Tag: coronavirus

5 Ways Coronavirus Will Drastically Alter Boomer Retirements

Guest Author
baby boomer retirements

The boomer generation is defined as people born between 1946 and 1964, effectively products of the post-World War II economic boom. These are people that will be hoping to either be retired or to retire within the next ten years. They lived through economic ups and downs and are generally seen as one of the wealthiest generations to date.  Thanks to advances in medical care some of these boomers are still earning today, despite being past retirement age. However, all of them will need to speak to a reputable financial…

Read More

COVID-19 pandemic crisis may be the most expensive event for US insurance

Logan B.
Most Expensive Event - Costs - US dollars

Though uncertainty remains regarding the final cost, the coronavirus will be among the costliest. The final total is far from known for the insurance and reinsurance industry in terms of the cost of the pandemic crisis, but it is expected to be one of the most expensive event price tags in history. A new report published by reinsurance broker Guy Carpenter points to record costs. The pandemic is particularly dangerous because of two primary factors. The first is that it comes with ongoing potential for causing unexpected and unpredictable loss…

Read More

Workers compensation insurance market starts to feel the COVID-19 pinch

Logan B.
Workers Compensation insurance - Coronavirus - mask

The coronavirus is now making itself felt in this additional part of the industry. Workers compensation insurance companies are now working quickly to keep up with the sudden influx of claims resulting from the coronavirus pandemic. This has been made all the more complex as the regulatory landscape shifts throughout the country. Many states have been changing the regulations to which the workers compensation insurance companies must adhere in the face of COVID-19. For instance, the state commission for this coverage gave its unanimous approval to repeal a controversial emergency…

Read More

Chubb CEO calls COVID-19 coronavirus biggest event in insurance industry history

Nordstrom
Insurance Industry History COVID 19 Mask

Evan Greenberg cautioned that the pandemic’s impact will cause insurers to face their largest challenges. Chubb Ltd Chief Executive Officer Evan Greenberg released a statement warning that the coronavirus will be the largest event in insurance industry history. The insurance company recorded $13 million in losses linked to COVID-19 during the Q1 2020. Greenberg stated that “this event will be the largest event,” in insurance industry history, on an earnings call in which he shared Chubb’s first quarter results for 2020. The CEO pointed to both the direct impact of…

Read More

Life insurance policy availability for coronavirus coverage may soon shrink

Logan B.
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…

Read More