Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > General Actuarial
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions

Browse Open Actuarial Jobs

Life  Health  Casualty  Pension  Entry Level  All Jobs  Salaries


General Actuarial Non-Specific Actuarial Topics - Before posting a thread, please browse over our other sections to see if there is a better fit, such as Careers - Employment, Actuarial Science Universities Forum or any of our other 100+ forums.

Reply
 
Thread Tools Search this Thread Display Modes
  #31  
Old 03-26-2020, 10:52 AM
act_123 act_123 is offline
Member
CAS
 
Join Date: Dec 2013
Posts: 5,152
Default

Quote:
Originally Posted by llcooljabe View Post
are there already rumblings of the pandemic exclusion being fought in courts for business interruption?
Yes. I believe my company is pretty worried about it.

Even if the insurance companies win in court, it will be costly.

The states are looking for insurance to cover BI. The truth is BI is not expensive it would be a lot more expensive if it was meant to cover this type of catastrophes, so from a practical matter it definitely wasn't priced for.

On the other side of it, if you are a company who never had a claim and have been paying insurance for years, the one time you make a claim you are denied because of an exclusion you weren't aware of it is kind off putting.

I think the DOIs will try to make insurers pay. Just the sense I am getting.
__________________
ACAS 7 8 9
Reply With Quote
  #32  
Old 03-26-2020, 11:03 AM
Arthur Itas's Avatar
Arthur Itas Arthur Itas is offline
Member
CAS
 
Join Date: Feb 2004
Location: Atlanta
Studying for Prostate exam
College: Hard Knocks
Posts: 22,671
Default

Anything is possible with regard to court decisions, but calling something that can be cleaned with soap and water a "direct physical loss to property" seems a huge stretch. The lawyers will have fun though.
Reply With Quote
  #33  
Old 03-26-2020, 11:15 AM
Chuck Chuck is offline
Member
SOA AAA
 
Join Date: Oct 2001
Location: Illinois
Posts: 4,945
Default

LIFE: I hear life apps have surged. How are companies handling business that requires a paramed visit?
Reply With Quote
  #34  
Old 03-26-2020, 11:57 AM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,175
Blog Entries: 6
Default

Quote:
Originally Posted by Chuck View Post
LIFE: I hear life apps have surged. How are companies handling business that requires a paramed visit?
https://www.thinkadvisor.com/2020/03...ibution-world/

A couple things in there.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #35  
Old 03-28-2020, 11:51 AM
Arthur Itas's Avatar
Arthur Itas Arthur Itas is offline
Member
CAS
 
Join Date: Feb 2004
Location: Atlanta
Studying for Prostate exam
College: Hard Knocks
Posts: 22,671
Default

Good piece from some insurance law experts on business interruption and coronavirus:

https://www.zelle.com/Commercial_Pro...nd_Coronavirus
Reply With Quote
  #36  
Old 03-29-2020, 01:54 PM
jared jared is offline
Member
CAS
 
Join Date: Jan 2002
Location: New Jersey
College: Columbia U.
Favorite beer: free beer
Posts: 3,999
Default

Quote:
Originally Posted by Arthur Itas View Post
Good piece from some insurance law experts on business interruption and coronavirus:

https://www.zelle.com/Commercial_Pro...nd_Coronavirus
That piece was written on March 11. In the past few weeks it has become clear that this is not merely a business interruption event, but a business-ending event for many. For example, when when a restaurant is allowed to re-open, it may be required to have six feet between tables, have a patron limit, or undergo a much more labor intensive cleaning operation. And demand will be slow to return. If it isn't going to be profitable, it isn't going to survive.
Reply With Quote
  #37  
Old 03-29-2020, 02:05 PM
Arthur Itas's Avatar
Arthur Itas Arthur Itas is offline
Member
CAS
 
Join Date: Feb 2004
Location: Atlanta
Studying for Prostate exam
College: Hard Knocks
Posts: 22,671
Default

Quote:
Originally Posted by jared View Post
That piece was written on March 11. In the past few weeks it has become clear that this is not merely a business interruption event, but a business-ending event for many. For example, when when a restaurant is allowed to re-open, it may be required to have six feet between tables, have a patron limit, or undergo a much more labor intensive cleaning operation. And demand will be slow to return. If it isn't going to be profitable, it isn't going to survive.
This is true, but it's questionable how this might turn into coverage.

The downturn in the economy will certainly broadly affect insurers though.
Reply With Quote
  #38  
Old 03-30-2020, 08:21 AM
NoPainNoGain NoPainNoGain is offline
CAS
 
Join Date: Sep 2017
Posts: 25
Default

Setting aside all legal/technical parts of this matter, if courts decide to rule for insureds, will insurers have enough capital to pay claims?
Reply With Quote
  #39  
Old 03-30-2020, 09:04 AM
Maphisto's Sidekick's Avatar
Maphisto's Sidekick Maphisto's Sidekick is offline
Member
CAS
 
Join Date: Nov 2001
Location: South Park Genetics Lab
College: Ardnox
Favorite beer: The kind with alcohol
Posts: 3,404
Default

Quote:
Originally Posted by NoPainNoGain View Post
Setting aside all legal/technical parts of this matter, if courts decide to rule for insureds, will insurers have enough capital to pay claims?
That might depend on the extent to which already-promised state and federal bailouts can be used to offset/backstop extracontractual BI payments. I imagine there would be a few failures, and some carriers might need to nonrenew some risks due to their reduced capacities.

I wouldn't be surprised if the TRIPRA reauthorization debate later this year gets complicated with a call for a federal backstop on future pandemic losses.
Reply With Quote
  #40  
Old 03-30-2020, 09:34 AM
llcooljabe's Avatar
llcooljabe llcooljabe is offline
Member
CAS
 
Join Date: Aug 2002
Posts: 23,690
Default

From AM Best
Quote:
Attorney: States May Look to Insurers to Bail Out Small Businesses
State regulators are wary of legislation to expand business interruption insurance to include pandemic, said Mary Jo Hudson, partner, Squire Patton Boggs (March 25, 2020).
__________________
www.GoodNewsNow.info
Propoganda
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 01:40 AM.


Powered by vBulletin®
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.29762 seconds with 9 queries