According to industry sources, the threat of war between Russia and Ukraine is the greatest risk for insurers offering coverage during the Beijing Winter Olympics, as an outbreak of hostilities could force team withdrawals or appearance cancellations. The Olympic Games, as the most important sporting events on the calendar, are always a huge business opportunity… Continue reading Ukraine in Focus for Olympics Insurers as Beijing Games Kick Off
Tag: Event Cancellation
COVID-19 Crisis Could Cost the Insurance Industry $107 Billion
Can small businesses count on insurance checks to replenish their coffers after Covid lockdowns? In most cases, probably not. Business-interruption insurance is typically part of a property policy and requires premises to sustain physical damage before a claim can be made. Since shutdowns have rarely damaged stores or factories, it has proven hard to make… Continue reading COVID-19 Crisis Could Cost the Insurance Industry $107 Billion
A World Wanting Payback Pulls Insurers Into Epicenter of Crisis
Roger Federer and Rafael Nadal locked in spell-binding battle. Paul McCartney sharing a stage with Kendrick Lamar and Taylor Swift. The long-awaited 32nd Olympic Games. The list of canned crowd-thrillers that were planned for the coming weeks isn’t just bad news for event organizers, sports groups, entertainers and the like. The financial fallout has dealt… Continue reading A World Wanting Payback Pulls Insurers Into Epicenter of Crisis
AIR Worldwide Estimates by End of March Coronavirus Deaths Globally Could Reach 10K-30K
According to catastrophe risk modeling firm AIR Worldwide, as of March 17, 147 countries, areas, or territories reported confirmed cases of COVID-19. The country most affected by the outbreak has been China, which has reported 82,007 cases and 3,338 deaths; however, China has also reported that the number of new cases there has continued to… Continue reading AIR Worldwide Estimates by End of March Coronavirus Deaths Globally Could Reach 10K-30K
Upcoming Aon Ignition Forum Cancelled in Wake of Coronavirus
Aon released the following memo in the wake of the coronavirus outbreak. After thoughtful consideration, Aon has decided to cancel the upcoming Ignition Forum scheduled for April 29-30, 2020. This precautionary measure is a part of a leadership decision to suspend all upcoming Aon-hosted events globally to mitigate the risk and further spread of COVID-19,… Continue reading Upcoming Aon Ignition Forum Cancelled in Wake of Coronavirus
U.S. Unions, Groups Urge Government Steps to Protect Workers from Coronavirus
Nearly 30 unions and advocacy groups on Friday urged the U.S. employee safety regulator to impose a suite of emergency measures to safeguard public-facing workers against the new coronavirus. In a letter, the groups asked the Operational Safety and Health Administration to build a list of workers in need of protection, provide training to help… Continue reading U.S. Unions, Groups Urge Government Steps to Protect Workers from Coronavirus
Spotty Sick Leave Policies Limit Options for Avoiding Virus
A barber in Beijing is supporting his wife and child by charging food and other expenses to a credit card while he waits for his employer’s shop to reopen. A waiter at a barbecue restaurant in Kansas City, Missouri, washes his hands more often and hopes for the best. A parcel delivery driver in Britain… Continue reading Spotty Sick Leave Policies Limit Options for Avoiding Virus
North American Companies Bracing for Negative Business Impact due to Coronavirus Epidemic
Despite rising concern of the effect that COVID-19 (coronavirus) will have on their businesses, most U.S. companies are taking a wait-and-see approach when it comes to adjusting their executive pay and sales compensation programs, according to a survey by Willis Towers Watson, a leading global advisory, broking and solutions company. “Companies are increasingly expecting that… Continue reading North American Companies Bracing for Negative Business Impact due to Coronavirus Epidemic
Coronavirus Will Cost Businesses Billions: Will Insurance Help?
Two years ago Munich Re, the reinsurance giant, tried to start underwriting a new kind of insurance — one that would make a company whole if its business tanked in an epidemic. For months, there were no takers. Then came the coronavirus outbreak. “Now, quite honestly, we probably have a six-month backlog in getting quotes… Continue reading Coronavirus Will Cost Businesses Billions: Will Insurance Help?
Mask Manufacturers Seek Liability Protections
Demand for N95 face masks — the kind that keeps out at least 95% of particles — is surging amid more U.S. coronavirus cases. But some mask manufacturers worry they could be held liable if someone gets sick anyway. The companies have been seeking for years to get Congress to pass legislation giving them immunity… Continue reading Mask Manufacturers Seek Liability Protections