Tag: COVID-19 pandemic

LexisNexis US Auto Insurance Trends reveals pandemic’s impact

G. Turner
Auto insurance trends - Cars with break lights

The market was affected by dangerous driving increases, shopping volatility, fewer claims and policy renewal delays. LexisNexis Risk Solutions recently released its 2021 US Auto Insurance Trends report, which examined a spectrum of data revealing the directions certain activities are taking in this market. The report helps insurance carriers to better understand their evolving landscapes. In the 2021 US Auto Insurance Trends report, there was an analysis of the 2020 data, which provided insight into the impact of the COVID-19 pandemic on this industry. This included measures of change in…

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AAA offers car insurance policyholders another $90 million in coronavirus financial relief

G. Turner
Coronavirus financial relief - mask and money

Members with coverage through this insurer last year will be receiving an additional refund. AAA has announced that members who had auto insurance in effect from October 1, 2020 through December 31, 2020 will be receiving additional coronavirus financial relief. These policyholders will receive a 10 percent policy refund for the length of that coverage period. The coronavirus financial relief is being issued to AAA members whose vehicles are covered through the Interinsurance Exchange of the Automobile Club as well as its affiliate insurers. The company’s total refund to all…

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Trip cancellation insurance purchased in 95 percent of 2021 travel policies

Logan B.
Trip cancellation insurance - woman traveler

A recent Squaremouth.com analysis showed that nearly all travelers buying coverage include that option. The COVID-19 pandemic crisis has had an astounding impact on the travel industry, including the trend toward purchasing trip cancellation insurance. Following the global lockdowns, purchased travel policies now nearly always include options to cancel. The analysis was conducted by Squaremouth.com. That firm reported that among all the travel policies it has sold for 2021, about 95 percent include trip cancellation insurance. “Trip cancellation has always been the primary driver of travel insurance purchases,” said Megan…

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Pandemic insurance losses were bigger than what Lloyd’s of London expected

Logan B.
Pandemic insurance losses - mask - money

The cost on a global scale for 2020 will be greater than what the insurance marketplace estimated. Bruce Carnegie-Brown, chairperson at Lloyd’s of London, announced that the global pandemic insurance losses this year will be higher than what they had previously estimated. Sixteen different business insurance lines are facing claims at the 334-year-old Lloyd’s of London. Chairperson Carnegie-Brown recently spoke at the Reuters Events Future of Insurance USA conference. There, he stated that the pandemic insurance losses would be comparable with the price tag associated with the catastrophes that struck…

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Pandemic forces Lloyd’s of London insurance contracts into review

G. Turner
Insurance contracts - Lloyd's of London building reflected in glass

The massive marketplace is re-examining the way coverage products are designed due to COVID-19. Lloyd’s of London has launched a new review of its insurance contracts, taking a new look at the way products are created and sold. The purpose is to develop simpler products in response to the COVID-19 pandemic. Insurers have suffered considerable reputational damage due to the complexity of their products. This complexity in insurance contracts has made it difficult for businesses to understand. The result has been a wave of court cases meant to decide whether…

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