Medical cost components of property & casualty insurance lines will be affected due to the strain put on medical service providers’ capacity to serve their clients. Shortages of specific medical supplies have already been reported. Professional’s time is being re-directed to testing for, and treatment of, COVID-19.
Exactly. Workers compensation doctors and nurses are likely to be re-directed if the crisis gets worse. And massive unemployment always precedes big spikes in workers compensation claims.
(Not sure why any thinking person would Down vote your comment. Key word: thinking.)
And then there’s the obvious impact on P&C companies-people aren’t going to pay their premiums. Most of our restaurant customers have already advised they won’t be making any more property, GL, EPLI, cyber, WC or other premiums going forward (well, because they don’t have any $ to pay with). When the waiter, bartender, restaurant manager don’t work, they are not going to pay their monthly premium to GEICO (times about a million people). And that will have impact.
Medical cost components of property & casualty insurance lines will be affected due to the strain put on medical service providers’ capacity to serve their clients. Shortages of specific medical supplies have already been reported. Professional’s time is being re-directed to testing for, and treatment of, COVID-19.
Exactly. Workers compensation doctors and nurses are likely to be re-directed if the crisis gets worse. And massive unemployment always precedes big spikes in workers compensation claims.
(Not sure why any thinking person would Down vote your comment. Key word: thinking.)
And then there’s the obvious impact on P&C companies-people aren’t going to pay their premiums. Most of our restaurant customers have already advised they won’t be making any more property, GL, EPLI, cyber, WC or other premiums going forward (well, because they don’t have any $ to pay with). When the waiter, bartender, restaurant manager don’t work, they are not going to pay their monthly premium to GEICO (times about a million people). And that will have impact.