Hotels may recoup some coronavirus cancellation losses with parametric insurance

Parametric Insurance - Hotel

Event organizers have been cancelling and delaying due to fears of COVID-19 spread. Hotels with a new type of parametric insurance launched by Lloyd’s of London last year may fare better than other players in the events industry as coronavirus concerns spread. Other players, such as event organizers, may not fare as well as this coverage won’t reach them. The parametric insurance coverage compensates hotels when there is a drop in revenue per available room below a certain established point due to circumstances that could neither be predicted nor controlled.…

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Coronavirus insurance losses span several industry sectors

Coronavirus insurance losses - vendors wearing masks

COVID-19 is affecting businesses and consumers with various types of coverage to protect them. Coronavirus insurance losses are could prove to be quite high, as the industry starts to take a look at how many of its sectors could be implicated. The illness has already disrupted the lives of millions by infecting tens of thousands of people. China has already experienced significant economic implications from COVID-19 as many large businesses including Disney’s parks in Shanghai and Hong Kong, Starbucks, McDonald’s, Apple, Pizza Hut, and KFC have all closed locations there.…

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Lloyd’s of London’s first electronic insurance exchange to begin testing

Electronic insurance exchange - Lloyd's of London Building

The massive British marketplace will be piloting this new online technology strategy. Lloyd’s of London has announced the start the testing phase for its first electronic insurance exchange. The technology is meant to handle simple coverage risks, said the marketplace in a strategy update earlier this week. The 330-year old company is seeking to take important steps to modernize itself. Lloyd’s, which first opened in 1686 out of a coffee house, is seeking to use modern strategies to become considerably more efficient. It is looking to use technology to reduce…

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Allstate uses wellness programs for effective talent retention

Wellness Programs - People Working out at gym

The insurance company’s efforts are working in the United States and Canada. Allstate has come across an effective way to promote improved talent retention through the use of wellness programs for its team members. Companies are coming to discover that employees like working for businesses that take care of them. According to an RBC Insurance survey conducted last year in Canada, 80 percent of workers felt their overall wellbeing would be better than it currently was if their employer would offer certain benefits. More specifically, they felt that personalized wellness…

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Not all travel insurance covers coronavirus risk, so check your policy

Travel insurance covers coronavirus - Person wearing mask

Americans with traveling plans may want to look at their coverage if they’re worried about an outbreak. If you’re headed away from home for a vacation or business purposes, it’s a good idea to check if your travel insurance covers coronavirus outbreak-related losses if you’re headed to a potentially affected area. China has implemented travel bans unlike anything that has been tried before in a number of its cities. The coronavirus outbreak couldn’t have come at a less convenient time in China. At the height of the Lunar New Year…

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FCA watchdog issues serious warning to the UK insurance industry

UK Insurance industry - Lloyd's of London

The Financial Conduct Authority’s caution follows on the heels of major admissions at Lloyd’s. The Financial Conduct Authority has issued a stern warning to the UK insurance industry to clean up its act. It warned insurer bosses that they had better eliminate their unacceptable behaviors and improve diversity among their numbers. The FCA’s warning comes with a threat to the jobs of the commercial insurance company bosses. This warning to the UK insurance industry arrives shortly after the 2019 admission from Lloyd’s of London of cases of sexual harassment and…

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Allstate, GEICO, and Allianz enjoy prospering worldwide renters insurance market

Renters Insurance Market - money - prosperity

The results of a new study have shown that insurers are enjoying a thriving sector. According to the outcomes published in a new renters insurance market report, the sector is thriving worldwide. Insurance companies such as GEICO, Allstate, Esurnce, Allianz, and Shelter Insurance & Mercury Insurance are all prospering according to the “Southeast Asia Renters Insurance –Market Development Scenario.” The study examined the strong successes these players are enjoying in this particular market. The report looked at the renters insurance marketplace using both qualitative and quantitative market data. It also…

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