Insuring and Helping in a Pandemic

How insurers are helping communities overcome COVID-19?

May 22, 2020 Photo

We asked CLM members and fellows: What are some of the contributions you have seen from the insurance communities to help society deal with and overcome the COVID-19 outbreak?

“Many insurers are working with customers on issues, such as flexibility in premium payments, and are active in charitable efforts to address hardships in their communities.”

Paul Rosner, Shareholder, Soha & Lang, P.S. CLM Member since 2008.

“From donating masks and meals to hospitals to sharing expertise to help our clients navigate the risks of this ‘new norm,’ colleagues have stepped up in many ways. I’m particularly proud AXA is supporting the Open COVID-19 Initiative, designed to open source solutions for the prevention, diagnosis, and treatment of COVID-19.”

Karen Rice, Vice President, Head of Construction Claims, AXA XL. CLM Fellow since 2009.

“There is an overall spirit that we are all a community and that we will, together, find our way through these trying times. Whether utilizing new video-conferencing technology to conduct mediations or showing flexibility dealing with court closures or with working remotely, claims professionals have kept a clear focus on moving claims forward.”

Andrew Kessler, Partner, Wood, Smith, Henning & Berman LLP. CLM Member since 2015.

“The leadership team and employees at Arch have been working to lessen the impact of the chaos and make it easier to operate within this new reality. The company has become actively involved in outreach programs throughout communities. It is refreshing to see how organizations across the globe are coming together to find innovative ways to minimize the impact and limit disruption.”

Patrick Cusack, Vice President, Liability Line of Insurance, Arch Insurance Group. CLM Fellow since 2008.

“From frontline adjusters to chief claims officers, what I have seen is our clients care about insureds and claimants. Insurers could have slowed down claims payments, but my experience is they have done the opposite, stepping up to help their fellow citizens and the economy by paying all valid claims with urgency. I have never been prouder to be an insurance defense lawyer.”

Robert Tyson, Managing Partner, Tyson & Mendes. CLM Member since 2011.

75%

Percent of CFOs who listed “financial impact, including effects on results of operations, future periods, and liquidity and capital resources” among their top-three COVID-19 concerns. “Potential global recession” ranked second (70 percent).

Source: PwC

$5 Million

Amount that Travelers pledged to COVID-19 relief efforts, including a $3.5 million donation to leading charities, up to $1 million to pay wages/benefits for eligible third-party contract employees who provide services at the company’s offices, and up to $500,000 to match employee contributions.

Source: Travelers

 

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About The Authors
Phil Gusman

Phil Gusman is managing editor of CLM magazine, a publication of the CLM. He can be reached at  phil.gusman@theclm.org

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