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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

A FREE 12-page special report from Captive.com

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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IVANS Report Shows COVID-19's Impact on Insurance Transactions

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A special COVID-19 index report from IVANS found that due to the impact of the pandemic, March and April personal and commercial lines insurance transactions were down significantly, though they rebounded sharply in May.

New policy transaction volume was down 15.8 percent at the end of May relative to the beginning of March, according to the "COVID 19: Personal and Commercial Lines Policy Transaction Index Report" from IVANS.

Focusing on commercial lines policies, new policy transaction volume was down 38.9 percent at the end of May relative to the beginning of March, according to the IVANS report.

Commercial lines policy change transaction volume was down 46.2 percent at the end of May relative to the beginning of March, while commercial lines policy renewal transaction volume was down 21.4 percent at the end of May relative to the beginning of March. Commercial lines policy cancellation transaction volume was down 62.6 percent at the end of May relative to the beginning of March.

The findings were based on analysis of more than 120 million data transactions, IVANS said, measuring the month-to-month volume of specific policy transactions like new policies, policy changes, policy cancellations, and policy renewals across the US insurance market.

"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.

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