Insurance Update

[Cars]

These consequences led to a dramatic supply‐and‐demand shift of pandemic insurance for BI in the middle of COVID‐19. Many companies, often driven by a mandate from the Board, are now seeking such coverage. However, they are either finding little to no insurance capacity for this kind of coverage or facing the reality that the price is unaffordable. Even insurers, who previously offered affirmative policy limits for BI caused by pandemic (such as FM Global), have significantly retreated from such product offerings since COVID‐19 began. The current insurance market situation, in many aspects, is similar to the terrorism insurance availability and market post‐9/11. (Re)insurance sector's cautious behavior to provide future pandemic coverage is partly caused by uncertainty around the loss potentials from COVID‐19. Some prominent insurance industry figures have voiced their pessimistic views on the possible losses to the P&C insurance sector. “This event will be the largest event in insurance history.”—Evan Greenberg, Chairman and CEO of Chubb Ltd. “We believe Covid‐19 will be the single largest CAT loss the industry has ever seen.”—Brian Duperreault, CEO of American International Group Inc. Additionally, capital market analysts and banks also shared the quantitative assessments of the potential insured losses from COVID‐19, as part of their evaluation of insurance carriers' financial strength, such as Barclays anonymous ($40B–$80B), Bank of America ($30B–$97B), Wells Fargo ($44B–$110B), Moody's ($56B–$90B), and JP Morgan (up to $100B). It is important to note the figures and statements above were made with the assumption that the pandemic exclusion in BI insurance would generally be honored, and legislations would not be passed to retroactively force insurers to pay for BI claims.

https://onlinelibrary.wiley.com/doi/10.1111/rmir.12160

[Production]

THE CROWDS OF TOURISTS ARE NOT VISITING THE AREA .. THAT'S LESS WATER USE.. IN HOTELS AND RESTAURANTS.. AND WITH MOST BUSINESSES CLOSED THAT'S ALSO LEADING TO LESS WATER USE SO WATER MANAGERS SAY FOR NOW IT'S A BALANCING OUT.. AND CAL-AM SUGGESTING CUSTOMERS CONTINUE TO PRACTICE GOOD WATER CONSERVATION.. AND THEY NOW SUGGESTING.. THAT AS YOU WASH YOUR HANDS FOR 20 SECONDS.. TURN OFF THE WATER WHILE WASHING HANDS.. JUST AS YOU SHOULD DO WHILE BRUSHING YOUR TEETH.. AND ANOTHER WO OF CAUTION.. PEOPLE MAY BE USING MORE SANTINIZING WIPIES..

https://www.ksbw.com/article/despite-stay-at-home-order-no-spike-in-peninsula-water-consumption/32012450