During the 28th meeting of the Association for Risk Management and Corporate Insurance (AMRAE) held in in Deauville (France), insurers have shed some light on the management of the epidemic currently ravaging China.
Companies whose business have been interrupted will only benefit from possible extensions of guarantees because the traditional business interruption policy only compensates for operating losses with material damage following, for instance, a fire, an explosion, a natural disaster ... A survey conducted by AMRAE has unveiled that 70% of the large companies do not have a non-physical damage business interruption insurance.
The remaining 30% will only benefit from a limited extension of cover. The firm Siaci Saint Honoré has also revealed that several companies would now like to get insured against the effects of Coronavirus [4], "but once the virus has appeared, it is too late."