Insurance transactions drop sharply amid pandemicPosted On: Jun. 11, 2020 12:35 PM CST
Commercial insurance activity slowed drastically during the COVID-19 lockdown, according to a report released Thursday by insurance exchange Ivans Insurance Services.
The report analyzes more than 120 million data transactions and measures the month-to-month volume of new policies, policy changes, policy cancellations and policy renewals, the Tampa, Florida-based division of Applied Systems Inc. said.
Across commercial lines, new policy transaction volume was down 38.9% at the end of May compared with the beginning of March, just before government-imposed lockdowns resulted in the shuttering of numerous businesses throughout the United States.
Policy change transaction volume was down 46.2% at the end of May compared with the beginning of March; policy cancellation transactions were also lower, falling 62.6% at the end of May 2020 from the beginning of March; and policy renewal transaction volume was down 21.4% at the end of May relative to the beginning of March.
“Our data is showcasing the dramatic impacts that the COVID-19 outbreak has had on our industry, specifically as consumer behavior quickly changed with shelter in place orders spreading across the nation,” Brian Wood, vice president of Data Products Group, Ivans Insurance Services, said in a statement. “The data shows signs of rebounding as economies begin to re-open,” he added.
More insurance and risk management news on the coronavirus crisis here.