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Pandemic influences future insurance losses

A new report from Allianz finds that the coronavirus is changing claims trends and affecting risk exposures.

The Campbell restaurant. The Campbell, a bar in Grand Central Station has been shut down since March 2020 due to the COVID-19 pandemic. Many business interruption claims involve companies forced to close due to the spread of the coronavirus. (Photo: Ryland West/ALM)

The coronavirus continues to have a widespread effect on every aspect of life, and the insurance industry has not been immune to its impact. A new report from Allianz Global Corporate & Specialty (AGCS), “COVID-19 – Changing Claims Patterns,” looks at both the short-term and long-term results of the pandemic.

“I’ve been in the insurance industry for 25 years,” shared Philipp Cremer, global head of claims for Allianz, “…and we have not seen anything at the scale of the virus in the recent past.” He said that the industry has addressed losses from 9-11, Hurricane Katrina, and catastrophe events in Asia where first-party losses developed very quickly. “If we look at the long-tail events, asbestos events would in totality be a bigger challenge for the industry than the pandemic.”

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Patricia L. Harman

Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]

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