The Coronavirus’ Effect on the Insurance Industry, Business and Industry Trends Analysis

The Coronavirus pandemic of 2020 had a profound effect on the insurance industry.  A combination of health concerns and shelter-at-home orders in countries around the world brought most types of industries and companies to a standstill, which spurred “business interruption insurance” claims against insurers.  Insurers have also been hard hit by claims from businesses that cancelled events (event cancellation insurance) or those that have been unable to operate at pre-pandemic levels.  Life insurance claims are also expected to rise substantially due to the Coronavirus.  In addition, insurance underwriters were facing increased claims for workers compensation insurance (which covers injuries to…

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