Coronavirus insurance payouts reach largest non-life levels, says Lloyd’s CEO

Coronavirus insurance payouts - dollar sign and virus

As claims payments move beyond the $100 billion mark, COVID-19 is the industry’s “single largest event”. Lloyd’s of London CEO John Neal has announced that coronavirus insurance payouts will pass the $100 billion mark. This has made the pandemic the “single largest event” the industry has faced in its history. COVID-19 has had a powerful impact on many industries and insurers have been feeling the pain. Lloyd’s of London’s estimates now state that the industry will have paid out $100 billion for the claims relating to this catastrophe. This coronavirus…

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Cannabis business insurance options weak despite thriving marketplace

Cannabis Business Insurance - Cannabis being weighed

Only six large insurers in the United States are currently offering this type of coverage. Despite the fact that 32 states have legalized medical and/or recreational marijuana use, it remains challenging to obtain cannabis business insurance for companies in this market. There are a number of difficulties that are holding insurers back from selling this coverage. Among the top hurdles in the way of cannabis business insurance is the fact that medical and recreational marijuana use remains illegal on a federal level. As a result, despite the fact that it…

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Almost 27M Americans lost job-based health insurance, says Kaiser Family Foundation

Job-based health insurance - Man studying graph on tablet

The employer sponsored coverage has been plummeting due to pandemic related layoffs. Almost 27 million people across the country may no longer have their job-based health insurance, says a new report from the Kaiser Family Foundation. This report pointed to the widespread layoffs occurring as a result of the coronavirus pandemic as the cause. The report, released on Wednesday, underscored a substantial problem in medical coverage. Many of those who have lost their job-based health insurance now find themselves uninsured. That said, less than half – about 12.7 million people…

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2 in 3 Americans don’t understand health insurance options if they lose coverage

Health insurance options - Not knowing options

New research shows that 68 percent don’t know what they could do if their plan wasn’t available. The majority of Americans don’t know what health insurance options are available to them in the incident that they lose their existing coverage. This is a troubling statistic as this scenario is currently an unfortunate reality for millions of Americans. Layoffs resulting from the pandemic have left many people without their employer sponsored health plans. Regardless, only just under 1 in 3 people know the options available to them. The healthinsurance.com survey determined…

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Millions of Americans are losing employer sponsored health insurance plans

Employer sponsored health insurance - stethoscope - heartbeat monitor - glasses - pills

As workers across the country have been laid off, they’ve also been losing their medical coverage. Employees across the country who had been enjoying employer sponsored health insurance are suddenly finding themselves without a plan as the coronavirus causes millions of layoffs. In many states, the rates of uninsured residents are jumping from single to double digits. As though losing a job wasn’t enough as pandemic prevention efforts continue to hold in place, many Americans who had been covered through employer sponsored health insurance are losing their coverage, too. This…

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Elon Musk to cover Tesla directors and officers liability insurance himself

Directors and Officers Liability Insurance - Tesla charging station

The company cited “disproportionately high” D&O policy premiums quotes from insurers. Electric vehicle maker Tesla Inc has stated that it will be forgoing directors and officers liability insurance for the 2019-2020 policy hear. The reason they gave for skipping the coverage is that insurer premiums quotes were “disproportionately high.” That said, Tesla won’t be without any form of D&O coverage at all. Elon Musk, the company’s CEO, has stated that he will personally provide coverage “substantially equivalent” to the directors and officers liability insurance Tesla would receive from traditional insurers.…

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Louisiana business interruption bill may change coverage due to COVID-19

Business interruption insurance - COVID-19 Test

Legislators are reviewing the bill to decide if insurers should be forced to pay pandemic claims. Legislators in Louisiana are reviewing a business interruption insurance bill. It may require insurers with operations within the state to have to cover claims connected to the coronavirus pandemic. The legislature recently went into session following about 2 months of suspended work due to COVID-19. Both the House and the Senate will need to complete as much as they can by June 1, 2020. The delay they’ve already faced over the last two months…

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