Michael Hayes Law Covid-19
ALL TOGETHER NOW – TO KEEP US APART
March 27, 2020
Michael Hayes Law Covid-19
HELP FOR SMALL BUSINESS OWNERS, INCLUDING UBER & LYFT DRIVERS
March 27, 2020
Michael Hayes Law Covid-19

Covid-19, in my experience, appears to be speeding up the time it takes for insurance adjusters to review settlement package demands and respond with an offer. This probably relates to there being far fewer new auto accident claims as traffic has dramatically dropped. This gives insurance adjusters, many of whom have worked from home for years, more time to review older claims. How does the downturn in the stock market affect the ability of auto liability carriers to pay fair settlements? Good news from Fitch Ratings on March 20, 2020:


“The U.S. P/C sector benefits from a very strong capital position. The industry reported an underwriting profit for the last two consecutive years, and an estimated 10%+ growth in surplus in 2019 on stable earnings and higher unrealized investment gains. New challenges to performance arise in 2020 with the coronavirus pandemic and recent shifts in investment market and economic conditions. Companies with significant allocations to equity investment will see capital declines in the next quarter and investment income will decline YoY with lower bond yields.”

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