The world’s largest insurance market is looking to take the lead on a new type of policy that could potentially cover revenue that is lost when businesses are forced to close due to government orders.
In a new report, Lloyd’s of London has called on governments to back funds that can help protect insurers against a possible wave of claims on the back of public health emergencies and telecommunication failures. The report comes after the market suggested that insurers are in line for a record US$203 billion hit from the coronavirus pandemic. Now it is committing £15 million (around NZ$28.7 million) to find solutions as the likes of AXA and Hiscox face insurance litigation and the FCA brings a test case to the High Court in an effort to provide clarity on business interruption insurance and its limits.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.