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How 2020 impacted the insurance industry

On Behalf of | May 7, 2021 | Insurance Law |

For many in Las Vegas, 2020 brought its share of troubles, and the insurance industry is no exception. The following are some ways that insurance was affected by events in 2020.

Auto claim frequency dropped

As more people began to work from home and forgo travel in 2020, auto accident claim frequency sunk. That being said, of the claims that were filed, severity of these claims went up. This may be due to the fact that people were more apt to take risks while driving, such as speeding, when there were fewer cars on the road. And some insurers in the U.S. are now facing class action lawsuit alleging that their profits in 2020 were unfair.

Pet insurance may become more important

Pet insurance, once seen as a perk, may now be more important than ever. For example, 2020 saw a sharp increase in dog ownership. This means, though, that there will inevitably be more dog-related liability claims.

Impacts on long-term disability insurance and health insurance

In 2020, many people went through tough financial times. Many chose to stop paying for long-term disability insurance simply because they could not afford it. However, it is anticipated if the number of those with chronic illnesses grows in the future, health insurance and disability insurance could be impacted.

Learn more about insurance law

2020 was a notable year for many reasons, some bad some good, but it certainly had an effect on the insurance industry. Ultimately this post is for educational purposes only and does not contain legal advice. Those who want to learn more about insurance law in Nevada may find our firm’s website to be a useful resource.

 

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