Chubb commits to 'no COVID-19 layoffs'
Mike Vitulli, senior vice president and director, Risk Strategies
Legislators in the US have a fight on their hands if they think the insurance industry will agree to pay out on untenable claims without complaint, says one industry veteran, as he debunks the argument that the move is akin to TRIA. Intelligent Insurer investigates.
“They won’t just say ‘hey, sure we’ll pay all that’. They are also going to fight to the death.” Mike Vitulli, senior vice president and director of risk management at Risk Strategies.
· Insurers do not have financial clout to pay for everybody’s business shutdowns
· ‘Triple effect’ to hit industry already in midst of harder market
· State of New York already has existing virus exclusion
· April renewals show first signs of beefed up virus clauses
Insurers are taking protective measures to limit their exposure to the COVID-19 pandemic and future outbreaks, but there are still chinks in this armour, argues one experienced industry leader.
Risk Strategies, Mike Vitulli, TRIA, COVID-19, retroactive, business interruption, insurance, terrorism, coronavirus, liability, renewals, legislators