Science4Data Article Insights

https://www.insurancejournal.com/news/international/2020/06/10/571694.htm

Global Insurers Pulled into Epicenter of COVID-19 Crisis, Firmly in Uncharted Territory

2020-06-10 00:00:00, , Jun

Content Categorization
/News
/Finance

Word Count:
1491

Words/Sentence:
39

Reading Time:
14.91 min

Reading Quality:
Advanced

Readability:
16th or higher

Media Sentiment
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RCS Analysis
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Risk Score
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PESTEL Scope
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Entity Word Cloud
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Auto Summary
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While pulled events and travel plans have sparked the more immediate claims for firms including AXA SA and Allianz SE, a flood of further payouts is coming as businesses from Seattle to Sydney lose revenue to lockdowns.

The long-awaited 32nd Olympic Games.

The list of canned crowd-thrillers that were planned for the coming weeks isn't just bad news for event organizers, sports groups, entertainers and the like.

Direct payouts have been muted given the nation's low insurance coverage, though social-distancing measures have disrupted sales of new policies and slashed premiums industry-wide.

Still, companies are firmly on their guard.

The financial fallout has dealt a crippling blow to an industry that claimed to have averted the pandemic at its onset.

Insurers are on the hook for billions of dollars to bail out organizers of events such as Wimbledon's iconic tennis clash after the virus ended mass gatherings.

policy, Salum Restaurant ended up filing a lawsuit against the insurer in late April when the claim was refused.

An insurance policy "is supposed to give you piece of mind, it's supposed to help you when you need it," Salum said.

Keywords
Wimbledon

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