event cancellation insurance News

NRA Canceling Annual Meeting in Texas Because of COVID

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 Launches $1 Billion Reinsurance Scheme to Cover Music Festivals

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 …

Olympics Ban on Spectators to Cost Reinsurers Far Less Than Cancellation: Fitch

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 …

UK Government Expected to Back Insurance Scheme for Live Entertainment

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 …

Banning Spectators Is ‘Least Risky’ Option for Tokyo 2020 Games: Medical Experts

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 …

We Can Work It Out: Negotiations Likely on COVID-19 Reinsurance Losses

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, …

‘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 …