September 14, 2021
COVID-19 has inflicted significant damage on Florida’s events industry, costing revenue, forcing changes in how the state’s venues operate and limiting options for how conventions, trade shows and concerts are insured. Before the pandemic, event planners in Florida and around …
May 28, 2021
The COVID-19 crisis cost 16 global multiline insurers about $8 billion in 2020, although they still reported substantial net profit of $36 billion, according to a report published by S&P Global Ratings. This net profit figure was down from $56 …
December 8, 2020
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 …
September 11, 2020
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 …
September 8, 2020
British theaters and live music venues say the show will only go on if the government provides a financial backstop, as the COVID-19 pandemic means they can no longer get commercial insurance. While venues for indoor live performances are not …
May 13, 2020
The North Dakota State Fair is the latest casualty of the coronavirus outbreak, as the number of cases and deaths in the state continue to rise. Fair officials announced they’re calling off the event because of uncertainty over the pandemic. …
May 7, 2020
If the novel COVID-19 pandemic is brought under control soon, the disease’s impact on the insurance industry as a whole may be pretty much a wash. It not, the industry may be on the verge of an historic catastrophe. A …
March 25, 2020
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 …