Of the $5 trillion the insurance industry generated in revenue last year, P&C accounted for
$1.6 trillion — double the amount insurers claim they would lose if they paid every single COVID-19 claim. (Photo: Buzz Fuller/Shutterstock)
Just three days after the first coronavirus case was reported in the United States on Jan. 21, 2020, insurance companies began incorporating coronavirus-specific exclusions into newly issued policies. Less than two weeks later, nearly every insurance carrier had followed suit, including coronavirus exclusions on new policies while declaring to anyone who would listen that standard property and casualty insurance policies were not "designed" or "intended" to respond to COVID-19 losses.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
