Law 360 recently published an article authored by our Chicago partner Daniel J. Struck that explores the post-COVID-19 landscape for the insurance industry and provides tips for companies to navigate the murky waters going forward.
Here’s a short synopsis of the article:
The only certainty in our pandemic-challenged world is uncertainty. Will there be a vaccine and when? Will there be a second peak in coming weeks followed by a second wave in the fall? Will lost jobs return? Will economic recovery be uniform, sporadic or regional? Will remote work become the new normal for many workers? Uncertainty permeates every segment of society and the economy.
Insurance markets and the conditions of the business insurance market — terms, scope, underwriting requirements, pricing and capacity — are not immune to this systemic uncertainty. Business insureds normally look to insurance to provide certainty and a predictable means of transferring risk. But COVID-19 has and will continue to have a substantial impact on the insurance industry and on the expectations of insureds.
Anticipating the long-term impact on business insurance is difficult. It is clear, however, that the business insurance market will be turbulent following the pandemic. For business insureds this will be a period of uncertainty requiring diligence, a careful assessment of risk, and a thoughtful rebalancing of risk transfer and mitigation strategies.
Read the entire article HERE.
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