Alex Sun, CEO of technology provider Enlyte, has an article in the online Risk Management magazine about recent insurance trends brought about by the COVID-19 pandemic. The full article is at www.rmmagazine.com/articles/article/2022/02/15/navigating-current-trends-in-casualty-insurance. Here are the trends he sees:
- Mental health concerns - the pandemic brought on a rise in stress and anxiety, with one third of Americans showing clinical signs of anxiety or depression. Risk managers need to include mental health providers in their networks, and pharmacy managers to address substance abuse and addiction.
- COVID-19 claims could impact workers compensation. 25 states have laws or orders making these claims at least potentially compensable. If any claimants develop "long haul" COVID these claims will be open for months or years.
- Labor market - the "Great Resignation" has put a burden on remaining workers which could result in more injuries and accidents. To retain workers, employers need to provide better work/life balance besides higher pay and benefits. Shortages of healthcare workers and claim adjusters will delay claim settlements.
- New work models - remote and flexible work create new risks such as poorly designed home work stations. New policies are needed to regulate work from home.
- New technology - increased use of digitation and automation in the insurance industry should speed up claim processing and underwriting and lead to better decisions.