If the empty movie theaters in many cities and states haven’t yet made it clear, the entertainment industry in the United States has been struggling amid the coronavirus pandemic. In a new report on the changing claims patterns brought about by COVID-19, Allianz Global Corporate & Specialty (AGCS) highlighted that the cancelation or postponement of events, as well as film and TV productions, has become one of the largest sources of pandemic-related losses for the global insurance industry, bringing in a surge in claims.
“AGCS alone has reserved about $571 million for expected COVID-19 related claims, especially for the cancelation of live events and the disruption of movie or film productions in the entertainment industry,” said Thomas Sepp, chief claims officer at AGCS. Getting back to work in recent months has been complicated for film and TV productions, which, by their nature, rely on having cast and crew working in close proximity.
“There’s a lot of new guidelines for the reopening for film and television, and it really has changed the way that they are doing business, as far as testing procedures, as well as even equipment on sets and the way that production is being conducted right now,” […]