The coronavirus outbreak that began at the end of last year has turned into a global pandemic that changed a lot of things for all of us, affecting economy, the supply chain and generating stock market volatility. Some banks have cut interest rates and expanded their quantitative easing programs
But although the COVID-19 crisis has affected all business sectors, it especially put a spotlight on insurance companies. Insurers are expected to be inundated with claims and general inquiries for health, life or non-life coverage.
Most people are worried that their health insurance premiums will rise due to Covid-19, but actually the crisis might have a surprising effect on health insurance premiums next year, according to the results of a recent survey. So far, health insurers predict no major changes on 2021 health insurance premiums. Almost 85% admitted that they do not anticipate raising rates and only about 15% expressed their concern about an increase in rates – but none predicted an increase with more than 5%.
There is also a lobby of health insurance companies on the Congress for financial help, in the case that the evolution of the crisis will lead to larger premium increases in 2021.
Talk to your insurance provider to find out if general liability insurance Colorado coverage and premiums and other types of will be impacted as well.