NEW YORK, March 28, 2020 /PRNewswire/ -- U.S. insurers
are covering employees and employers facing exposure to COVID-19
while easing the financial burdens of its customers and communities
during an extraordinary time in the nation's history, according to
the Insurance Information Institute (Triple-I).
"These are challenging times for insurance customers, and the
industry is doing all that it can to be a financial first
responder. Workers compensation insurers are providing
coverage to health care workers and first responders in multiple
states. Business insurers are protecting financially the
restaurants who now offer take-out and delivery services," said
Sean Kevelighan, CEO,
Triple-I. "Beyond that, insurers are extending coverage and
payment relief to customers who are struggling financially."
The Triple-I today released a Fact Sheet, Insurers Are
Engaged In the COVID-19 Crisis. It outlines how the industry's
financial stability allows insurers to keep the promises made to
its policyholders in the event of a tornado, hurricane, or
wildfire. The Fact Sheet also notes how insurers are contributing
to COVID-19 related charities, such as food banks and medical
supplies.
"Pandemics are an extraordinary catastrophe that can impact
nearly every economy in the world, so it is hard to predict and
manage the risk," Kevelighan stated. "Pandemic-caused losses
are excluded from standard business
interruption policies because they impact all
businesses, all at the same time." Moreover, the exclusion for
pandemic-caused losses have been incorporated into standard
business interruption policies for years.
A standard business interruption policy typically covers a
business when it incurs direct physical damage due to a covered
loss, such as a windstorm or a fire. Covered business interruption
policy losses—even from a hurricane or a terrorist attack—impact
only a portion of the U.S. rather than the entire
nation.
RELATED LINKS:
Triple-I
Presentation:
|
The Impact of
COVID-19 On P/C Insurance
|
Triple-I
Publication:
|
A Firm Foundation:
How Insurance Supports the Economy
|
Triple-I
Blog:
|
COVID-19: Learning
From History;
|
|
COVID-19: A Teachable
Moment for Thinking About Risk
|
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION
SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street,
New York, NY 10038; (917)
923-8245; www.iii.org, media@iii.org
View original content to download
multimedia:http://www.prnewswire.com/news-releases/triple-i-insurers-are-engaged-in-the-covid-19-crisis-301031334.html
SOURCE Insurance Information Institute