The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims according to Bank of England. The industry continues to await decision by the court on whether existing policies cover big losses caused by the coronavirus crisis.
A survey conducted by the Insurance Institute of India (III) has revealed that COVID-19 will have a long-lasting impact on the insurance sector, which will have to accelerate digital transformation and reskill the workforce to stay relevant and competitive in the future.
After Wimbledon's event organisers revealed that its 2021 tournament is not covered by pandemic insurance, another major tennis tournament - the Australian Open - has announced that its pandemic insurance coverage is set to expire soon.
COVID-related claims from just over 500 small South African firms battling insurers who have rejected them are worth up to ZAR4bn ($236m), the firm representing the businesses has calculated.
The Insurance and Risk Finance Facility of the UNDP is advocating business interruption insurance for Micro, Small & Medium Enterprises (MSMEs) across the developing world to help build community resilience for millions of small business owners and their workers.
Law firm Grant & Eisenhofer has filed a class action lawsuit against Illinois-based Markel Insurance for failing to accept claims from franchisees of national fitness chain Anytime Fitness that were shuttered and lost business due to state imposed COVID-19 restrictions.
Irish insurer FBD has set aside EUR22m ($24.7m) as a precautionary measure in the event that it loses a test case brought against it by pub owners whose businesses have been disrupted due to the COVID-19 pandemic.
Insurance Claims Africa (ICA), a specialist public loss adjustment firm, has expressed its disappointment at insurer Santam's decision to outright reject a settlement proposal from hundreds of tourism and hospitality businesses.
AXA, the French insurer, has identified 1,700 contracts signed with restaurant owners in France where the terms are not clear as to whether business interruption losses due to the COVID-19 pandemic should be covered.
Risk management society - RIMS - has announced its support for H.R. 7011, the Pandemic Risk Insurance Act of 2020 (PRIA) and has launched grassroots effort to engage congressional leaders on the issue.