COVID-19 the Bane for Insurers in 2020

DUBLIN, June 4, 2020 /PRNewswire/ -- ResearchAndMarkets.com published a new article on the insurance industry, "Insurers Call for Relief Fund to Cover COVID-19 Business Interruptions"

Some small business owners have found that their business disruption insurance does not cover coronavirus losses. Some US states are considering developing legislation to force insurers to cover business losses. However, opponents argue that covering the losses caused by COVID-19 is beyond the capabilities of any one industry and such legislation could have a huge impact on the insurance industry's solvency. Instead, several insurers have called for the creation of a new federal relief fund to help cover business interruption losses. The proposal would see insurers manage the application process from businesses seeking financial assistance which would be provided through the COVID-19 Business and Employee Continuity and Recovery Fund.

Some travel insurers have also been criticized for not providing refunds of cover purchased for trips cancelled due to COVID-19. Travel agents have called on insurance providers to update their policies to include cover for COVID-19 in order to give people confidence in booking holidays for 2021. Since shelter in place orders have reduced the numbers of drivers on the roads and caused a significant decline in accident claims, some automotive insurers are issuing customer refunds or premium reductions.

To see the full article and a list of related reports on the market, visit "Insurers Call for Relief Fund to Cover COVID-19 Business Interruptions"

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SOURCE Research and Markets