More than three-fourths of US businesses are underinsured by 40% or more and 44% of small and medium enterprises (SMEs) in the US have never been insured according to a study. In the event of a catastrophe, such enterprises and organisations either go out of business completely or suffer huge financial losses.
South Africa's largest non-life insurance company Santam says that it has decided to appeal against the judgment of the Western Cape High Court that found the insurer liable to pay clients' claims related to the coronavirus lockdown.
Australian P&C insurers' potential payouts for BI claims following a test case ruling by the New South Wales (NSW) Court of Appeal will be manageable, said S&P Global Ratings (S&P).
The New South Wales Court of Appeal (the court) has ruled against insurers in a test case that was initiated by the Insurance Council of Australia (ICA) and Australian Financial Complaints Authority.
The Mattress Factory, an art museum in Pittsburgh, USA, is set to sue Cincinnati Insurance (Cincinnati) to cover more than $600,000 of financial losses since March.
The Western Cape High Court has ruled in favour of Ma-Afrika Hotels and Stellenbosch Kitchen in the high-profile COVID-19 business interruption (BI) claims battle against South Africa's largest non-life insurer Santam.
The Life Insurance Association of Malaysia (LIAM) and its member companies have announced the extension of additional relief measures for affected policyholders to 31 December 2020 following the third wave of the COVID-19 pandemic in the country.
There has been a global spike in financial services firms turning to regulatory technology (RegTech), outsourcing and operational resilience solutions for risk and compliance management in the wake of COVID-19.
The overwhelming economic impact of the coronavirus pandemic and the government-mandated lockdowns to curb the spread of COVID-19 have brought to the fore the urgent need for readily available and affordable business continuity insurance covers.
Six insurers will not appeal against a London High Court ruling that they were wrong to reject claims from holders of three business interruption insurance policies. The holders of these policies have been pushed to the brink of collapse by the COVID-19 pandemic.