In this IIL accident webinar, Michael Frimet and Liam O’Connell discuss the background and impact of the Covid-19 pandemic on the London contingency/event cancellation insurance market and what the market has learnt from the global pandemic to enable it to move forward.
The Covid-19 pandemic started in late 2019 in the Wuhan Province of China and quickly spread globally reaching every continent and country. There were varied international and governmental responses to contain, prevent and treat the spread of Covid-19.
As a result of the pandemic, there were thousands of events cancelled, postponed, interrupted, or rescheduled. This included musical/theatrical tours, festivals, conferences, film production and sporting events.
This led to millions and millions of pounds of loss. A large percentage of these claims were submitted and handled by the London insurance market. This market had to deal with inconsistent and untested policy language, a huge volume of claims and pressure from insureds to obtain a result.