Law 360 recently published an article authored by our Chicago partner Daniel J. Struck that explores the post-COVID-19 landscape for the insurance industry and provides tips for companies to navigate the murky waters going forward.
Here’s a short synopsis of the article:
The only certainty in our pandemic-challenged world is uncertainty. Will there be a vaccine and when? Will there be a second peak in coming weeks followed by a second wave in the fall? Will lost jobs return? Will economic recovery be uniform, sporadic or regional? Will remote work become the new normal for many workers? Uncertainty permeates every segment of society and the economy.
Insurance markets and the conditions of the business insurance market — terms, scope, underwriting requirements, pricing and capacity — are not immune to this systemic uncertainty. Business insureds normally look to insurance to provide certainty and a predictable means of transferring risk. But COVID-19 has and will continue to have a substantial impact on the insurance industry and on the expectations of insureds.
Anticipating the long-term impact on business insurance is difficult. It is clear, however, that the business insurance market will be turbulent following the pandemic. For business insureds this will be a period of uncertainty requiring diligence, a careful assessment of risk, and a thoughtful rebalancing of risk transfer and mitigation strategies.
Read the entire article HERE.
About Culhane Meadows – Big Law for the New Economy®
The largest woman-owned national full-service business law firm in the U.S., Culhane Meadows fields over 70 partners in ten major markets across the country. Uniquely structured, the firm’s Disruptive Law® business model gives attorneys greater work-life flexibility while delivering outstanding, partner-level legal services to major corporations and emerging companies across industry sectors more efficiently and cost-effectively than conventional law firms. Clients enjoy exceptional and highly-efficient legal services provided exclusively by partner-level attorneys with significant experience and training from large law firms or in-house legal departments of respected corporations. U.S. News & World Report has named Culhane Meadows among the country’s “Best Law Firms” in its 2014 through 2020 rankings and many of the firm’s partners are regularly recognized in Chambers, Super Lawyers, Best Lawyers and Martindale-Hubbell Peer Reviews.
The foregoing content is for informational purposes only and should not be relied upon as legal advice. Federal, state, and local laws can change rapidly and, therefore, this content may become obsolete or outdated. Please consult with an attorney of your choice to ensure you obtain the most current and accurate counsel about your particular situation.