Over the course of the last year, more people than ever before have experienced the disappointment of delaying or altogether canceling a trip—and the stress of losing money in doing so. Fortunately, that process is becoming a little less burdensome on travelers, thanks to widespread changes to travel insurance policies due to COVID-19. In a… Continue reading Travel Insurance Companies Add Permanent Pandemic Coverage
Tag: pandemic insurance
Munich Re to No Longer Cover Events Cancelled for Pandemics
German reinsurance group Munich Re will no longer insure against events cancelled due to pandemics, a board member said on Tuesday. The world’s largest resinsurer is making the change after it faced large losses this year in the wake of the coronavirus crisis. Torsten Jeworrek, who oversees the reinsurance segment, said that Munich Re would… Continue reading Munich Re to No Longer Cover Events Cancelled for Pandemics
Business Groups Back Pandemic Insurance Bill Modeled on Post-9/11 Law
Business groups are throwing their support behind a pandemic insurance bill modeled after a post-9/11 law that created a federal backstop for claims related to acts of terrorism. The Pandemic Risk Insurance Act, much like the 2002 Terrorism Risk Insurance Act (TRIA), would provide compensation for losses resulting from pandemics or public health emergencies. But… Continue reading Business Groups Back Pandemic Insurance Bill Modeled on Post-9/11 Law
Munich Re Stops Selling Pandemic Business Coverage After Losses
Munich Re has stopped selling coverage to protect against business losses in future pandemics after the German reinsurer took a 1.5 billion-euro ($1.8 billion) virus-related hit in the first half. “We are currently examining whether we will offer new contracts that include pandemic protection in property and casualty insurance in the future,” Torsten Jeworrek, Munich… Continue reading Munich Re Stops Selling Pandemic Business Coverage After Losses
One80 Launches Accessible Coverage for Pandemic and Epidemic Risks
A new insurance policy from One80 Intermediaries (One80) is among the first and most accessible solutions for risks arising from pandemics and epidemics. The Covid-19 pandemic is creating financial losses across organizations of all sizes. With the global economy forecast to shrink 5.2% in 2020, hundreds of U.S. businesses declaring bankruptcy and major lenders setting… Continue reading One80 Launches Accessible Coverage for Pandemic and Epidemic Risks
Wimbledon 2021 Will Not Be Insured Against Pandemic
The world-famous lawn tennis tournament in Wimbledon will not be able to insure itself for a pandemic event in the coming year, despite the corona crisis. The British daily “The Telegraph” reported, citing testimony from tournament organizer Richard Lewis. The Grand Slam tournament in London, which started on Monday, had little financial damage this year… Continue reading Wimbledon 2021 Will Not Be Insured Against Pandemic
Chubb CEO Sees $100B or More Pandemic Cost for Insurers
Chubb CEO Evan Greenberg estimates the pandemic will hurt business insurers by “$100B or greater,” writes New York Times’ Mary Williams Walsh in DealBook. Not only will claims come flooding in — from people exposed to the virus at work, patients injured by overwhelmed hospital systems, travelers whose trips were canceled — but insurance companies… Continue reading Chubb CEO Sees $100B or More Pandemic Cost for Insurers
Pandemic Insurance for Poor Countries Pays Out $195.8 Million
A novel pandemic bond is paying out, delivering money for Covid-19 health care in some of the world’s poorest countries and providing lessons that big investors will scrutinize for future iterations of the security. The bond has come under harsh criticism from some disaster-aid specialists for the lag time required in meeting requirements for a… Continue reading Pandemic Insurance for Poor Countries Pays Out $195.8 Million
New Drama on BI Insurance, Auto Refunds, Higher Premiums and Legal Battles
California Insurance Commissioner ordered insurance companies to issue automobile policy refunds for March and April due to lower auto collision risk during the shelter-in-place. USAA voluntarily issued $520 million in refunds to insurers due to lower auto accidents. Meanwhile, premiums on other policies are expected to increase substantially and there are major legal battles on… Continue reading New Drama on BI Insurance, Auto Refunds, Higher Premiums and Legal Battles
Wimbledon’s Organizers Set for a $141 Million Payout After Taking Out Pandemic Insurance
Wimbledon was set to run from June 29 to July 12 this year, but was cancelled for the first time since World War Two, because of the coronavirus pandemic. But according to Action Network sports business reporter Darren Rovell, the organizers are set to receive a $141 million payout thanks to the coronavirus pandemic insurance… Continue reading Wimbledon’s Organizers Set for a $141 Million Payout After Taking Out Pandemic Insurance