The product will protect companies against business interruption costs from events where there is no physical damage. Aon says that the product is designed to cover revenue streams as events like terrorist action, cyber-attacks and unseasonal weather become more of a threat to businesses.
“Given that more and more businesses comprise either few, or a low concentration of physical assets, there is a need for an insurance product that places less emphasis on the physical damage component of a loss,” said Kurt Cripps, Head of Aon’s innovation and solutions team. “This new NDBI cover protects these types of companies against the events that can have the biggest impact on their revenue streams.”
The NDBI cover product will be structured by Cripps Innovation & Solutions and will be supported by advanced data and analytics and actuarial analysis. Aon says this allows for the development of customised policies for individual clients.