How Will Coronavirus Infect Your Insurance Business?

[AZDave]

Commercial insurance customers will not be happy to learn that Loss of Income, if endorsed, will only respond to a direct physical loss of insured's premises from a covered peril. Virus and disease being a common exclusion. Not being able to obtain parts/supplies for your work is usually not covered as well.

And Just in time, ISO has released two endorsements that provide coverage for limited business interruption coverage for circumstances related to Coronovirus. Problem is insurance company's are in no hurry to add these to their forms. Coronavirus spurs ISO to provide business interruption endorsement | PropertyCasualty360

On the Property and Casualty side, I'm predicting a tightening of the consumer 'belt' - premium shrinkage.

The financial impact on so many industries is already staggering and seems it has just begun. Fingers crossed this gets under control and passes quickly.

Life, Health & FE Agents - Will you be changing your ways of doing business, maybe less face to face? Will your Carriers be adding moratoriums, does short term med already have exclusions for the 'P' word? Maybe decisions will be made faster and not as much, 'let me think about it'?

How could a pandemic event infect your operations? ( or how is it affecting )

Dave

 

[TheAnnuityCOWBOY]

more fear = more sales

 

[Markthebroker]

more fear = more sales

In general, I agree with you. However as a commercial P&C agent I can see this specifically negatively affecting the businesses I insure. Partly from the effects that this virus will have directly and indirectly, and partly from the recession I expect to follow.

 

[AZDave]

more fear = more sales

Depends on what your selling. Is your policy going to cover Coronovirus?

My experience has been that during economic slumps, people start taking a really fine look at their expenses, and one of the first to get circled is Insurance. Indy's are in a much better position to have multiple carriers available for options. Fingers crossed this virus quickly quits bugging us, but that might be in a couple of years.

 

[WinoBlues]

more fear = more sales

A lot of truth in that. On the life insurance side it is another urgency driver.

I don't see any issues now nor am I overly concerned long term. If it get to were I feel it is better to not do F2F then I won't. I am mostly phone now anyway.

My bigger concern would be economic as Mark mentioned.

 

[TheAnnuityCOWBOY]

recession I expect to follow.

LOL dude 1 american has died so far. Children choking on grapes is a larger threat to public safety.

Let the masses run hither and yon.

Never let a good crises go to waste. Increase your ad spend and feed your family.

 

[TheAnnuityCOWBOY]

You know the $3.5 B company, Assurance? I found a FB ad they were running w a RED BACKGROUND and a large germie looking thing, w a clouded figure clad in facemask looking scared. (I'd paste it here but i cant figure out how to upload a photo) . Caption: There are more than 30000 cases of coronavirus across the world!

OM mutha-fuckin G , its time to buy health insurance.

Ethically questionable? Sure.

Good idea for business? Probably.

Buy ethical ads, but expand your business while others are afraid of ghosts.

 

[Markthebroker]

LOL dude 1 american has died so far. Children choking on grapes is a larger threat to public safety.

Let the masses run hither and yon.

Never let a good crises go to waste. Increase your ad spend and feed your family.

You are 100% correct. It is less lethal than the common flu, and is unlikely to spread in the mostly mild American climate and kill large numbers of relatively healthy well-fed Americans.

However, the virus is shutting down factories in China and restricting travel which affects the economy. Furthermore we are in one of the longest, if not the longest growth periods in history. We are long overdue for a recession, something will trigger it, and I believe this is it. If you don't believe me, look at the exceptional events that have taken place in the stock market this week.

 

[WinoBlues]

Anyone remember when everyone was going to get AIDS from the drinking fountains or breathing the same air.

""The CDC predicts that at least 12,000 Americans will die from the flu in any given year. As many as 61,000 people died in the 2017-2018 flu season, and 45 million were infected.Feb 7, 2020""
https://www.usnews.com/news/health-...s-spreading-in-us-thats-killed-10-000-the-flu

 

[TheAnnuityCOWBOY]

Furthermore we are in one of the longest, if not the longest growth periods in history. We are long overdue for a recession, something will trigger it, and I believe this is it. If you don't believe me, look at the exceptional events that have taken place in the stock market this week.

yeah, thats possible. far from likely, but possible.

I agree w this guy and may make a similar trade in my personal account: https://seekingalpha.com/article/43...zombie-apocalypse-levels-no-zombies-short-vix