Fintech InsurTech News

Triple-I: Insurers Are Engaged in the COVID-19 Crisis

Free Pandemic Response App Helps Organizations Harness Data, Make Critical Decisions

U.S. insurers are covering employees and employers facing exposure to COVID-19 while easing the financial burdens of its customers and communities during an extraordinary time in the nation’s history, according to the Insurance Information Institute (Triple-I).

Read More: GlobalFintechSeries Interview with Arcady Lapiro, CEO and Co-Founder at Agora Services

“These are challenging times for insurance customers, and the industry is doing all that it can to be a financial first responder. Workers compensation insurers are providing coverage to health care workers and first responders in multiple states.  Business insurers are protecting financially the restaurants who now offer take-out and delivery services,” said Sean Kevelighan, CEO, Triple-I.  “Beyond that, insurers are extending coverage and payment relief to customers who are struggling financially.”

The Triple-I released a Fact Sheet, Insurers Are Engaged In the COVID-19 Crisis. It outlines how the industry’s financial stability allows insurers to keep the promises made to its policyholders in the event of a tornado, hurricane, or wildfire. The Fact Sheet also notes how insurers are contributing to COVID-19 related charities, such as food banks and medical supplies.

“Pandemics are an extraordinary catastrophe that can impact nearly every economy in the world, so it is hard to predict and manage the risk,” Kevelighan stated.  “Pandemic-caused losses are excluded from standard business interruption policies because they impact all businesses, all at the same time.” Moreover, the exclusion for pandemic-caused losses have been incorporated into standard business interruption policies for years.

Read More: GlobalFintechSeries Interview with Raymond Wyand, CEO & Co-founder at gini

Related posts

WISeKey WISe.Art and the China Museum of Finance extended their cooperation by creating the “MetaFi Museum,”

Fintech News Desk

Vernon Litigation Group Handling Claims Involving Financial Services Broker Aaron Sevigny

Fintech News Desk

DBS is the First Bank in Asia to Launch Online Tracking for Cross-Border Collections for Businesses

Fintech News Desk