Potential Impacts of COVID-19 on the Insurance Industry Assignment | Online Assignment

research and write an individual paper 4 pages on the Potential Impacts of COVID-19 on the Insurance Industry

Your assignment is to research and write an individual paper (4-6 pages) on the Potential Impacts of COVID-19 on the Insurance Industry. Some possible sources of information are below, but feel free to find your own sources if you prefer.

The Society of Actuaries (SOA) has a site with links to reports and podcasts on COVID-19:

https://www.soa.org/resources/research-reports/2020/impact-coronavirus/ (Links to an external site.)

Another SOA link that has further information about COVID-19 is below, you will need to scroll down quite a bit to get to the reports and podcasts about COVID-19, the first part of the website is more about closings and cancellations due to COVID-19:

https://www.soa.org/resources/newsroom/covid-19-updates/?MessageRunDetailID=1501339835&PostID=12627814&utm_medium=email&utm_source=rasa_io (Links to an external site.)

The Casualty Actuarial Society (CAS) also recently published a paper called COVID-19: the Property and Casualty Perspective, the link to the paper is:

https://www.casact.org/research/COVID-19_The_PC_Perspective_3-27-2020.pdf (Links to an external site.)

Your paper can be about any potential impacts of COVID-19 on any segments of the insurance industry. Feel free to do a deep dive in to one particular segment of the industry, or do a higher level summary of several different segments impacted. If you need help getting your thoughts started, there are a few questions below. However, don’t feel obligated to address any of the questions below if your research takes you in a different direction. Have fun!

Possible questions to give your mind a kick start, if needed:

Business interruption insurance, travel insurance, and some life and health insurance policies exclude coverage for pandemics – should insurance companies be firm on withholding benefits due to these exclusions? What are the implications of withholding benefits? What might cause them to pay out benefits despite the exclusions?

From an Enterprise Risk Management standpoint, what are some examples of compounding of risks (i.e. additional risks that could happen during this time that we are dealing with COVID-19 that could cause even more havoc for our economy/healthcare system/supply chain/etc…)?

What types of insurance policies might finally get their moment during this crisis?

During this Covid-19 outbreak, do you think state-based insurance regulation helps or hurts the insurance industry?