Insurance Industry’s Response to COVID-19

This presentation, given by Triple-I CEO and President Sean Kevelighan in a webinar sponsored by The National Council of Insurance Legislators and the Rutgers Center for Risk and Responsibility at Rutgers Law School, discusses the property/casualty industry's response to the COVID-19 pandemic. The insurance industry is applying forward-thinking solutions to take care of its customers, communities and employees during the COVID-19 crisis. For example, auto insurers have returned $10.5 billion so far to customers' pockets around the country through premium relief; insurers have pledged more than an estimated $220 million (according to Triple-I/Insurance Industry Charitable Foundation) in donations to the national and local organizations fighting this pandemic on the frontlines; Insurers are taking care of their employees–many pledging no layoffs during the ongoing crisis; and insurers are implementing innovative solutions to carrying out daily operations while respecting social distancing. The report also discusses in detail the following:  insurer capital; monthly costs of retroactive changes to SME BI policies; and four key takeaways on Business Interruption insurance. It concludes with a discussion on how federally backed government solutions are available.