Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. Last week you were reading COVID-19 Provides a Boost to One Type of Insurance. This week we’re bringing you:
Coronavirus shutdowns emphasize agencies’ need for digital tools*
Over the course of the coronavirus pandemic, online traffic to insurance agency websites has been creeping upwards, according to weather reports on the state of insurance rating from Insurance Technologies Corporation (ITC).
The trend of consumers seeking insurance online underscores the importance of agencies providing digital services during the current crisis – for both customers and the success of their own businesses.
“Providing a digital experience to consumers is critical for survival because from what we’re seeing in our data, the agencies that provide that digital service are able to keep servicing their current clients while also continuing to capture the consumers who are shopping for insurance right now,” said Becky Schroeder, chief marketing officer at ITC. Read more in-depth here.
Multiple insurers back down on coronavirus policy dispute*
Multiple insurers have admitted they are liable to pay company owners under business interruption insurance policies after the City regulator challenged them to prove in court that their policies did not apply to the coronavirus pandemic.
The Financial Conduct Authority (FCA) is seeking court clarification on whether insurers’ policies allow them to refuse business claims related to the coronavirus pandemic. The hearing is scheduled for late July.
The majority of small businesses were not covered for the pandemic, as their policies mainly related to property damage, the regulator believes.
However, after the regulator asked 56 insurers for information on 1 May, an undisclosed number quickly gave in and said they would pay out, after previously insisting they were not liable. Read more in-depth here.
Conversations around insuring pandemics need to happen … and fast*
The fallout from the coronavirus pandemic has posed a big question to the insurance industry over the past few months – that of what is the industry’s role in insuring pandemic risks such as this one moving forward?
The scale of losses arising from the pandemic is huge and the impact on the global economy is severe, with the Swiss Re Institute recently forecasting that its experts predict the resulting global recession will “be the deepest one in our lifetime and we won’t be back to normal any time soon.”
According to some, should insurance companies be on the hook for business losses stemming from pandemic-related business interruption, the industry could face insolvency – clearly not a solution that would be beneficial for policyholders, brokers and agents, or insurers over the long-term. Read more in-depth here.
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