How will the disability insurance business be affected by the Coronavirus COVID-19 pandemic ?
For industry professionals...How will COVID 19 impact the distribution, underwriting, and claims experience of disability insurance?
Ideas to kickstart your input...
Claims will be impeded by doctor unavailability
Claims will rise for economic reasons such as unemployment alone, compounding the incidence due to contagion.
Are psych claims going to skyrocket?
Individual new business will be slowed down due to scarcity of examiners.
Layoffs and reduced hours will leave people without group LTD coverage.
Next year’s volume will be down because earnings volume will be down.
On the individual side, offers will be reduced as a hedge against a likely decline in future earnings
Underwriting may be put on pause. Or at least more restrictive.
Awareness / risk perception will rise. Will that awaken America to the need?
America will get a taste of government paid sick leave - and like it - leading more states to adopt State Disability Insurance.