Aon plc announced the launch of a new non-damage business interruption (NDBI) cover which is designed to protect the income streams of the growing number of companies with high levels of intangible assets, such as those operating in the gig economy.
NDBI policies protect corporations’ revenues against costs of business interruption due to an event without physical damage. For a growing number of companies, physical damage is less risk priority than risks associated with revenue streams and cash flows such as terrorist threat, cyber attack or non-seasonal weather.
The NDBI product, which is structured by Aon’s Innovation & Solutions team, is supported by advanced data and analytical and actuarial analysis, enabling the development of customized policies that can benefit from parametric indices and / or traditional reinsurance for each customer.
An Aon representative said the policy is suitable for economic companies around the world.
The NDBI coverage provides protection to a wide range of businesses and can be particularly useful for hotels, retailers, pharmaceutical companies and shipping companies. For hospitality and retail sectors, the hotel can help companies reduce the financial impact of a low customer uprising following delays or cancellations made for transport.
Kurt Cripps, head of Aon’s Innovation and Solutions team, said: söyl Considering that more and more businesses are too small or have a low density of physical assets, an insurance product is needed which gives less attention to the physical damage component. a loss. This new NDBI cover protects such companies from events that may have the greatest impact on their revenue streams. “
Fuse protection for the new NDBI product was provided by world-renowned re-insurers, including Lloyd’s of London and Swiss Re.
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