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A coronavirus testing tent outside a hospital in Massachusetts. Photo: Barry Chin/The Boston Globe via Getty Images

Health insurance companies are not concerned yet that the new coronavirus is going to drive up their medical claims and spending.

The big picture: More people will need expensive hospitalizations to treat COVID-19, which has turned into a full-blown public health emergency. But insurers view the outbreak as an "extension of the flu season," according to a Wall Street bank that spoke with insurance executives last week.

What they're saying: Barclays held its health care conference digitally last week, and several insurance executives reiterated their companies' profit projections for this year — relatively remarkable statements considering economists believe a recession is imminent.

  • "We're not expecting a material financial impact," said Matt Manders, a top Cigna executive.

Between the lines: A lot more cases and hospitalizations are coming. But those will be partially offset, from an actuarial perspective, by delays or cancellations of costly elective procedures like joint replacements — something that hospitals are starting to do.

  • "There is a net saving" when nonemergency procedures are eliminated, Anthem CFO John Gallina told Barclays analysts.

The bottom line: The coronavirus is throttling almost every business in America. Large insurers think they're mostly immune, and if medical claims start to rise uncontrollably, they will increase everyone's premiums next year.

  • "We would price for this for 2021 to the extent there's any meaningful impact," Humana CFO Brian Kane said. "I would imagine the industry will as well."

Go deeper

11 mins ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.

Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

2 hours ago - Politics & Policy

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.