A division of Bermuda-based Sompo International Holdings Ltd is to offer protection for epidemic and pandemic risk.

The specialty provider of property and casualty insurance and reinsurance said that Sompo Global Risk Solutions will offer the new programme.

Triggered by civil authority restrictions resulting from international public health emergencies declared by the World Health Organisation, the company said the new Sompo GRS Epidemic and Pandemic Protection Programme provides insurance based on a number of available pre-set coverage options including loss of income, extra expense, debt servicing, supply chain disruption and other fixed costs.

In its first year, the company said limited capacity for the programme is available to Sompo GRS clients and their captives in the real estate, hospitality, financial services, professional services, technology and life sciences industries, as well as the unit’s Asian-interest accounts.

The company said Sompo GRS provides a client-centric, white-glove service approach by offering comprehensive multi-line capabilities to accounts in select industry verticals including real estate, hospitality, financial institutions, life sciences, technology and professional services.

Taking a holistic approach to risk management, it said the unit offers commercial property, primary casualty (general liability, commercial auto, workers’ compensation), lead umbrella, and environmental coverages, as well as parametric natural catastrophe products to small, middle-market and large accounts across target industry verticals in the United States, Mexico, Europe and Asia-Pacific.

Through its North American Asian Risk Solutions division, the company said Sompo GRS also offers the same level of sophisticated services and coverages to Asian-interest accounts in the US and Mexico.

Michael Chang, CEO of Sompo GRS, said: “At Sompo Global Risk Solutions, we are committed to listening to our customers so we can bring them innovative risk management solutions to meet their specific needs.

“Our new epidemic and pandemic protection programme combines the advantages of a parametric structure with traditional insurance to help our clients address the impacts of these unpredictable emerging exposures on their bottom lines.”

Sompo International is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda.

Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc, whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market.