The coronavirus (COVID-19) pandemic and the government’s response to it presented major challenges to the insurance and reinsurance industry, and of course to policyholders. Several lines of insurance business have been notably impacted. Travel insurance, event cancellation cover and life insurance were the most visibly affected by claims early in the pandemic, whereas motor insurers and home insurers had to adapt to fewer people driving and most people working from home.
As the government mandated lockdown drew on, businesses reliant on customers or staff being physically present at their premises sustained mounting business interruption losses. Support from the government in the form of furlough payments and business rates relief may have helped mitigate such losses but most business that had to close nevertheless realised an often very significant loss of revenue.
Many such businesses found themselves uninsured. This is because property insurance policies with cover for business interruption losses typically require such losses to result from insured damage to property. Some businesses, however, had purchased property and business interruption insurance with additional extensions to insure against business interruption losses arising from other
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