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COVID-19 has not yet caused an increase in merger and acquisition-related insurance claims but the pandemic will likely lead to new trends in the sector, according to a report issued by Liberty Mutual Insurance Co. on Monday.
“This will inevitably feed into the underwriting process as underwriters look to scrutinize these areas more closely,” according to the report issued by the insurer’s global transaction solutions unit.
The report says possible new areas of COVID-19-related exposure include increases in third-party claims, claims related to key customer insolvency and claims related to the incorrect use of various job-retention schemes implemented by national governments during the pandemic.
The report also said a claim notification has been made under about 19% of the policies the insurer bound in 2017, which is an increase from a historical average of about 14% between 2012 and 2015, and 15% in 2016.
However, Liberty Mutual’s data suggests that no more than 25% of the notifications will result in a request for payment, which has not changed dramatically over the years despite the increase in notification frequency, the report stated.
More insurance and risk management news on the coronavirus crisis here.