Replies to post #22167 on The Rising Influence of Rising Affluence

[DewDiligence]

I don't think MET writes business-interruption policies, and I haven't seen MET's name mentioned in regard to the lawsuits you're referring to. If you see anything to the contrary, please let me know.

[DewDiligence]

MET CC re surprising COVID-19 impact:

https://twitter.com/DewDiligence/status/1258481602784608256

[DewDiligence]

Hasn't been an issue (yet), as far as I can tell.

[DewDiligence]

Insurance firms are winning most COVID-19 “business interruption” lawsuits:

https://www.wsj.com/articles/insurers-gain-early-lead-in-covid-19-legal-fight-with-businesses-11598965200

U.S. property insurers have won a flurry of judicial rulings backing up their rejections of claims for businesses’ lost income during government-ordered shutdowns, dimming policyholders’ hopes of payments to help them rebound.

… In the rulings, the judges sympathize with businesses’ plight, but most so far support insurers’ legal arguments.

… Business-interruption coverage is a subset of property insurance, and with limited exception insurers say they didn’t collect premiums for virus-related claims. Pandemics, they say, violate a cardinal principle of insurance: Large numbers of policyholders pool their risk to finance a few losses in a given year, while policyholders suffer losses simultaneously during a pandemic.

… Many policies specifically exclude claims stemming from viruses. Among challenges for policyholders in policies without the specific exclusions, business-income coverage typically requires “direct physical loss or damage” to have caused the interruption.