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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NY travel insurance is undergoing a transformation in the face of COVID-19

NY travel insurance - Virus

State governor Andrew Cuomo is allowing Cancel For Any Reason (CFAR) coverage. NY travel insurance is undergoing some significant changes as directed by state Governor Andrew M. Cuomo. Governor Cuomo has announced that insurers are now permitted to sell Cancel For Any Reason (CFAR) policies to both residents and businesses. This move is meant to help insurance companies respond to traveler needs as COVID-19 spreads. People around the world have become nervous about booking travel plans due to the uncertainty regarding the spread of the coronavirus. In order to help…

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Washington insurance companies must wave coronavirus testing deductibles and copays

coronavirus testing - disease - health

The state’s insurance commissioner ordered insurers not to charge policyholders for that service. Washington’s Insurance Commissioner Mike Kreidler has ordered insurers not to charge coronavirus testing deductibles and copays for policyholders who need it. State residents who need to be tested will not need to pay for any part of that test. Kreidler initially announced the new coronavirus testing coverage requirement at a news conference last Thursday. He stated that insurance companies would not be permitted to charge their customers deductibles or copays when the policyholder needs to be tested.…

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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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