Life insurance policy availability for coronavirus coverage may soon shrink

Life insurance policy - person wearing mask using computer

Insurers feel the COVID-19 pandemic comes with too many uncertainties to offer cover. Life insurance policy sales have been spiking since the start of the COVID-19 pandemic, but the availability of this coverage may not continue as it has been. Insurers have been faced with a sudden and dramatic amount of unknown coverage data. Life insurance policy sales are based on the answers to several questions and the use of actuarial tables to determine each applicant’s rates. However, with the addition of the coronavirus pandemic, the factors influencing what an…

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Special Maryland health insurance enrollment period begins to boost coverage

Maryland health insurance - Doctor

As a state of emergency is declared Marylanders have a new opportunity to obtain a plan. A special Maryland health insurance enrollment window has opened to help uninsured residents of the state obtain coverage for added financial protection against coronavirus (COVID-19). Governor Larry Hogan declared a state of emergency and the Maryland Health Benefit Exchange reopened. The Maryland health insurance enrollment window opened back up again to make sure that residents in the state had an extra chance to purchase coverage during this outbreak. Uninsured Marylanders have the opportunity to…

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US health insurance gaps may accelerate COVID-19 spread

US health insurance gaps - COVID-19 Testing

Over 27 million people across the United States lack coverage, which can reduce testing and treatment. The substantial US health insurance gaps that remain across the country could feed the spread of the novel coronavirus. As about 9 percent of the American population – around 27 million people – lack a health plan, testing and treatment comes with a cost they may not be able to afford. Without coverage people may delay going to get tested or treated or they may not do it at all. In the state of…

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Event insurance policies often don’t cover disease cancellation

Event insurance policies - SXSW 2020 Cancelled - SXSW YouTube

As gatherings like SXSW are stopped to slow COVID-19’s spread, participants are suffering losses. The South by Southwest (SXSW) conference has been cancelled for the first time in 34 years and the lack of disease outbreak coverage in event insurance policies has left many participants out of luck. This year’s SXSW was supposed to take place in Austin, Texas, from March 13 to March 22. The two SXSW founders were cited in a recent media publication, saying that the organization did not have disease outbreak coverage in its event insurance…

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Hotels may recoup some coronavirus cancellation losses with parametric insurance

Parametric Insurance - Hotel

Event organizers have been cancelling and delaying due to fears of COVID-19 spread. Hotels with a new type of parametric insurance launched by Lloyd’s of London last year may fare better than other players in the events industry as coronavirus concerns spread. Other players, such as event organizers, may not fare as well as this coverage won’t reach them. The parametric insurance coverage compensates hotels when there is a drop in revenue per available room below a certain established point due to circumstances that could neither be predicted nor controlled.…

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Coronavirus insurance losses span several industry sectors

Coronavirus insurance losses - vendors wearing masks

COVID-19 is affecting businesses and consumers with various types of coverage to protect them. Coronavirus insurance losses are could prove to be quite high, as the industry starts to take a look at how many of its sectors could be implicated. The illness has already disrupted the lives of millions by infecting tens of thousands of people. China has already experienced significant economic implications from COVID-19 as many large businesses including Disney’s parks in Shanghai and Hong Kong, Starbucks, McDonald’s, Apple, Pizza Hut, and KFC have all closed locations there.…

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Not all travel insurance covers coronavirus risk, so check your policy

Travel insurance covers coronavirus - Person wearing mask

Americans with traveling plans may want to look at their coverage if they’re worried about an outbreak. If you’re headed away from home for a vacation or business purposes, it’s a good idea to check if your travel insurance covers coronavirus outbreak-related losses if you’re headed to a potentially affected area. China has implemented travel bans unlike anything that has been tried before in a number of its cities. The coronavirus outbreak couldn’t have come at a less convenient time in China. At the height of the Lunar New Year…

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