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Forced payouts of Pandemic claims risk insurers’ financial stability: Regulators

Disputes over cover for businesses struggling to stay afloat during coronavirus lockdowns have erupted in countries including Britain and the United States, where eight states have brought in laws which would require insurers to pay claims, mainly to small businesses, despite exclusions.
Where pandemic risks are covered by a policy, insurers should pay out such claims in a prompt and efficient manner, the International Association of Insurance Supervisors (IAIS) said, while cautioning “against initiatives seeking to require insurers to retroactively cover COVID-19 related losses.”

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New India Assurance & 3 other insurers gear up to pay claims to LG Polymers gas hit victims

All the the four general insurers have provided an annual cover- a Rs five crore in case of a single incident and Rs 15 crore in case of multiple incidents in a year- to the plant under the Public Liability Insurance Act 1991(PLI Act1991),that  provides for damages to victims of an accident which occurs as a result of handling any hazardous substance. It covers costs for personal injuries, loss or damage to property, and death

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“Businesses need to restart facilities with care and caution after coronavirus lockdown”:AGCS

“Restoring operations at a facility that was once idle or vacant presents another set of loss prevention challenges, particularly to manufacturing plants with hazardous equipment or processes,” explains Stephen Clark, Global Technical & Expertise Manager for Property Risk Consulting at AGCS.

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