Live Insurance News

Canadian life insurance has been too expensive for years, says new analysis

July 17, 2020July 15, 2020 Logan B.

Canadian life insurance - Canadian Money

The findings indicate that people in Canada have been overpaying for coverage by 36 percent. Canadian life insurance is substantially more expensive than it should be, according to a recent PolicyMe study which showed that people in the country to our north are paying an average of 36 percent too much. This analysis was based on the data from 4,800 existing policies in Canada. The findings have shown that the Canadian life insurance industry may be ready for somewhat of an overhaul. The reason is that the traditional methods used…

Lloyd’s of London insurance companies prepare for a September re-opening

June 22, 2020June 19, 2020 G. Turner

Lloyd’s of London Insurance - Lloyd's building mirrored in other building

Following the pandemic lockdown, the insurers are preparing to bring their workers back to offices. Lloyd’s of London insurance companies will be re-opening their offices and bringing their workers back in September 2020. The insurers are preparing to make a range of changes in order to prepare for employee returns. Among the changes Lloyd’s of London insurance companies will use methods such as temperature checking thermal cameras, clear screens on underwriting boxes, and click and collect take-out catering services. These will be meant to help ensure workers will continue reducing…

IOC pursues postponement insurance over Tokyo Olympics delay

June 9, 2020June 8, 2020 H. Cutner

The International Olympics Committee has event coverage, but it isn’t clear if delays are covered. The IOC is seeking a postponement insurance claim for the delayed Tokyo Olympics. That said, while the policy does provide coverage against cancellation of the games, it isn’t immediately obvious whether protection extends to a delay. The IOC is currently in “open discussion” with its insurance brokers over the situation. Pierre Ducrey, the Olympic Games operations director at the IOC said that they are currently in an “open discussion” with their insurance brokers. The goal…

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

May 18, 2020May 15, 2020 Logan B.

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…

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

April 14, 2020April 10, 2020 Logan B.

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…

Hotels may recoup some coronavirus cancellation losses with parametric insurance

March 6, 2020March 5, 2020 H. Cutner

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.…

Coronavirus insurance losses span several industry sectors

February 28, 2020February 27, 2020 Julie Campbell

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.…