This translation has been automatically generated and has not been verified for accuracy.The insurance industry is sounding the alarm that most businesses in Canada are not covered for the potential business interruptions caused by the coronavirus pandemic.
Businesses and individuals typically take out property and casualty insurance to cover for natural disasters such as fires and floods. For example, about $3.7-billion of the damage caused by the 2016 fires in Fort McMurray, Canada’s costliest disaster, were covered by insurance.
Insurance industry officials briefed the federal government last week about the potential issue after Ottawa reached out to key sectors to gauge how the pandemic could affect them. Dennis Darby, president and CEO of Canadian Manufacturers & Exporters, a leading business lobby group, said as a result of the pandemic, “manufacturers will have to shut down, business continuity will be affected and, unfortunately, it is unclear if they will be able to rely on their insurance policies.” The CME has urged the government to take steps to blunt the impacts on the Canadian economy.
globebusiness Jeez... what a coup for the global elite... investors & big corporations profiting off of the closure of smaller businesses.
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