The Insurance Information Institute will brief state regulators this week on the financial impact/policy coverage issues raised by COVID-19 in the U.S.’s property/casualty insurance markets.

The Triple-I’s remarks will be delivered as part of the National Association of Insurance Commissioners’ (NAIC) special session on COVID-19, a virtual meeting scheduled to begin at 11 a.m. Eastern on Friday, March 20.

“The nation’s property/casualty insurers are financially strong as a group and stand ready to pay the covered claims they receive,” Sean Kevelighan, CEO of the Insurance Information Institute, said in prepared remarks. “Moreover, these same insurers’ investment portfolios are diversified and able to withstand equity market volatility.”

Michel Léonard, CBE, the Triple-I’s vice president and senior economist, will join Kevelighan at the NAIC’s special session, offering insights from his March 2020 Global Macro and Insurance Oulook. The outlook projects COVID-19 could reduce significantly the global gross domestic product (GDP), prompt central banks to cut interest rates, and have financial repercussions for P/C insurers and their customers into 2021.

“Workers compensation, liability, and directors and officers are among the largest insurance lines with the greatest potential exposure to COVID-19-related claims,” Léonard said in prepared remarks.

The NAIC’s special session is open to the public. The Triple-I’s portion of the program is tentatively scheduled to start at 12:15 p.m., ET.

Source: The Insurance Information Institute