Report explores insurance climate in post-COVID world

Just two short weeks left in December and the rest of the year still leave questions regarding what the impact of COVID-19 will have on businesses and individuals in a (hopefully) post-COVID 2021.

A newly released 2021 Insurance Industry Outlook from insuranceQuotes.com offers a comprehensive overview of what individuals, businesses and providers should expect over the next year, along with insights on how to navigate the insurance landscape.

“Key issues like a global pandemic, a changing of the guard in Washington, D.C., and an economy upended by COVID-19 will continue to loom large when the calendar flips to 2021,” said Brian O’Connell, author of the report.

Potential economic stimulus packages next year after the Biden administration makes its transition could have a large impact either way on unemployment benefits and business insurance.

Other questions swirling in the insurance world also consider the insurance implications on special events, the rising cost of policy premiums for travel insurance and what can be expected from business interruption insurance, workers’ compensation and liability issues.

Whether or not the COVID-19 vaccine will be covered by public insurance as well as the vaccine’s effects on private health and life insurance are prominent.

The report outlines how consumers can reduce their insurance rates and get organized in 2021.  

“Given the high level of volatility in the insurance sector in late 2020, it’s important for consumers to start early, be thorough, look at unique options and work with an expert. Following these steps will help consumers reduce their premiums and have the right kind of coverage when they need it most,” O’Connell said.

The full report can be found here.