April 13
Potential Implications of COVID-19 for the Insurance Sector
How the Coronavirus Outbreak May Impact Insurers Operationally and Economically: COVID-19 is impacting the insurance industry in multiple ways—from employee and business continuity issues to client service considerations to the financial outlook. Here are some key issues insurers face and potential action steps they could take.
S & P P/C Least Impacted
S&P Global Market Intelligence found that property and casualty insurance is the least impacted from the COVID-19 health situation, based on market signals. S&P Global Market Intelligence conducted this analysis for the month of March generating industry medians from its Credit Analytics Probability of Default (PD) Market Signal model which uses stock price and assets […]
Olympics Delay, Not Cancellation, Provides Reprieve for Insurers
Delaying the Olympics is likely to cost insurers much less than canceling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say. The Tokyo Olympics on Tuesday were postponed to 2021, the first such delay in the modern Games’ 124-year history, as the coronavirus crisis forced […]
Thoughts For Leaders
BY RICHARD TORRENZANO “Leaders are made, they are not born. They are made by hard effort. It is the price which we must pay to achieve any goal that is worthwhile.” –Vince Lombardi In crisis, leadership is far more important than management. People follow leaders. People work for managers completing plans and tasks against budgets. […]
Attorney Has No Liability For Talking Client Into Filing Meritless Lawsuit
Bill Birds Inc. v Stein Law Firm, 2020 NY Slip Op 02125 (NY Court of Appeals, 3/31/2020) New York’s top court ruled today that an attorney faces no liability or penalty of any kind for giving a client bad advice that induces him to file a lawsuit that has no legal merit. Plaintiffs, a New […]
DFS Circular Letters Encourage Leniency on Insureds and Extend Continuing Education Licensing Deadlines
The New York State Department of Financial Services (“DFS”) has issued several Circular Letters and industry guidance over the past month due to COVID-19. While considerable information is geared towards health insurances and telemedicine, two Circular Letters in particular are relevant to all insurance producers. Circular Letter No. 7 (2020) dated, March 19, 2020, […]
Avalanche of Legislation Passed in Response to COVID 19
I wrote my last column in the shadow of the coronavirus shutting down wide swaths of the northeast and California and Washington State doing the same. Since then, nearly all of the country has followed suit. Hundreds of thousands have now been diagnosed with COVID 19 in the United States and tens of thousands have […]
Advising an Insurer of a Claim When Insurance Obtained by Fraud is a Crime
Conviction Affirmed Against the best Wishes of the Appellate Court In Commonwealth of Pennsylvania v. Renee M. Bruder, J-S40005-19, No. 1282 WDA 2018, Superior Court of Pennsylvania (September 30, 2019) Renee M. Bruder, appealed from a sentence of 3 years’ probation, imposed after a jury convicted her of insurance fraud. Bruder was charged with insurance […]
