Although event cancellation insurance represents a very small percentage of overall property/casualty premium, the losses for carriers that write this line of business amid the COVID-19 outbreak still could be significant, according to a new AM Best commentary. Losses on …
The Tokyo Olympics were postponed on Tuesday into 2021, the first such delay in the Games’ 124-year modern history, as the coronavirus crisis wrecked the last international sporting showpiece still standing this year. Though a huge blow to Japan, which …
Weddings are happy events, now hard to find in the age of the coronavirus. They’re being canceled, which means lost work for florists, dressmakers, organists and bands, but not for Eden Denevan, an enterprising wedding invitation designer now offering this …
Having initially brushed off the potential impact from coronavirus-linked claims, global insurers are waking up to the prospect of a double whammy – a sharp rise in payouts at a time of big investment losses. Because epidemics are excluded from …
Don’t look for much relief from insurers to cushion losses from canceled events, travel disruptions and potential medical claims from the deadly Covid-19 virus that’s sweeping across the globe. The world’s largest insurers have learned lessons from previous health crises, …
Organizers of events called off because of the coronavirus are likely to miss out on insurance payouts because typical policies do not cover epidemic outbreaks. Hotels hit by cancellations may fare better. That is because a new type of insurance …
Global insurers and reinsurers are exposed to the coronavirus outbreak directly through a potential spike in claims, and indirectly through the impact on economic growth and the resultant financial market volatility, according to a report from Moody’s Investors Service. An …
Global insurers face a hefty bill if the coronavirus forces the cancellation of the Summer Olympics in Tokyo, with estimates of the cost of insuring the sporting showpiece running into billions of dollars. Japan has more than 200 cases of …
With the coronavirus outbreak that originated in Hubei province, China, showing no signs of abating any time soon, some companies that buy and sell goods in the Chinese market are taking interest in the legal defense of “force majeure.” The …
Companies that have spent money on a major telecoms conference in Barcelona that has been canceled after mass withdrawals due to the coronavirus outbreak cannot expect compensation under the organizers’ standard insurance, they said on Thursday. The GSMA telecoms body …
