Sompo Sompo Global Risk Solutions International Division (Sompo GRS) will provide insurance coverage that will be activated by civil government restrictions due to international public health emergencies declared by the World Health Organization.
Called the Sompo GRS Epidemic and Pandemic Protection Program, the new proposal is based on preset coverage options such as loss of income, additional costs, debt service, supply chain disruption and other fixed costs.
“At Sompo Global Risk Solutions, we are committed to listening to our customers so that we can provide them with innovative risk management solutions to meet their specific needs,” said Sompo GRS CEO Michael Chang.
“Our new epidemic and pandemic protection program combines the benefits of a parametric structure with traditional insurance to help our customers address the impact of these unpredictable emerging exposures on their bottom line.”
In the first year of the program, limited capacity will be available for Sompo GRS clients and their inmates in the real estate, hospitality, financial services, professional services, technology and life sciences sectors. Capacity is also available for the unit’s Asian interest accounts.