Some insurers are excluding Israel, Lebanon and other Middle Eastern countries from their event cancellation policies after the Israel-Hamas war resulted in some activities being pulled. European Aquatics last week called off the continental water polo championships, which was scheduled …
A Pennsylvania firm that organized a three-day musical festival for its owner’s 80th birthday at the Italian residence of musician Sting is suing its insurer seeking payment under an event cancellation policy. Wingstone Investment Holdings and its sole owner Loralee …
Producers of a Broadway play based on the life of pop star Tina Turner, which was shut down because of COVID-19, may pursue its business-interruption claim despite a communicable disease exclusion in the policy, a New York appellate court ruled. …
The threat of war between Russia and Ukraine is the biggest risk for insurers offering coverage during the Beijing Winter Olympics as an outbreak of hostilities could force team withdrawals or appearance cancellations, industry sources say. Olympic Games, top events …
The National Rifle Association announced it has canceled its annual meeting, which had been set to be held next month in Houston, due to concerns over COVID-19. The NRA’s meeting had been set for Sept. 3 through Sept. 5 and …
Britain launched a government-backed reinsurance scheme totaling more than 750 million pounds ($1 billion) on Thursday to cover live events against cancellation risk due to the COVID-19 pandemic, after intense industry lobbying. Insurers stripped coronavirus cover from event cancellation policies …
Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector $300 million to $400 million due to payouts for ticket and hospitality refunds, Fitch Ratings says. However, this is only 10%–15% of the …
The British government is expected to announce an insurance scheme in the coming weeks for live events, including festivals, theater and sports, to allow them to go ahead despite the pandemic, insurance industry sources said. Insurers have since last year …
TOKYO – Japanese medical experts said on Friday that banning spectators at the Olympics was the least risky option for holding the Games, even as they appeared resigned to the possibility of fans in venues during the COVID-19 pandemic. The …
Catastrophe excess of loss reinsurance contracts “never anticipated an event like a pandemic,” but cedents can still expect compromises from their reinsurers, an industry executive said Thursday. While cedents and reinsurers may often disagree about how the reinsurance contracts apply, …
