Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. This week we’re bringing you:
How the insurance industry may change as a result of the coronavirus crisis*
Eric Dinallo, chair of the insurance regulatory practice at Debevoise & Plimpton LLP, joins “Squawk Box” to give his reaction to Warren Buffett’s comments about the insurance industry during the coronavirus pandemic.
PA Governor warns insurance will not cover local businesses defying pandemic shutdown order*
Governor Tom Wolf of Pennsylvania has warned that there will be consequences to those who violate the state’s pandemic lockdown order – particularly businesses that are putting their insurance coverage at risk.
The governor last month unveiled a statewide plan to ease COVID-19 pandemic restrictions in phases, using a color-coded reopening roadmap. Counties will move from red (everything is in full lockdown, only essential businesses allowed), to yellow (retail opens, stay-at-home orders lifted, but no large gatherings, take-out dining only), then green (all pandemic restrictions lifted, but federal and state health guidelines still apply), as their infection risk lowers.
While all the counties were initially classified as red, it was later determined that, by May 15, select southwestern communities in Pennsylvania will move to yellow status. The announcement that not every county would be classified as yellow has caused some officials to condemn the plan, and some local business owners to reopen stores against Wolf’s orders. Read more in-depth here.
Warren Buffett on coronavirus and insurance: Expect ‘a lot of litigation’ ahead*
Berkshire Hathaway’s Warren Buffett addresses the concerns surrounding whether insurance policies with help alleviate the economic distress many businesses are experiencing as a result of the coronavirus pandemic.
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