Impact of COVID-19 on Event Industry
There is no part of the society which has remained unaffected from the adverse effects of COVID-19 pandemic. Be it the fashion industry, educational sector, corporate industry, or any other walk of life, but the one sector where this pandemic has taken the biggest toll is the event industry. Event planners, wedding mangers, caterers and party planners are among those who have been worst hit by the sudden slump in this economic meltdown.
One of the obvious reasons as to why the event industry is one of the worst-hit sectors is the way this disease tends to spread. The emphasis on social distancing and avoidance of gatherings has brought this industry to a halt. Governments in a lot of countries have shut down the events and in those parts where they are still allowed, strict guidelines and public reluctance tend to be major setbacks for the industry.
Getting an Event cancellation insurance attorney to fight a denied event insurance claim can help you rebound from the financial losses of a disrupted event.
According to results of a survey conducted by Statista in late April 2020 among event professionals and their suppliers, it was found that in light of the coronavirus outbreak 34 percent of responding event planners and 44 percent of suppliers were expecting their revenues to decline by 51 to 75 percent throughout 2020.
Impact of Covid-19 on Event Insurance companies
Due to the cancellation of events, there has been a massive burden of increased claims on the insurance industry. As per the analysis conducted by Accenture in August 2020, since the outbreak, the market capitalization index of the insurance industry has seen a steep decline from 100% to 60%. Surprisingly, the claim rejection/partial payment rate has also increased stating the fact that event insurance companies are getting reluctant to pay insurers for the losses they faced due to COVID-19. If this pandemic continues for a longer period of time, there are high chances that insurance companies will make it more difficult for the insurer to claim for losses due to event cancellation.
Get Help from our Denied Insurance Claim Experts
With professional help, you can protect yourself from losses due to claim rejections. Michael Doyle and Jonathan Feigenbaum are expert attorneys and provide services in the following areas: Special Event Insurance Claims, Bad Faith Insurance Claims and Business Interruption Insurance Claims. They can review your Business Interruption Claim and can help you in protecting your rights. For more information, please visit the below link: https://eventinsurancecompanies.com/
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