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.