event cancellation insurance News

‘We Cannot Postpone Again,’ Says Tokyo Olympics Games Boss

TOKYO – The head of Japan’s Olympics organizing committee ruled out on Thursday another suspension of the Games, despite deep disquiet at the prospect of thousands of athletes and officials arriving during a fourth wave of COVID-19 infections. Already postponed …

Munich Re to Halt Coverage for Events Canceled Due to Pandemics

German reinsurance group Munich Re will no longer insure against events canceled 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 …

New Ventures Seize Opportunities as Insurers Cope with Coronavirus Losses

Commercial insurers are facing hefty claims from the coronavirus crisis but are also seeing a steep rise in premiums – tempting companies and industry veterans to raise capital, launch new businesses or expand into new lines. New insurance ventures sprang …

Munich Re Expects Coronavirus-Related Claims in Excess of $1 Billion During 2020

Munich Re said on Thursday it expected to receive claims for canceled or postponed events because of the coronavirus crisis in excess of 1 billion euros ($1.08 billion) this year after it posted a 65% drop in first-quarter profit. The …

Markel Estimates COVID-19 Losses of $325 Million

Diverging from strategies of some competitors, Markel Corp. established a big reserve for a chunk of its potential COVID-19 exposure for the entire year—putting up $325 million for direct potential losses. The holding company for specialty insurance and reinsurance, ILS …

Swiss Re Reports Q1 Loss of $225M as Impact of COVID-19 Crisis Begins to Hit

Reinsurer Swiss Re swung into a net loss in the first quarter of 2020 as the impact of the coronavirus outbreak began to bite, it said on Thursday. The Zurich-based company booked a hit of $476 million for anticipated and …

UK Regulator Probes Events Firms for Failure to Pay Refunds During COVID-19 Crisis

Britain’s competition regulator said it has opened investigations into thousands of complaints about companies refusing to pay refunds for canceled weddings and other events during the coronavirus pandemic. Britain has been in lockdown since March, forcing people to stay at …

Suddenly There Is Big Demand for Pandemic Cover, Says Underwriter

In the midst of this pandemic, insurance buyers and their brokers are looking for COVID-19 pandemic coverage, which is like buying property insurance when your house is on fire, according to Tracey Gibbons, senior vice president, Underwriting, at Third Point …

Wimbledon Shows How Pandemic Insurance Could Become Vital for Sports, Other Events

The Wimbledon tennis tournament had the foresight to buy around £1.5 million (US$1.9 million) per year in pandemic insurance following the SARS outbreak in 2003, said GlobalData in a recent bulletin. Paying out roughly £25.5 million (US$31.7 million) in premiums …

CEO of Tokyo Games Can’t Guarantee Postponed Olympics Will Be Held Even in 2021

As the coronavirus spreads in Japan, the chief executive of the Tokyo Games said Friday [April 10] he can’t guarantee the postponed Olympics will be staged next year – even with the long delay. Japanese Prime Minister Shinzo Abe issued …