Event insurance update: global challenges

8 April 2021
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Submitted by Guest Author
Submitted by Guest Author
on 8 April 2021
In this feature, Arc International Event Insurance Specialists, discusses the affect Covid-19 has had on the event insurance industry.
The insurance market, as a whole, has been experiencing challenging times over the past few years.  With global warming affecting the climate and the increase in the number of natural disasters, coronavirus and the risk of terrorist attack; Lloyd’s of London Contingency market has been heavily hit by claims. 
In May 2020 Lloyd’s advised that it expected coronavirus-related claims to cost between £2.5-3.5bn.  To illustrate the enormity of the loss, the combined claims relating to hurricanes Harvey, Irma and Maria in 2017 are thought to equal or exceed the claims paid due to the Coronavirus pandemic. Nearly a third of the losses are thought to come from the cancellation or postponement of major events around the world, including Wimbledon, Music Festivals, The Ryder Cup, and numerous conferences and exhibitions.  Arc International clients have received claims payments relating to adverse weather totalling €169,727.62 and £40,756.61 and coronavirus of €7,908,991.20, $20,238,733 and £9,628.80.

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