Business

Sompo to offer epidemic and pandemic protection

Sompo GRS Epidemic and Pandemic Protection Program provides insurance based on a number of available pre-set coverage options including loss of income, extra expense, debt servicing, supply chain disruption and other fixed costs

Sompo International Holdings Ltd, the Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced that Sompo Global Risk Solutions (GRS) will offer protection for epidemic and pandemic risk.

Triggered by civil authority restriction resulting from international public health emergencies declared by the World Health Organisation, it revealed the new Sompo GRS Epidemic and Pandemic Protection Program provides insurance based on a number of available pre-set coverage options including loss of income, extra expense, debt servicing, supply chain disruption and other fixed costs.

It said that in its first year, limited capacity for the program is available to Sompo GRS clients and their captives in the real estate, hospitality, financial services, professional services, technology and life sciences industries, as well as the unit’s Asian-interest accounts.

Sompo GRS, a division of Sompo International, aims to provide a “client-centric white-glove service approach” by offering “comprehensive” multi-line capabilities to accounts in select industry verticals including real estate, hospitality, financial institutions, life sciences, technology and professional services.

The unit offers commercial property, primary casualty (general liability, commercial auto, workers’ compensation), lead umbrella, and environmental coverages, as well as parametric natural catastrophe products to small, middle-market and large accounts across target industry verticals in the U.S., Mexico, Europe and Asia-Pacific.

Through its North American Asian Risk Solutions division, Sompo GRS said it will also offer the same level of services and coverages to Asian-interest accounts in the U.S. and Mexico.

Michael Chang, CEO of Sompo Global Risk Solutions, said: “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.

“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.”

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