Potential Impacts of the Coronavirus for the Insurance Industry

The novel coronavirus, COVID-19, is now impacting people, businesses, and the overall economy on every continent except Antarctica, with a reach that extends from the local to the global level. The implications of the virus for the insurance industry are only beginning to be revealed. Connecting with insurance agent news sources will help agents stay abreast of I for the industry as they become known.

Which Industries Will Be Impacted?

While the impacts on the health insurance industry are likely the most obvious, other segments of the insurance industry will also potentially experience the effects of the virus as it begins to disrupt multiple sectors of the economy. In recent days, event cancellations have hit the hotel industry as large events and travel plans are canceled. Source: Program Business. Possible insurance industries to be affected include:

  • Life
  • Travel
  • Commercial
  • Farmers
  • Unemployment

COVID-19 has only recently begun to spread in the U.S.; thus, currently, there have been few claims resulting from the virus. However, this has the potential to change rapidly if the virus is not contained. Major disruptions to business and the food supply chain could result in more claims from business owners, farmers, and the unemployed. Staying informed can help insurance agents to be prepared for future impacts on the insurance industry.

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