Covid-19: una panoramica sull'impatto sulle compagnie assicurative

Covid-19 pandemic has originated a great wave of new problems, related to human health and to the global economic tissue. All countries had to implement containment measures in few days to fight against an enemy totally unknown but very tenacious. Supranational entities took action, overcoming political differences and trying to find a common way to help the nations most severely hit by the virus. The bodies of the European community, after long discussions, reached, on 21 July 2020, an agreement: the EU entered in a mutualized debt for the first time in its history, dedicated to the financing of those countries most affected by the crisis. Also national and sector bodies implemented new measures to help business and productive sectors, lightening the existing regulations, indicating guidelines on the operations to be undertaken. All enterprises suffered from the impact of the corona-crisis, even those who are equipped to face catastrophic claims: the insurance companies. Their response was very quick: they adopted all security measures apt to preserve their employees' and customers' health and to continue their activity, offering to customers the services provided by the existing contracts as well as to safeguard their solvency level. Insurance companies also provided their support to social solidarity initiatives, offering conspicuous amounts of money to hospitals and charitable institutions and promoting fund raising among their employees. The impact of the crisis on insurance companies is related to their own characteristics such as the risk classes they cover, the reinsurance policies. In addition elements such as volatility in the stock markets and interest rates are factors of uncertainty for insurers. In the near future non-life sector shall be widely interested in an increase of claims: while the road accidents registered a remarkable decrease, other types of claims will be increasing. Fraudulent compensation claims and other types of damages could also become more common: the slowdown of maintenance can increase the risk of damage to machinery, the reduction of controls and inspections could lead to an increase of thefts and fire. Health coverages have been extended and in many cases they also cover Covid-19 epidemic. The first effects of the crisis did not take long to be felt in the major Italian insurance companies. For example the data in the half-yearly financial statements of UnipolSai S.p.A. and Assicurazioni Generali S.p.A show a decline in premium collections while the costs for claims seem essentially stable. Their performance indicators show how the epidemic has already affected their results. In the future insurance companies may have to face liquidity problems due, i.e., to an increase of redemption requests from customers who need liquidity. Moreover an increase of disputes can also be expected: most coverages of existing policies do not contemplate exceptional events such as those brought by the virus. Business interruption, sureties, mortgage protection policies can become a fertile ground for lawsuits with a consequent surge in costs for indemnities and legal fees. But insurance companies have found new growth opportunities in the crisis by improving existing insurance products and propose new ones, specifically designed for health and work. The pandemic made our country more aware of the importance of proper insurance coverages and insurance companies can pick up this opportunity to cover the wide zones of undercover of our country.