Business
Pandemic-proofing: Insurance may never be the same again
(Reuters) – Insurers are creating products for a world where virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis.
While new pandemic-proof policies might not be cheap, they offer businesses from restaurants to film production companies to e-commerce retailers ways of insuring against disruptions and losses if another virus strikes.
The providers include big insurers and brokers adding new products to existing coverage, as well as niche players that see an opportunity in filling the void left by mainstream firms that categorize virus outbreaks like wars or nuclear explosions.
Tech firm Machine Cover, for example, aims to offer policies next year that would give relief during lockdowns. Using apps and other data sources, the Boston-based company measures traffic levels around businesses such as restaurants, department stores, hairdressers and car dealers.
If traffic drops below a certain level, it pays out, whatever the reason.
“This is the type of coverage which … businesses thought they had paid for when they bought their current business interruption policies before the coronavirus pandemic,” the company’s founder Inder-Jeet Gujral told Reuters.
“I believe this will be a major opportunity because post-COVID, it would be as irresponsible to not buy insurance against pandemics as it would be to not buy insurance against fire.”
The company is backed by insurer Hiscox and individual investors, mostly from the insurance and private equity world.
Restaurants in Florida’s Miami-Dade County, where Mayor Carlos Gimenez on Monday ordered dining to shut down soon after reopening, are now reeling, said Andrew Giambarba, a broker for Insurance Office of America in Doral, Florida.
“It’s been like they made it to the ninth round of the fight and were holding on when this punch came out of nowhere,” said Giambarba, whose clients include restaurants that did not get payouts under their business interruption coverage.
“Every niche that is dealing with insurance that is affected by business interruption needs every new product they can have.”
Filling the void
Pandemic exemptions have helped some insurers emerge relatively unscathed and the sector has largely resisted pressure to provide more virus cover. Indeed, some insurers that paid out for event cancellations and other losses have removed pandemics from their coverage.
British risk managers association Airmic said last week that the pandemic had contributed to a lack of adequate insurance at an affordable price and most of its members were looking at other ways to reduce risk.
To help fill the void in a locked-down world, Lloyd’s of London insurer Beazley Plc BEZG.L, started selling a contingency policy last month to insure organisers of streamed music, cultural and business events against technical glitches.
“These events are completely reliant on the technology working and a failure can be financially crippling,” said Mark Symons, contingency underwriter at Beazley.
Marsh, the world’s biggest insurance broker, has teamed up with AXA XL, part of France’s AXA (AXAF.PA), and data firm Arity, which is part of Allstate, to help businesses such as U.S. supermarket chains, restaurants and e-commerce retailers cope with the challenges of social distancing.
With home deliveries surging, firms have hired individual drivers to meet demand, but commercial auto liability insurance for “gig” contractors with their own vehicles is hard to find.
Marsh and its partners devised a policy based on usage with a price-by-mile insurance, which can be cheaper than typical commercial auto cover as delivering a pizza doesn’t have the same risks as driving people around.
“Even when the pandemic is over, we believe last-mile delivery will continue to grow,” said Robert Bauer, head of Marsh’s U.S. sharing economy and mobility practice.
A report by consultants Capgemini showed that demand for usage-based insurance has skyrocketed since COVID-19 first broke out and more than 50% of the customers it surveyed wanted it.
However, only half of the insurers interviewed by Capgemini for its World Insurance Report said they offered it.
Bespoke cover
Since businesses are only now learning how outbreaks can affect them, some new products are effectively custom-made.
Elite Risk Insurance in Newport Beach, California, has been offering “COVID outbreak relapse coverage” since May for businesses forced to shut down a second time, its founder Jeff Kleid said.
The policies are crafted around specific businesses and only pay out when certain conditions are met, Kleid said.
For film and television production companies that could be when a cast member contracts the virus, forcing them to stop shooting. Another client, which raises livestock for restaurants, is covered for a scenario in which it would be impossible to get animal feed.
Such policies do not come cheap. A $1 million policy could cost between about $80,000 to $100,000 depending on the terms.
“The insurance … is costly because it covers a risk that does not have a historical basis for calculating the price,” Kleid says.
And in March, when COVID-19 ravaged northern Italy, Generali’s (GASI.MI) Europ Assistance offered medical help, financial support and teleconsultations for sufferers when discharged from hospital, on top of regular health insurance.
It sold 1.5 million policies in just two weeks and now has 3 million customers in Europe and United States.
Some insurers are also working on changes to employee compensation and health insurance schemes. With millions of workers not expected to return to offices anytime soon, some large insurers in Asia are preparing coverage to account for that, according to people familiar with those efforts.
At least one Japanese insurer has started work on a product to cover employees for injury while working at home, they said.
“Working from home will be the new normal for years to come. That would make the scope of the employee compensation scheme meaningless if a person suffers an injury while at home,” said a Hong Kong-based senior executive at a European insurer.
Reporting and photo: Reuters
Business
Hotelier Maldives GM Forum 2024 to host panel on leveraging Maldives’ unique selling points
The Hotelier Maldives GM Forum 2024, scheduled to take place on September 19 at CROSSROADS Maldives, will include a panel discussion, titled ‘Leveraging the Maldives’ Unique Selling Points.’ This session at the GM Forum, the largest gathering of hospitality professionals in Maldives, will focus on how the Maldives can maintain its position in the competitive luxury travel market by capitalising on its unique attributes.
The panel will be moderated by Aishath Ihuma, Director of Business Development at Reollo Investments. The discussion will feature a diverse group of experienced professionals from the hospitality industry, including:
- Rajesh Mehta, Chief Business Officer of Ooredoo Maldives
- Ibrahim Inad, Director of Sales & Marketing, Oaga Resorts
- Alexander Treager, General Manager of SAii Lagoon
- Andrew Jansson, Cluster General Manager of Centara Mirage Lagoon Maldives and Centara Grand Lagoon Maldives
The session aims to address several key questions surrounding the Maldives’ position as a luxury destination. Panelists will discuss what they believe are the top three unique selling points (USPs) of the Maldives, and how the country can differentiate itself from other luxury destinations within the Indian Ocean and beyond.
The discussion will cover marketing strategies for resorts to effectively showcase their unique offerings to attract high-end travellers, including the role of digital marketing. The panelists will share insights into the unique experiences and services that set their respective resorts apart and how they align with the luxury expectations of their clientele.
The session will also explore the challenges faced by resorts in maintaining and promoting their USPs and how the Maldives can overcome these challenges to continue attracting luxury travellers. Looking ahead, the panelists will discuss emerging trends in luxury travel and how the Maldives can adapt to stay ahead of the competition.
The discussion will conclude with closing remarks from the panelists, followed by an interactive Q&A session with the audience. This panel promises to provide valuable insights into how the Maldives can continue to thrive as a premier luxury destination.
This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.
Sponsors and partners of GM Forum 2024 include:
- Ooredoo Maldives: Digital Partner (Title Sponsor)
- Bestbuy Maldives (BBM): Silver Sponsor
- Dhivehi Insurance: Silver Sponsor
- Fuel Supplies Maldives: Silver Sponsor
- Maldives Airports Company Limited (MACL): Silver Sponsor
- Manta Air: Aviation Partner
- Male’ Aerated Water Company: Beverage Partner
- Atmosphere Wellness: Wellness Partner
- Souvenir Marine: Transport Partner
- Printlab: Printing Partner
- CROSSROADS Maldives: Venue Partner
- Lights Out: Coverage Partner
- Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event.
Etienne Ng, Regional Director for Southeast Asia at Weixin Pay; Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts; Mohamed Jailam, CEO and Managing Director of technology company Javaabu and Co-Founder of DhivehiGPT; and, Mohamed Mihad, Chief Commercial Officer at Maldives Airport Company Limited (MACL) will also be featured speakers.
The Hotelier Maldives GM Forum 2024, scheduled to take place on September 19 at CROSSROADS Maldives, will include a panel discussion titled, ‘Redefining the Luxury Travel Experience.’ The session at the GM Forum, the largest gathering of hospitality professionals in Maldives, will explore the evolving landscape of luxury travel, examining how luxury experiences are being redefined to meet the changing expectations of travellers.
The panel will be moderated by Reena Abdul Wahid, Communications Strategist at the Maldives Association of Tourism Industry (MATI). The discussion will feature insights from key figures in the travel sector, including:
- Solah Mohamed, Chief Operating Officer of Crown & Champa Resorts
- Abdulla Ghiyas, Chairman of Visit Maldives and President of the Maldives Association of Travel Agents and Tour Operators (MATATO)
- Ashwin Handa, Senior Vice President – Operations at Atmosphere Core
- Enver Arslan, Area General Manager at JOALI Maldives and JOALI BEING
The panel will begin by addressing the definition of luxury in today’s travel industry, with a focus on the key elements that distinguish a luxury travel experience from a standard one. The discussion will also cover the latest trends in luxury travel, including how technological advancements are influencing the sector.
Personalisation will be a significant topic, with panellists sharing examples of how their resorts are personalising guest experiences. The discussion will also delve into the alignment of luxury travel with sustainable practices, including initiatives implemented by the resorts to promote sustainability without compromising on luxury.
The challenges in maintaining and enhancing luxury standards will be another critical focus area, particularly in the context of meeting diverse expectations from guests of different cultural backgrounds. The session will conclude with panellists sharing their vision for the future of luxury travel and discussing how the Maldives can continue to position itself as a top luxury travel destination.
In the closing segment, panellists will offer advice to emerging luxury travel destinations looking to establish themselves in the market. They will also explore how industry stakeholders can collaborate to elevate the overall luxury travel experience in the Maldives. The session will include a Q&A segment, allowing the audience to engage with the panellists.
This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.
Sponsors and partners of GM Forum 2024 include:
- Ooredoo Maldives: Digital Partner (Title Sponsor)
- Bestbuy Maldives (BBM): Silver Sponsor
- Dhivehi Insurance: Silver Sponsor
- Fuel Supplies Maldives: Silver Sponsor
- Maldives Airports Company Limited (MACL): Silver Sponsor
- Manta Air: Aviation Partner
- Male’ Aerated Water Company: Beverage Partner
- Atmosphere Wellness: Wellness Partner
- Souvenir Marine: Transport Partner
- Printlab: Printing Partner
- CROSSROADS Maldives: Venue Partner
- Lights Out: Coverage Partner
- Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event.
Etienne Ng, Regional Director for Southeast Asia at Weixin Pay; Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts; Mohamed Jailam, CEO and Managing Director of technology company Javaabu and Co-Founder of DhivehiGPT; and, Mohamed Mihad, Chief Commercial Officer at Maldives Airport Company Limited (MACL) will also be featured speakers.
Business
Rajesh Mehta of Ooredoo to speak on hospitality efficiency at Hotelier Maldives GM Forum 2024
Rajesh Mehta, Chief Business Officer at Ooredoo Maldives, is set to deliver a presentation at the Hotelier Maldives GM Forum 2024, scheduled to take place on September 19 at CROSSROADS Maldives.
His presentation, titled ‘Managed Solutions: The Future of Hospitality Efficiency,’ will address the role of managed solutions in enhancing operational efficiency within the hospitality industry.
“As the digital partner of the GM Forum 2024, we are excited to share our insights on how managed services are transforming the hospitality industry. In today’s evolving luxury landscape, technology is at the heart of delivering personalised, seamless, and memorable guest experiences. I look forward to discussing how Ooredoo Maldives is empowering hotels and resorts with innovative ICT solutions that drive efficiency and enhance service delivery, setting new standards in luxury travel,” said Rajesh Mehta, Chief Business Officer at Ooredoo Maldives.
Ali Naafiz, Editor of Hotelier Maldives, commented on Mehta’s participation: “Rajesh Mehta’s presentation this year as well will provide valuable insights into how managed solutions can contribute to the efficiency and sustainability of the hospitality sector. The GM Forum continues to be a platform for such important discussions that impact the future of the industry.”
This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.
Sponsors and partners of GM Forum 2024 include:
- Ooredoo Maldives: Digital Partner (Title Sponsor)
- Bestbuy Maldives (BBM): Silver Sponsor
- Dhivehi Insurance: Silver Sponsor
- Fuel Supplies Maldives: Silver Sponsor
- Maldives Airports Company Limited (MACL): Silver Sponsor
- Manta Air: Aviation Partner
- Male’ Aerated Water Company: Beverage Partner
- Atmosphere Wellness: Wellness Partner
- Souvenir Marine: Transport Partner
- Printlab: Printing Partner
- CROSSROADS Maldives: Venue Partner
- Lights Out: Coverage Partner
- Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event.
Etienne Ng, Regional Director for Southeast Asia at Weixin Pay; Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts; Mohamed Jailam, CEO and Managing Director of technology company Javaabu and Co-Founder of DhivehiGPT; and, Mohamed Mihad, Chief Commercial Officer at Maldives Airport Company Limited (MACL) will also be featured speakers.
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