New York, NY – The Insurance Information Institute (Triple-I) will deliver an online presentation to state regulators this week on the financial impact/policy coverage issues raised by COVID-19 in the U.S.’s property/casualty (P/C) insurance markets.
The Triple-I’s remarks will be delivered as part of the National Association of Insurance Commissioners’ (NAIC) special session on COVID-19, a virtual meeting which begins at 11 a.m., ET today.
“The nation’s property/casualty insurers are financially strong as a group and stand ready to pay the covered claims they receive,” said Sean Kevelighan, CEO, Triple-I. “Moreover, these same insurers’ investment portfolios are diversified and able to withstand equity market volatility.”
Dr. Michel Léonard, CBE, the Triple-I’s vice president and senior economist, will join Kevelighan at the NAIC’s special session, offering insights from his March 2020 Global Macro and Insurance Outlook.
The outlook projects COVID-19 could reduce significantly the global gross domestic product (GDP), prompt central banks to cut interest rates, and have financial repercussions for P/C insurers and their customers into 2021.
“Workers compensation, liability, and directors and officers are among the largest insurance lines with the greatest potential exposure to COVID-19-related claims,” Dr. Léonard stated.
The NAIC’s special session is open to the public. The Triple-I’s portion of the program is tentatively scheduled to start at 12:15 p.m., ET.