Changing climate in insurance: what we’re seeing and hearing
This is by no means an exhaustive list but here goes…
What we’re seeing:
Online search volumes for certain insurance coverages increased in the past 3 weeks:
- Business interruption insurance – up 850%
- Unemployment benefits – up 450%
- Life insurance coronavirus – up 400%
- Ethos life insurance – up 100%
- Ladder life insurance – up 90%
- Haven life insurance – up 50%
Business interruption insurance
Search for business interruption insurance is up 850% as of March 1, 2020, with the top five areas being DC, Vermont, Louisiana, New Jersey and Massachusetts.
Unemployment benefits
Search for unemployment benefits is up 450% as of March 1, 2020, with the top five areas being Nevada, Rhode Island, Hawaii, Wisconsin and Kentucky.
Life insurance coronavirus
Search for life insurance coronavirus is up 400% as of March 1, 2020, with the top five areas being Nebraska, Alabama, Arkansas, Hawaii, and Nevada.
Ethos life insurance
The search term is most popular in Maryland and Arizona.
Ladder life insurance
The search term is most popular in NJ, followed by Georgia.
Haven life insurance
The search term is most popular in Georgia.
What we’re hearing:
- Insurers brace for 120 days of new normal
- Hiring freezes among select startups
- Consumers not shopping for auto and business insurance
- “When the coronavirus showed up, State Farm showed their character and did what was right for their employees.”
- Pausing cancellation of coverage due to non-payment and policy expiration
- With other insurers, some sort of relief is a phone call away?
- New policies online for motor, home, MultiCover and pet insurance only – not travel insurance – Admiral
- Prioritizing claims and urgent calls
- “Please don’t call us unless absolutely necessary” – Admiral
- Unusually high claim call volumes in travel insurance
- Fast movers
Reach out if you have any thoughts or comments.
