will be taken advantage of and Accident & Health coverages will suffer.
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  #27  
Old 03-26-2020, 09:55 AM
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Ya'll are forgetting how important interest rates and investment returns are to Life/Annuity, LTC, Workers Comp, and General Liability. There were lots of layoffs across all layers of my employers during this time.

The 2008 recession caused huge portfolio shifts from long tailed lines to short, and with the news that short term yields are negative we are in unprecedented territory for how that will flow through the term structure.
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  #28  
Old 03-26-2020, 10:01 AM
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Quote:
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P&C

Travel Insurance if the pandemic exclusion is fought in courts, like business interruption, this could become a loss leader.
are there already rumblings of the pandemic exclusion being fought in courts for business interruption?
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  #29  
Old 03-26-2020, 10:06 AM
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are there already rumblings of the pandemic exclusion being fought in courts for business interruption?
Found 2 so far with minimal googling:

https://www.insurancejournal.com/new.../24/562277.htm
https://www.insurancejournal.com/new.../19/561638.htm
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Old 03-26-2020, 10:09 AM
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Arthur Itas Arthur Itas is offline
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Quote:
Originally Posted by llcooljabe View Post
are there already rumblings of the pandemic exclusion being fought in courts for business interruption?
I've seen a few posts in here suggesting that, but I don't see that angle being successful. IANAL, but most commercial insureds that buy business interruption do so through their property policy that only insures covered perils. Even those that buy contingent BI for supply chain cover generally are restricted to covered perils.

I don't see that there's much to fight in court on business interruption for the vast majority of policies. Of course some will try to find cover anyway.
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