Posted by (#2020 U.S. New Crown Pneumonia Outbreak#Column Article) Due to the impact of the new crown pneumonia epidemic, the US insurance industry has experienced an "uncertain" period of cost actuarial risk.In this unprecedented situation, different insurance companies have chosen different approaches to respond.
Trends in the insurance industry at the beginning of the epidemic
According to a report in March by the American Life Insurance Guide Network©️, at the beginning of the epidemic,Some insurance companies have tightened the approval of applications for specific countries, regional groups and foreigners, and stopped issuing new insurance policies to these groups.
(04/13 Confirmation of Global New Coronary Pneumonia Epidemic and Death Data)
When the new crown pneumonia epidemic entered April,The total number of deaths due to new coronary pneumonia in the United States ranks first in the world.
At this time, on the one hand, the American people's demand for "life" insurance has soared, and on the other hand, the high mortality rate and future uncertainty like the "Black Swan" incident have given various insurance companies a choice.
Pudential (Prudential/Prudential)
American insurance company Pudential (Prudential/Prudential) Announced that from April 4th,Suspension of applications for 30-year term life insurance.
Prudential/Prudential stated that it will suspend accepting applications for 30-year term life insurance policies due to “unprecedented market turmoil” and “expected low interest rate environment in the future”.
In all "life" insurance,Term life insurancehaveLow premiums, high payoutsThe characteristic of is a quick entry product for consumers to obtain guarantee.
Jin, a commentator of the American Life Insurance Guide, believes that when community residents need "life" protection services most,PrudentialThe suspension of sales of low-cost 30-year life insurance products that are most easily available to mass consumers is “legitimate and reasonable, but theThis behavior can make people feel that they lack a sense of responsibility and community service spirit."
Prudential/Prudential expects the product service to be suspended until mid-June.
Transamerica to expand services (National Life Insurance)
At the same time, after the epidemic entered early April,Pacific Life Insurance(Pacific Life),Allianz Life Insurance(Allianz),American Life(Transamerica) And some other insurance companies, for those consumer groups who are subject to the “home order”, “cannot be insured for medical examination,” and are caught in the predicament of insuring but no “insurance” to invest in, they are constantly adjusting the insurance application standards and trying to clean up Obstacles to insuring, helping insured persons in local communities to quickly obtain protection.
In this uncertain period, among the many insurance companies that choose to take risks at this stage and continue to provide comprehensive services,American LifeThe service performance is remarkable.
In the report on March 3,American LifeDuring the COVID-XNUMX pandemic, aSavings Participating Whole Life Insurance(Whole Life),For applicants aged 18-45, the insured amount is less than $200 million, and the medical examination-free process is implemented*.
On April 4, the person in charge of an agency under Transamerica Life confirmed the latest insurance policy to a reporter from American Life Insurance Guide.U.S. Life has maintained a low costTerm life insuranceQuick application process for products "exempt from medical examination"*, The term life insurance product line also provides additionalMajor diseases, chronic diseases and end-stage diseasesOfWelfareCompensation.
At the same time, when other insurance companies continue to stop accepting and suspend foreign policy applications, Transamerica’s exclusive channel willFrom April 4th, we will accept fast-track applications for "exempt medical examination" from foreigners.The maximum insured amount is up to 100 million U.S. dollars.If you have a recent physical examination report from another country or region, the quick application process for "exemption from physical examination" can be up to 200 million US dollars insured, and according to the physical health of the foreigner, the highest health rating will be given.
Column summary
With the development of the Covid-19 (new crown virus) epidemic in various parts of the United States, various insurance companies have performed differently in this regard.
When the market environment is booming, the marketing activities of certain brands may be able to package themselves into a mountain that consumers can rely on.But historically,Only in the period of "difficulties" full of uncertainty, every move towards consumers may reflect the willingness of each insurance company to accept risks and the "values" of services.
