Insurance Research Institute
Report on’Response of Major Bureau Supervisors to Corona 19 Shock’
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[아시아경제 기하영 기자]In order to mitigate the impact of the novel coronavirus infection (Corona 19), it was found that each country’s supervisory authorities are responding with three goals: continuing insurance services, managing payment capacity and liquidity, and supporting policyholders. It is an assessment that the flexibility of the supervisory authorities helped stabilize the financial market.
According to the report, “Response of Major State Supervisors to Corona 19 Shock,” recently released by the Korea Insurance Institute on the 9th, major supervisory authorities alleviate uncertainty in insurance payments to support policyholders arising from the spread of Corona 19, support the vulnerable class of Corona 19, 19 It was investigated that it provided additional insurance for victims.
First of all, the financial authorities presented guidelines for guarantees related to losses due to Corona 19. For example, the US state of New York asked policyholders to explain the COVID-19 loss coverage of commercial property insurance or corporate suspension insurance. In the case of the UK, Canada, and Germany, the association has also provided guidelines on whether insurance products cover losses due to Corona 19 or are exempted.
In addition, each country provided financial support and deferred measures to contractors vulnerable to Corona 19. Representative examples include provision of a grace period for payment of premiums, change of insurance contract conditions, and adjustment of insurance premium payment method.
In Korea, the loan maturity extension and interest repayment for small businesses and small businesses affected by Corona 19 were extended, and support for damaged companies in a disaster was designated as exempt targets. In addition, in order to support the low-income economy suffering from the spread of corona infection, it has pushed for lowering the interest rate of loans for insurance contracts.
Overseas, insurance premiums for insurance claims that are expected to decrease or decrease, such as auto insurance, were discounted or part of the premium was returned. Australia refunded unaccompanied insurance premiums for travel insurance and discounted auto insurance premiums. The US, UK, Italy, and Germany have also cut auto insurance premiums or have taken a refund.
Insurance companies in major countries also provided additional coverage to contractors affected by Corona 19. In Korea, insurance companies recognized death from Corona 19 as a disaster death rather than a general death. In Latvia, insurance companies have increased the medical insurance coverage limit by 100% for people infected with Corona 19.
In addition, in France, insurance companies agreed to pay part of their wages in accordance with unpaid sick leave even if pregnant women or chronically ill workers of companies with group insurance voluntarily stop working to prevent Corona 19. In Germany and Spain, insurance companies provided free insurance to medical staff exposed to Corona 19.
There have also been cases in which insurance companies voluntarily guarantee loss of business interruption due to Corona 19 in commercial property insurance, etc. In Switzerland, for example, many insurance companies have agreed to cover losses from restaurant shutdowns. In addition, in some German states, insurance companies have decided to pay 10-15% of the loss of business suspension.
Seong-Hoon Yoon, Senior Research Fellow of Insurance Research Institute, said, “The response principles for Corona 19 in each country seem to be the same, such as flexibility, timing, and communication with the industry,” and said, “The financial imbalance between the economy and asset prices is widening, so prepare for this. You also have to prepare,” he advised.
Reporter Ki Ha-young [email protected]
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