Thank you for sharing!

Your article was successfully shared with the contacts you provided.
(Photo: Buzz Fuller/Shutterstock) Of the $5 trillion the insurance industry generated in revenue last year, P&C accounted for  $1.6 trillion — double the amount insurers claim they would lose if they paid every single COVID-19 claim. (Photo: Buzz Fuller/Shutterstock)

Just three days after the first coronavirus case was reported in the United States on Jan. 21, 2020, insurance companies began incorporating coronavirus-specific exclusions into newly issued policies. Less than two weeks later, nearly every insurance carrier had followed suit, including coronavirus exclusions on new policies while declaring to anyone who would listen that standard property and casualty insurance policies were not “designed” or “intended” to respond to COVID-19 losses.

Thus, well before the first shelter in place order was issued, P&C insurers made a loud and clear announcement to their policyholders: we have no intention of paying any COVID-19 claims regardless of what your policy says. Six months on, the pandemic persists, as does the nearly uniform refusal by insurers to acknowledge coverage and pay claims for COVID-19-related losses.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?


Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.