'Black Swan' reinsurance schemes backed by governments could help businesses get insurance pay-outs after huge shocks such as the coronavirus pandemic, Lloyd's of London said.
LONDON - “Black Swan” reinsurance schemes backed by governments could help businesses get insurance pay-outs after huge shocks such as the coronavirus pandemic, Lloyd’s of London said.
But many firms are frustrated that their business interruption policies do not cover the pandemic and some in Europe and the United States are in dispute with insurers. Insurers in Britain, France, Germany and the United States are seeking government-backed “Pandemic Re” cover for future pandemics, similar to existing pooled insurance schemes for damage due to terror attacks.
And the market is working on a new business interruption policy for its small business customers, to insure sums of up to 100,000 pounds, which Neal said could launch this year.
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