There have been, after all, recurrent matters and themes– from the coronavirus to enterprise interruption to cyber to acquisitions to the Trump Administration to hurricanes — that dominated property/casualty insurance coverage business’s nationwide information in 2020. On the identical time, sure particular person nationwide articles— some associated to these in style matters and a few not— captured the eye of readers greater than others. The highest 10 (plus a bonus #11) most learn nationwide articles on InsuranceJournal.com in 2020 had been:
There was a giant transfer to distant work throughout the insurance coverage business and no sign motion captured it extra dramatically maybe than Nationwide’s determination to institute a hybrid mannequin that made many at-home assignments everlasting and exited most buildings exterior of 4 primary campuses.
Elon Musk made information (and cash) all year long even triggered a stir or two in insurance coverage circles. His agency Tesla has been testing an insurance product for its drivers in California, and is making ready to construct an insurer, one Musk says might be “revolutionary.”
The coronavirus was, after all, the primary story for the insurance coverage business and the world in 2021. This specific story in February was an early tackle the insurance coverage business ramifications of the pandemic and suggested companies to guage how their operations, revenues and insurance coverage could also be affected by the coronavirus.
Quarantines and lockdowns meant fewer drivers and miles pushed. Insurers moved to mirror that downward pattern in premium changes for his or her auto insureds. Most reductions have been for private traces auto prospects; nonetheless quite a few carriers are additionally focused enterprise prospects. Later within the yr, some client advocates referred to as on insurers to supply extra reductions.
The business confronted growing claims for enterprise interruption even by insureds whose insurance policies had virus exclusions. This was an early look — an business warning — in March on the potential prices only for small companies within the U.S. might be between $220-$383 billion monthly — or 1 / 4 to half of the full business surplus out there to pay all P/C claims.
The employees’ compensation business moved to deal with deal with the transfer to at-home work and lockdowns of companies. The Nationwide Council on Compensation Insurance coverage in April developed a reporting code so that companies that suspended operations on account of COVID-19 however continued to pay workers who’re at house however not working wouldn’t have to incorporate the payroll paid to those workers within the calculation of their employees’ compensation premium.
It was a yr of some main mergers with this one particularly attracting appreciable consideration. Allstate moved to spice up its auto insurance coverage and impartial company enterprise at a time when the coronavirus has decreased site visitors on roads and decreased claims.
Zurich Insurance coverage and Farmers Exchanges agreed to purchase MetLife’s U.S. property and casualty enterprise for $3.94 billion. The deal will give Farmers a nationwide presence within the U.S. and entry to new distribution channels.
The destiny of hundreds of coronavirus-related enterprise interruption lawsuit was of curiosity all yr lengthy. Since COVID-19 sparked government-ordered shutdowns in March, judges have dismissed way more business-interruption lawsuits than they’ve allowed to proceed, however some plaintiffs are persevering with to probe what they see as weak spots within the business’s authorized defenses.
If and when insurers ought to pay ransomware calls for emerged as matter of concern. The U.S. Treasury Division warned that people who assist facilitate ransomware funds could also be violating anti-money laundering and sanctions laws.
And one honorable point out…
Because the coronavirus vaccine distribution obtained underway late within the yr, consideration turned to the way it would possibly play out in workplaces. The Equal Employment Alternative Fee (EEOC) up to date steerage on the obligations and rights of employers and workers associated to the vaccine, together with in circumstances the place employers could require workers to be vaccinated. This information, which was printed December 12, shot to the highest within the rankings very quickly, previous articles which have been stay for months. Given extra time, it’ll possible maintain rising and thus deserves inclusion among the many hottest tales of 2020.
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