Michael Chang, CEO, Sompo GRS
Bermuda-based specialty property & casualty (re)insurer Sompo International is to offer epidemic and pandemic risk protection through its Sompo Global Risk Solutions.
The Sompo GRS Epidemic and Pandemic Protection Program will provide cover based on several available pre-set coverage options, including loss of income, extra expense, debt servicing, supply chain disruption and other fixed costs.
It will be triggered by civil authority restrictions resulting from international public health emergencies declared by the World Health Organization (WHO), such as the Covid-19 coronavirus pandemic.
In its first year, there will be limited capacity available to Sompo Global Risk Solutions (GRS) clients and their captives in the real estate, hospitality, financial services, professional services, technology and life sciences industries, and its Asian-interest accounts.
Sompo GRS is a division of Sompo International providing a client-centric white-glove service approach and offers comprehensive multi-line capabilities to accounts in select industry verticals. It takes a holistic approach to risk management, offering commercial property, primary casualty (general liability, commercial auto, workers’ compensation), lead umbrella, and environmental coverage. Additionally, it offers parametric natural catastrophe products to small, middle-market and large accounts across target industries verticals in the US, Mexico, Europe and Asia-Pacific.
Michael Chang, chief executive 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 programme 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, Epidemic & Pandemic Risk Protection, Specialty, Property/Casualty, COVID-19, Insurance, Reinsurance, Michael Chang, Bermuda