U.S. insurers are meeting the challenges faced by their customers, communities, and employees amid the COVID-19 crisis, according to a fact sheet released April 3 by the Insurance Information Institute (Triple-I).
“The nation’s insurers continue to work actively on immediate and forward-looking solutions that will assist its customers and communities in recovering from COVID-19,” said Sean Kevelighan, CEO, Triple-I.
The fact sheet, Insurers Offer Forward-Looking Solutions for COVID-19 Recovery, outlines how the industry is easing its customers’ financial burdens, working with government to create a COVID-19 Recovery Fund, and making sure it has the resources to pay future claims from events such as hurricanes, tornadoes, and wildfires.
Immediate Customer Solutions: Insurers are offering payment relief and extending coverage to customers who are in financial distress while at the same time keeping its employees on the job to serve these same customers, the Triple-I notes.
Government-Backed Solutions: Trade groups representing insurers have voiced support for the proposed COVID-19 Business and Employee Continuity and Recovery Fund. It would be financed by the federal government and provide essential funds to impacted employers and employees.
Facing Challenges Head-On: Workers compensation insurers in multiple states are covering the healthcare workers and first responders who face exposure to COVID-19 while auto, home, and business insurers are setting aside the resources needed to pay the claims arising out of future natural disasters even as insurer investment portfolios have faced their own headwinds. A Triple-I non-resident scholar predicted yesterday the likelihood of an ‘above-normal’ Atlantic hurricane season.
Insurers have also contributed financially to food banks and organizations providing medical supplies.
Triple-I Presentation: The Impact of COVID-19 On P/C Insurance
Triple-I Publication: A Firm Foundation: How Insurance Supports the Economy