June 1, 2020 Reinsurance Renewal – COVID-19 Looks Set to Rank Among the Sector’s Most Expensive Events: Although considerable uncertainty remains over its ultimate cost, COVID-19 looks set to rank among the sector’s most expensive events. The pandemic has the potential to bring unknown loss impacts. It is also likely to be one of the slowest developing catastrophes that carriers have ever encountered, likely creating a prolonged period of uncertainty.
June 1, 2020 Reinsurance Renewal – The Impact of COVID-19 on Florida Property Catastrophe Pricing: The June 1, 2020 renewal is the first genuine test of the reinsurance market since the COVID-19 outbreak prompted government-mandated lockdowns across the globe. The pandemic has compounded an already firming reinsurance environment, resulting in challenged placements and pronounced property catastrophe pricing increases, particularly in Florida.
A Changing Landscape – How Unemployment Will Impact the Way We Access Health Insurance: Over 40 million Americans have filed for unemployment insurance since mid-March. While the weekly number of new unemployment insurance filings continues to decline, the total number of job losses across the United States has already reached unprecedented levels and the labor market outlook is far from certain. The economic impact of job losses relating to COVID-19 will create a dramatic shift in how individuals access health insurance.
How America’s Insurance System Can Prepare For a Future Pandemic: The insurance industry, policyholders and governments throughout the world must come together on an approach that offers relief to those who need it now and develop a plan to implement mitigation strategies and a response mechanism for future pandemic events. Dan Glaser, Chief Executive Officer of Marsh & McLennan, authored a recent article in Fortune, discussing how a strong pandemic insurance system can make us more resilient to risk and avoid the panic-neglect cycle — and inspire more economic confidence into the future.
The Journey Back From COVID-19: Amid the COVID-19 pandemic, many health system chief financial officers (CFOs) are immersed in a struggle for their organization’s near-term survival. Looking more than a few weeks ahead may seem impossible or even foolish. Yet forward-thinking CFOs will begin transitioning from managing immediate challenges toward envisioning longer-term opportunities to strategically and financially reset their organization.
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COVID-19 – Evolving Insurance and Risk Management Implications: In a new report, COVID-19: Evolving Insurance and Risk Management Implications, Guy Carpenter-affiliate Marsh provides an overview of some of the key coverage, claims and risk management areas that are currently top of mind for businesses and insurers.
