Meanwhile,Joachim Wenning,chief executive,Munich Re,said the short- and long-term costs of the coronavirus pandemic are significant but his company is economically fit as it deals with it, the company’s said Wednesday.

Top insurers face lawsuit from UK hospitality sector on rejected biz interruption claims

Apr 30, 2020

Any successful claim will hinge partly on whether the lockdown triggers a clause in business interruption policies designed for insured premises that cannot be used because of restrictions imposed by a public authority, experts say.

The Financial Conduct Authority (FCA) said earlier this month that most insurance policies bought by smaller British companies do not cover the coronavirus-related disruption, but that those that do should pay out quickly.

Insurers promote Federal Pandemic Insurance Plan to Congress

Apr 30, 2020

About 40% of small businesses have business interruption coverage, according to the Insurance Information Institute, an industry trade group.
While these policies may cover revenue losses from hurricane damage, lightning strikes or cars crashing into buildings, they either exclude or do not specifically cover a global pandemic, however much it may interrupt business.

AXA XL launches Remote Risk Dialogue, a virtual risk assessment

Apr 29, 2020

Speaking about the new service, Corinne Vitrac, Chief Executive of AXA XL Risk Consulting, said: “With restrictions on delivering surveys and carrying out client visits globally, we’ve had to think of new ways of supporting our clients to manage their risks.”

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