In addition to the enormous number of claims, some states are considering laws to force retroactive coverage for policy holders “regardless of the language of their insurance contracts.” Legislation in states hit hard by the virus, like New York, Louisiana and New Jersey, have already introduced such legislation.
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New COVID-19 Insurance Laws Could Break Industry: Expert
Commercial insurers are facing existential threats from the number of COVID-19 spawned claims as well as a number of new legislative proposals some fear might bankrupt the industry. So reports Reuters.
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