www.insurancebusinessmag.com Open in urlscan Pro
52.168.10.1  Public Scan

Form analysis
0 forms found in the DOM

Text Content

CONTINUE TO SITE

CONTINUE TO SITE

 * UK
 * US
 * CA
 * AU
 * NZ
 * Asia


 * 
 * 
 * 



Toggle navigation

 * News
    * Breaking News
    * Columns
    * Broker Perspective

 * Risk Management
    * News
    * Profiles
    * Geo-Political
    * Financial
    * Cyber
    * Operational
    * Regulatory

 * Resources
    * IB Talk
    * InFocus
    * White papers
    * Webinars
    * Marketing
    * Special reports
    * Business strategy
    * Women in insurance
    * Opinion
    * People
    * E-mag
    * Info graphics
    * TV
    * Jobs
    * Events
    * Top Insurance Workplaces
    * Guides
    * Insurance Companies
    * Hall of Fame

 * Specialty
    * Cannabis
    * Catastrophe
    * Commercial Auto
    * Construction
    * Cyber
    * Environmental
    * Healthcare
    * High Net Worth
    * Hospitality
    * Marine
    * Non-Profits
    * Professional Risks
    * Specialty Insurance
    * Technology
    * Workers Comp

 * Subscribe
    * E-newsletter
    * Magazine
    * Authors
    * Regular Contributors

 * Contact us


US LIFE INSURERS IMPOSE WAITING PERIOD TO LIMIT CORONAVIRUS EXPOSURE

by Alicja Grzadkowska 19 Mar 2020
SHARE
AddThis Sharing Buttons
Share to FacebookFacebookShare to TwitterTwitterShare to LinkedInLinkedInShare
to EmailEmail






US LIFE INSURERS IMPOSE WAITING PERIOD TO LIMIT CORONAVIRUS EXPOSURE | INSURANCE
BUSINESS

The coronavirus continues to spread throughout the US as confirmed cases grew to
3,536 as of March 18, according to AIR Worldwide. Amid this pandemic, US life
insurers are implementing waiting periods for applicants who have traveled to
regions with significant outbreaks in an attempt to limit their own exposure to
coronavirus, industry experts told Reuters.

The companies are concerned about insuring customers in the US who have traveled
to countries that the Centers for Disease Control and Prevention has declared a
battleground for contagion risk, such as China, the epicenter of the outbreak,
as well as Iran and several European countries.



Life insurers imposing waiting periods before issuing policies to people who
traveled to those regions include Lincoln Financial Group, which has a 30-day
waiting period, and American International Group (AIG), which recently said it
would postpone decisions about life insurance applications from customers who
traveled to affected regions until they were back home in the US for 30 days,
according to a memo cited by Reuters.

Life insurers typically question applicants about their travel plans to
determine if they could be at risk of serious diseases or violence, but a lack
of data about the coronavirus is increasing those concerns, stated Anthony
Martin, chief executive officer of online life insurance brokerage Choice
Mutual. He told Reuters, “Life insurance companies hate unknowns more than
anything else.”

Another expert, Tim Luedtke, an actuary and professor at Temple University in
Philadelphia, said that he expects life insurers to stop taking applications
altogether if the spread of the virus in the US continues.

This week, both A.M. Best and Fitch Ratings switched their outlooks for US life
insurers from stable to negative after the meltdown in the financial markets
resulted in one of the worst days of trading in recent history. The economic
situation has hurt life insurers by putting pressure on their earnings, reserves
and capital, said Fitch Ratings.

Meanwhile, companies performing medical exams of life insurance applicants are
also changing guidelines for workers’ safety, which in turn has led to further
delays. Applicants dealing with one company, ExamOne, are being asked if they
have traveled to restricted areas or taken a cruise, and if they have, they must
delay exams for two weeks. Another company, which provides these exams for USAA,
has also delayed medical exams for some reportedly at-risk applicants.

An individual impacted by this delay told Reuters that he worries about a
possible lockdown and more delays, adding, “If it goes much further, I’m really
concerned that I don’t have the coverage in place.”

RELATED STORIES:

 * AIR Worldwide releases coronavirus estimates
 * Two thirds don't understand how insurance covers COVID-19 — study





SHARE
AddThis Sharing Buttons
Share to FacebookFacebookShare to TwitterTwitterShare to LinkedInLinkedInShare
to EmailEmail


Please enable JavaScript to view the comments powered by Disqus.


LATEST NEWS

 * MARSH REVEALS PRIORITIES FOR BUSINESSES AS THEY DEAL WITH CORONAVIRUS
   
   Keep your clients aware of key risk management advice during these trying
   times

 * CHALLENGES IN FLOOD INSURANCE REMAIN AFTER THE FIRST EVENT OF 2020
   
   The biggest issue is that customers don't understand their flood risk and
   neither do a lot of agents, says expert

 * PROPERTY INSURANCE BROKERS - "GIVE THE UNDERWRITER A REASON TO LOOK AT YOUR
   ACCOUNT"
   
   Expert discusses the state of the property market and what brokers need to do
   to stand out




INSURANCE BUSINESS TV

WHAT DOES THE CYBER RISK LANDSCAPE LOOK LIKE TODAY?


 * UK
 * US
 * CA
 * AU
 * NZ
 * Asia

 * People
 * Terms & conditions
 * Privacy policy
 * Conditions of use
 * About us
 * Contact us
 * RSS

Website Audited By
Magazine Audited By
 * 
 * 
 * 

 * Key Media
 * Insurance Business Australia
 * Insurance Business Canada
 * Wealth Professional Canada

Copyright © 2020 Key Media