coronavirus insurance policy News

How SpottedRisk and TigerRisk Tamed ‘Live Cat’ COVID Event for Entertainment Insureds

In the early months of the pandemic last year, brokers just couldn’t place insurance for the entertainment industry. In late February 2020, underwriters began excluding communicable disease from all of the underlying production insurance policies. No insurer wanted to touch …

Lloyd’s, Insurtech Parsyl Launch Insurance Facility for COVID-19 Vaccine Shipments

Lloyd’s and insurtech start-up Parsyl Inc. announced the launch of the Global Health Risk Facility (GHRF), which will provide billions of dollars of insurance coverage, together with risk mitigation services, to help protect and support the global distribution of COVID-19 …

Cathay Pacific Collaborates with AXA to Provide Free COVID-19 Insurance to Passengers

Cathay Pacific is collaborating with AXA General Insurance Hong Kong Ltd. to provide free COVID-19 coverage to all passengers. Customers who fly with Cathay Pacific from Dec. 7 to Feb. 28, 2021 will be covered for medical expenses related to …

Insureds After COVID Premium Cuts Must Ask State Regulator First, Judge Rules

A federal judge has ruled that State Farm Fire and Casualty Co. does not have to return premiums to a small business customer because of the insured’s reduced business during the pandemic. The judge in Missouri found that the plaintiff, …

Munich Re to Stop Selling Pandemic Business Coverage

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 …

What to Expect in Pandemic Insurance. Munich Re Expert Looks Back and Ahead.

Summary: Dr. Gunther Kraut, head of Epidemic Risk Solutions at Munich Re, discusses the current state of the pandemic insurance market and what can be expected for the future. He says one of the challenges of developing this market, aside …

New Lloyd’s Syndicate-in-a-Box Created to Insure Transport of Future COVID-19 Vaccine

Lloyd’s, the specialist insurance and reinsurance market, announced the creation and in principle approval of its newest “syndicate-in-a-box,” Syndicate 1796,* set up to insure the storage and transportation of a COVID-19 vaccine – once its developed – to emerging economies. …

UK Insurtech Startup battleface Offers COVID-19 Travel Insurance Package

Travel insurance provider battleface announced a new COVID-19 travel insurance package. The new policy will give travelers the peace of mind they have been looking for to venture out safely, including to countries currently advised against traveling to by the …

How to Prepare for the Next ‘Black-Swan’ Event? Lloyd’s Has Some Suggestions.

Lloyd’s of London is proposing solutions that could provide customers with greater protection against a future wave of the COVID-19 virus or future systemic – “black swan” – catastrophes, such as another pandemic, a global cyber attack or a solar …

Beazley Launches Contingency Policy Covering Virtual Event Organizers

Specialist insurer Beazley has launched a contingency policy designed to cover event organizers if a transmission failure disrupts or cancels a live virtual event. The insurer acknowledged that streaming live events is not new but the policy responds to an …