Insurance industries across the globe are witnessing an unprecedented surge in the travel related claims since the outbreak of the pandemic. Credit: Fran Boloni on Unsplash.

Sompo Global Risk Solutions (GRS), a division of Bermuda-based Sompo International, is set to launch insurance cover for epidemic and pandemic risk.

Launch of Sompo GRS Epidemic and Pandemic Protection Program is said to have been ‘triggered by civil authority restrictions resulting from international public health emergencies declared by the WHO.’

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The coverage offered by the programme will be based on a number of available pre-set coverage options such as loss of income, extra expense, debt servicing, supply chain disruption and other fixed costs.

The programme in its first year will be available to Sompo GRS clients and their captives in the real estate, hospitality, financial services, professional services.

It will also be available for clients working in technology and life sciences industries, as well as the unit’s Asian-interest accounts.

Sompo Global Risk Solutions CEO Michael Chang commented: “At Sompo Global Risk Solutions, we are committed to listening to our customers so we can bring them innovative risk management solutions to meet their specific needs.

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“Our new epidemic and pandemic protection program combines the advantages of a parametric structure with traditional insurance to help our clients address the impacts of these unpredictable emerging exposures on their bottom lines.”

Sompo GRS offers a wide array of multi-line capabilities to accounts in select industry verticals including real estate, hospitality, financial institutions, life sciences, technology and professional services.

It offers commercial property, primary casualty, lead umbrella, and environmental coverages, and parametric natural catastrophe products in the US, Mexico, Europe and Asia-Pacific.