INSURERS AND THEIR CUSTOMERS BENEFIT Insurers have responded quickly and effectively to the extraordinary proportions of hurricanes, wildfires and civil unrest in 2020. These events total billions of dollars in insured loss payments.
However, a recent Forbes article reported that the owners of one of Broadway’s biggest theater chains were surprised their insurance companies were failing to cover most of their losses during the COVID-19 pandemic.
Our main goal at Triple-I is to make people more willing and resilient. We make every effort to have every opportunity to inform clients about how their insurance works before they experience an insured loss. Part of this mission is to explain how uninsurable epidemics are. This is because, unlike covered events which are limited in time and geography, epidemics affect everyone at the same time. We have explained this in briefings to lawmakers, lawyers, business media and consumers.
Large-scale solutions to big problems
As a result, a consensus is forming that the federal government is the only company with the scale and financial resources to help businesses recover from a global pandemic. With that in mind, we help educate public debates about the need for the role of the federal government in protecting the United States from future pandemics INSURERS AND THEIR CUSTOMERS BENEFIT
However, as insurance companies, regulators, and the US government work to provide relief to businesses financially affected by future pandemics, we must focus on the present. And in order to do that, we need to take a look at the past:
Insurance has been around for 350 years to help homes, businesses and communities come together and recover from wildfires, hurricanes and other disasters. Insurance companies have always been there for their customers because that’s what they do. For example, insurers paid tens of billions of dollars in the months following September 11 to keep affected businesses alive as they rebuilt New York and Washington, DC from rubble.
In 2020, insurance companies will continue to play their vital social role, covering insured losses from record periods of hurricanes and wildfires, as well as the most devastating civil protests in more than a quarter of a century. . Insurance simplifies the somewhat complex risk management process and creates products that allow people to be better prepared and more resilient. Covering these risks requires enormous capital resources.
Request? Your policy documents contain the answers
Insurance is heavily regulated, and as Triple-I pointed out at the National Association of Insurance Commissioners (NAIC) annual summit in September, the industry we represent relies on strong relationships with regulators and regulators. government agencies in each state. United to make insurance work better. For each.
A tangible result of this partnership is something literally anyone can achieve: insurance policy documents. Reading these materials to understand what to buy is an essential part of preparation.