Over the last few decades, diseases such as Zika, MERS, and SARS have had dramatic financial impact on a number of industries across the globe. One recent study found that 90% of Miami, Florida, businesses in an area hit especially hard by the 2016 Zika virus outbreak, experienced revenue and profit losses of as much as 40%. Up until now, businesses have had no way to measure the potential economic loss from a pandemic or epidemic and effectively protect their bottom lines.
In order to meet the growing concerns and risk, Marsh partnered with Munich Re and Metabiota to create PathogenRX, an integrated pandemic risk quantification and insurance solution that provides financial protection to US-based businesses and their global operations.
Using Metabiota’s new Pathogen Sentiment Index, a tool that estimates public fear and behavioral change driven by a pandemic or epidemic, businesses can model their potential financial loss from an outbreak and protect against the chance of loss via an insurance policy underwritten by Munich Re. The policy provides indemnity protection that can make an insured whole in the event of a demonstrable loss. The policy can be tailored to provide coverage for specific expenses, geographies, types of disease, or portions of a calendar year.
Key benefits include:
- The ability to model and estimate pandemic and epidemic risks through Metabiota’s comprehensive infectious disease database.
- Insurance protection against financial loss stemming from the risk of a pandemic or epidemic to international travel/study-abroad programs, research programs, and related revenue.
- Customizable coverage and retentions.
The target industries for this product are Hospitality & Gaming, Travel & Tourism, Aviation, Public Entity, Education, Real Estate, Sports & Events and RWFB.
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