How the COVID-19 Pandemic Is Changing the Insurance Industry
When financial concerns rise, insurers that compete on price may get a second look.
Insurers' rapid responses to the shutdowns via rebates and discounts helped contain price shoppers.
As overall driving drops and patterns change, consumers may come to view telematics as a better fit for their travel patterns.
Insurance shopping rose during the shutdown, particularly for companies not exclusively focused on direct selling.
Innovations such as accelerated underwriting once were aspirations for some insurers but have become necessities for most.
Data from Florida and Arizona reveals surprises.
Data shows changing severity patterns for the initial 10-day window, with subsequent changes as well.
Claims activity fell in tandem with regional closures, but subsequent changes haven't been as consistent.
Like private passenger claims, commercial claims frequency fell early in the shutdowns, but rose more quickly.
Homes occupied round-the-clock are less prone to crime, but vulnerable to usage-based problems.