COVID-19 & the Future of Insurance
When COVID-19 struck at the beginning of 2020, it changed all elements of American lives, and the lives of people around the world. Some Americans believed the virus was a hoax, even though many lives around the world had already been lost when it arrived in the U.S.
This course looks at how the insurance industry will be changed by the virus, as companies deal with massive health care claims, lost lives, and affected businesses. It is likely that having had COVID-19 will be considered a preexisting condition when issuing future policies, especially in light of what is termed “long haulers,” which involves people who have symptoms that linger, changing often, and affecting quality of life.
The politicization of the pandemic added an element to the virus that insurers would not have considered prior to 2020’s outbreak. The assumption was always that a super virus would have the full cooperation of government and the population, so when the Coronavirus took a political turn, insurers had to deal not only with the costs, loss of revenue and other elements, but also attitudes that were not expected.
Of course, insurance claims are part of the virus, but also future underwriting, which is likely going to affect many insurance markets. Business interruption policies were turning down claims, as we might expect, but insurers are also looking at future policies, and the new language we are likely to see in them. It will affect policy language, underwriting, and preexisting conditions.
United Insurance Educators, Inc.