This unexpected pandemic has disrupted all the activities going around business and industries. Industry heads, as well as the customers, are getting confused about how to cope with this disaster. Such a strange situation is being faced by the Insurance industry.
People are getting admitted to the hospitals for COVID and claiming insurance to the company. Also, if the company starts to pay to all these COVID patients, the industry will go bankrupt for sure. Moreover, a tussle is going on between the insurance claimer and the insurance companies.
Also, it is worth mentioning that if the insurance companies are made to pay the bills, it will become a threat to their existence. Commissioner of NC Department of Insurance, Mike Causey said that we can do really less to make these insurance companies the bill. Moreover, there is no legal justification for it as COVID 19 is not covered in the policy.
Causey mentioned the need for more disclaimers in the existing policies and its knowledge to the policyholders. He has signaled that he will raise the issue with the industry. He said that the polices acknowledging “various types of pandemics” will be needed in the future.
On the other hand, businessmen are facing avalanche losses. They are looking at their insurance companies with little hope in their eyes. They are repeatedly getting denied for their claims. Some business owners see less hope in claiming no matter how many their losses may be. They have given up on these insurance companies and claims.
A gym owner in Knightdale said that she is feeling like scammed when she sees how these insurance companies are behaving with their clients