The COVID-19 pandemic has had a significant impact on commercial and specialty lines of insurance, creating new trends that seemed to have reduced or changed risk in some areas.Excess & Surplus Lines
However, now an arm of global insurer Allianz has revealed that, overall, the positive trends in claims for insurers have been outweighed by COVID-19 notifications.
In a new report on the changing claims patterns brought about by the pandemic, Allianz Global Corporate & Specialty (AGCS) said that traditional property and liability claims have been subdued during lockdowns but this has been more than outweighed by a surge in COVID-19 related claims notifications, particularly from the entertainment industry.
“The pandemic is certainly one of the worst loss events for the insurance industry in history claims could be as high as US$110 billion in 2020, according to Lloyds estimates,” said Thomas Sepp, chief claims officer at AGCS. “AGCS alone has reserved about US$571 million for expected COVID-19 related claims, especially for the cancellation of live events and the disruption of movie or film productions in the entertainment industry.”