Looking forward, let’s talk about the insurance industry

quote:

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You know what's worse than taxes? What's worse than tax is insurance.
They shouldn't even call it insurance. They just should call it ''in case shite.''
I give a company some money in case sh*t happens.
Now, if shite don't happen, shouldn't l get my money back?

- Chris Rock

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This seems like an “in case shite” situation if there ever was one. Yet we see the reports of insurance not covering coronavirus tests unless you’ve traveled to limited, specific areas in a limited, specific time frame. With the measures being taken that are effectively shutting down the country in the name of public safety and “being a good citizen”, it seems absurd the insurance industry is not yet being required to play their part in that while almost everyone else is.

Associations worried they might have to cancel a meeting due to the Wuhan coronavirus typically won’t have coverage unless they purchased a communicable disease rider, says an expert.

It’s still early, but I’ve seen a few reports and articles like the above stating that event insurance likely won’t cover events cancelled due to the spread of COVID-19. It seems to me if there was ever an “act of god” scenario this would be it.

I am admittedly uninformed with all that goes into these decisions.

Will this situation be the one that takes on insurance companies’ typical strategy of doing everything they can to not provide the services they are paid to provide?

Will it lead to actual regulations or legislation that forces them to change behavior?

Will there be changes in the way insurance policies are written moving forward that require events like this to be covered?