The consequences of non-damage business interruption (NDBI), when events like pandemics don’t cause physical damage to a business but do result in significant drops in revenue, have been particularly clear since 2020. Small businesses and gig workers are particularly vulnerable to losses of income during events beyond their control, but these losses tend to be uninsured.
OTT Risk, an MGA founded during the Covid-19 pandemic, is developing new approaches to underwriting non-damage business interruption insurance. It’s now partnered with Apollo ibott Syndicate 1971, at Lloyd’s, to offer revenue protection to the users of digital economy platforms.
Topics include
- How the principle of parametric insurance is extending from covering catastrophic events to non-physical losses
- Examples of how small businesses and gig workers could be affected by future NDBI events
- How digital economy platforms could offer revenue protection to their users
- The data sources you need to underwrite NDBI insurance
- OTT Risk’s experience in the Lloyd’s Lab
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Continuing Professional Development – Learning Objectives
InsTech is accredited by The Chartered Insurance Institute (CII). By listening to an InsTech podcast, or reading the accompanying transcript, you can claim up to 0.5 CPD hours towards the CII member CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
- Describe some of the challenges faced by small businesses during non-damage business interruption events (NDBI)
- Identify the advantages of using digital economy platforms and how they can offer revenue protection
- Summarise the obstacles underwriters face with NDBI insurance and the tools required to overcome them
Let us know you have listened to this podcast by emailing [email protected] and if your organisation is a member of InsTech you will receive a quarterly summary of the CPD hours you have earned.
To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.