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Parametric insurance could be the solution to Covid-19 insurance gap

By 2020-07-08T12:03:00

Pandemic MERS

Machine Cover’s new policy will pay out automatically after a very significant downturn in economic activity

GlobalData’s 2019 UK SME Insurance Survey found that just 17.3% of UK SMEs took out business interruption policies last year, but the majority of these policies do not provide cover for pandemics, leading to tension between businesses and the insurance industry.

It is here that paramtric insurance can help remove the grey area in coverage, as well as ease liquidity issues inherent to the traditional model of insurance.

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