As coronavirus continues to stoke widespread fears, cancellations of major events may result in huge payouts from insurance companies
As the world braces for the impact of a possible coronavirus epidemic, event cancellation insurance policy providers are preparing for a flood of claims from promoters during the busy summer season.that if promoters do not already have infectious disease insurance for their events, it is too late to buy it now. As a rule, cancellation insurance policies exclude infectious disease coverage. Promoters have to purchase an additional insurance rider to get it added.
“There’s a lot of eyes now on the Tokyo Olympic games, the insured value for those is so significant that if they are unable to go forward in their entirety, it would be a very, very significant hit to the event insurance market and the insurers involved in it,” Sandau says., managing director of insurer HUB International, expects the potential loss will surpass the amounts paid by insurers around 9/11 claims.
Even before the coronavirus, cancellation insurance was becoming increasingly expensive and restricted."In the past few years, there has been a significant increase in event cancellation premiums due to widespread losses in the cancellation market as well as the global insurance market overall. Carriers who wrote a significant amount of cancellation business have pulled out completely.
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