Sompo launches parametric pandemic policy

Sompo’s Global Risk Solutions (GRS) has launched a pandemic and epidemic insurance policy that allows buyers to choose from pre-set coverage options including loss of income, expenses and supply chain disruption.

Sompo said it has limited capacity for the first year of the programme, which will be available to clients and captives in real estate, hospitality, financial and professional services, technology and life sciences, in addition to Sompo GRS’s Asian-interest accounts.

The policy will kick-in on civil authority restrictions following public health emergencies as declared by the World Health Organisation (WHO).

Michael Chang, CEO of Sompo GRS, said: “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.”

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