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COVID-19 has caused immense upheaval for insurers and insureds, with many people left feeling their insurers have abandoned them in their time of need. Rick Lindsey, CEO of Prime Insurance Company, believes this sense of dissatisfaction and betrayal has escalated the situation to a point where class actions are on the cards.
“When COVID-19 occurred, people panicked—there were a lot of knee-jerk reactions,” Rick Lindsey, chief executive officer of Prime Insurance Company says.
“I believe everybody else did exactly the wrong thing. What you should do is mentally walk around to the other side of the table and ask whether what you are planning would make sense to you, if you were the other party.
“If a company asks us if they can cancel their policy while they are shut down, that makes sense to me. But if you say that you are returning $5 billion to your policyholders and then your policy holder gets a cheque for $20, they are not going to be satisfied.
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COVID-19, insurers, insureds, legal, disputes, communication, Rick Lindsey, Prime Insurance Company, court, claims, policy , dissatisfaction, escalated
