Insurance

Business interruption insurance claims are a worry, BoE says before court rules

By Carolyn Cohn and Huw Jones

LONDON (Reuters) – The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses caused by the coronavirus crisis.

Anna Sweeney, the BoE’s executive director for insurance, said the sector has remained robust in the face of the COVID-19 pandemic’s impact on assets they hold and on liabilities.

“The highest level of uncertainty remains around business interruption,” she told a City & Financial online event.

Britain’s Financial Conduct Authority goes to court this month to clarify whether an array of wordings in business interruption insurance policies back claims for compensation for disruptions caused by pandemic lockdowns.

“A number of insurers are taking steps to make sure there is no ambiguity about who is and isn’t covered for

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Game over for sports betting on coronavirus insurance

* Wimbledon won’t get COVID-19 cancellation cover in 2021

* World Athletics not aware of available COVID-19 insurance

* Australian Open says 2021 pandemic cover not viable

* Some U.S. golfing tournaments have 2020 cover

By Carolyn Cohn and Noor Zainab Hussain

LONDON, July 1 (Reuters) – Major sports events working to get back up and running after the coronavirus crisis are likely to have to do so without cancellation insurance for communicable diseases as insurers remove cover or ramp up the cost.

Although the Wimbledon tennis championships will be covered by an existing pandemic policy after this week’s event was cancelled due to the coronavirus outbreak, its organisers say it will not be able to get similar cover next year.

“All the policies that we are seeing at this time have a complete exclusion for communicable disease,” Warren Harper, Sports & Events Industry Practice Leader in insurance broker Marsh’s

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Is looting covered by insurance? Depends on the business

Sean Wotherspoon spent Saturday night in his Los Angeles home, watching live as his businesses were destroyed.

He watched as security-camera feeds showed people shattering the plate glass windows of his Round Two store on Melrose Avenue and walking out with more than $250,000 worth of high-end street wear. He saw them make off with about as much inventory from his vintage store next door. He watched as the Round Two location on the other side of the country in Richmond, Va., was hollowed out by fire.

“I’ve been robbed before, but nothing like this,” Wotherspoon said.

Protests over the police killing in Minneapolis of George Floyd continued in cities across the country Sunday night, and thousands of Angelenos took to the streets to voice their outrage at the apparent impunity of police who kill or brutalize black Americans.

Looting has accompanied some of the protests. Among the first businesses

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Life Insurance Application Procedures Changing Amid the Pandemic

While life insurance coverage is still widely available amid the COVID-19 pandemic, some insurers are adjusting certain processes to accommodate the new norms created by social distancing.

Life insurance applicants have traditionally been required to pass a physical exam to get a policy. However, the need for social distancing due to the pandemic has led some insurers to begin offering significant levels of coverage without an exam. That was one of the findings of a recent conversation ValuePenguin had with two life insurance brokers from The Robinson Financial Group, a financial services company based in Skokie, Ill.

That sentiment was underscored by a recent survey by LIMRA, a membership group for insurance and financial services organizations. LIMRA found that insurers were implementing ways to do business while cutting down on face-to-face interactions throughout the entire underwriting process.

Implementing new procedures

With COVID-19 sickening millions of people across the globe and

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Get Health Insurance If You Lost Job During Pandemic

Consumer Reports has no financial relationship with advertisers on this site.

If you’re one of the estimated 27 million people who lost their health insurance along with your job during the coronavirus pandemic, your chance to buy your own health insurance is approaching a deadline. 

Typically, after losing your job, you have 60 days to buy an Affordable Care Act plan through your state marketplace. That deadline is coming up for anyone who lost their job in April or May.

You have a bit more time if you elect to continue employer coverage under the Consolidated Omnibus Budget Reconciliation Act. That law allows you to keep your plan, though you will have to pay the full premium out of your own pocket. While you usually have 60 days after losing job-based insurance to choose COBRA, the Department of Health and Human Services said last month that it would permit COBRA

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Bright Near-Term Outlook for Multiline Insurance Industry

The Zacks Multiline Insurance industry comprises companies that provide a single insurance coverage, bundling automobile, homeowner, long-term care, life and health insurance to individuals and businesses. The insured pays a single premium and is covered for many things through a single contract.

These companies cover commercial and personal properties, automobiles, marine, livestock, aviation, personal accident, life including permanent and term insurance, supplemental accident and health insurance, workers’ compensation, annuity products, private mortgage insurance, et al. The industry participants also provide risk management services.

Here are the industry’s three major themes:

  • The U.S. multiline-insurance sector should face operational challenges due the pandemic. Slowdown in economic growth might weigh on new sales and insurable exposures. While auto claims are likely to decline, frequency of claims from essential service industries are bound to rise. Further, a spike in mortality will induce higher claim payments for life insurance coverages. A low interest rate and
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