Coronavirus insurance payouts reach largest non-life levels, says Lloyd’s CEO

Coronavirus insurance payouts - dollar sign and virus

As claims payments move beyond the $100 billion mark, COVID-19 is the industry’s “single largest event”. Lloyd’s of London CEO John Neal has announced that coronavirus insurance payouts will pass the $100 billion mark. This has made the pandemic the “single largest event” the industry has faced in its history. COVID-19 has had a powerful impact on many industries and insurers have been feeling the pain. Lloyd’s of London’s estimates now state that the industry will have paid out $100 billion for the claims relating to this catastrophe. This coronavirus…

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Wimbledon’s pandemic insurance will pay $141 million for cancellation

Pandemic insurance - Wimbledon - empty

The massive tennis tournament has been shut down to help slow the spread of the coronavirus. Wimbledon, like most other sports events around the world, has been cancelled this year, but the All-England Lawn Tennis Club’s pandemic insurance will cover about half of its losses. The event organizers have been paying for this insurance coverage for the last 17 years. The event policy includes pandemic insurance coverage. According to an Action Network report, the insurer will be paying $141 million as the event has had to be cancelled due to…

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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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