Global Insurance Law Connect (GILC) has launched its first Business Interruption Report which shows that demand for business interruption insurance has increased globally, however a new wave of covid-responsive policies will clearly exclude or include pandemic cover.
The report provides insights from 19 countries including New Zealand on business interruption insurance (BI) in their domestic markets, detailing key changes and providing a predicted outlook for coming years.
The report finds that following the pandemic, there has been an increase in demand for BI coverage globally, however insurers have also become more cautious about the risks they are willing to take on.
Commercial litigation and dispute resolution Partner Rob Coltman provided a local perspective, explaining that in terms of demand, New Zealand was an outlier as it was generally insurer practice to exclude infectious disease from BI cover.
Rob commented: “This exclusion came into effect a number of years before Covid following the avian and swine flu pandemics, which impacted the region.”
The firm is a member of Global Insurance Law Connect, a formal alliance of leading insurance law experts comprised of high-performing independent firms across the world that specialise in insurance law.
