Insurers reacted quickly and effectively to the extraordinary extent of the hurricanes, forest fires and civil unrest in 2020. These events generate accumulated insured losses in the billions.
However, a recent Forbes article stated that the owners of one of Broadway’s largest theater chains were surprised that their insurance companies would fail to cover most of their losses during the COVID-19 pandemic. .
Making people more willing and more resilient at Triple-I is our primary goal. We strive to have every opportunity to inform customers about how their insurance works before they suffer an insured loss. Part of this mission explains how uninsurable epidemics are. In contrast to covered events that are limited in time and geography, epidemics affect everyone at the same time. We have explained this to legislators, lawyers, business media and consumers in briefings.
Solutions to big problems on a large scale
As a result, there is a consensus on the idea that the federal government is the only company with the reach and financial resources to help companies recover from a large-scale pandemic event. With that in mind, we help inform the public debate about the need to give the federal government a role in protecting the United States from future pandemics.
As insurers, regulators, and the U.S. government scramble to help businesses financially affected by future pandemics, we need to focus on the present. And to do this, we have to take a quick look at the past:
For 350 years, insurance has been in place to enable households, businesses, and communities to band together and recover from forest fires, hurricanes, and other disasters. Insurance companies are always there for their customers because they are. For example, in the months following September 11, insurers paid tens of billions of dollars to keep the affected companies alive as they rebuilt New York and Washington, DC from the rubble.
In 2020, insurance companies will continue to play their vital social role, covering insured losses from record times of hurricanes and forest fires, as well as the most devastating civil protests in more than a quarter of a century. . Insurance simplifies the somewhat complex risk management process and creates products that make it easier for people to be better prepared and more resilient. Covering these risks requires enormous capital resources.
Ask? Your policy documents contain the answers
Insurance is heavily regulated and, as Triple-I pointed out at the National Association of Insurance Commissioners (NAIC) annual summit in September, the industry we serve relies on strong collaboration with regulators and government agencies in different states. United to make insurance more effective for everyone.
A tangible result of this partnership is something that literally anyone can achieve: insurance policy documents. Reading these materials to understand what to buy is an essential part of preparing.