18 August 2020Insurance

Insurtech Thimble working on pandemic business interruption insurance for SMBs

New York-based insurtech start-up Thimble is working to develop low-limit parametric contingent business interruption coverage to protect small businesses from COVID-19 and future pandemics.

Thimble has been selected to the Lloyd's Lab innovation accelerator programme, where it will develop solutions to support the market to respond to COVID-19.

The start-up, known for its instant insurance policies of flexible duration, said that it is looking to position insurance as a "first line of defense" that pays small businesses immediately if specific criteria are met to provide them an "instant stimulus" while governments figure out the rest.

"Traditional insurance policies do not work for pandemics because most policies will pay out at the same time," explained Jay Bregman, CEO and founder of Thimble. "No private company can maintain a balance sheet big enough to pay those claims and survive. We can, however, sell smaller policies with lower limits, that would pay out programmatically and instantly if criteria are met-- for example, if all the businesses within a certain zip code are forced to close.

"We're thrilled to have the support of Lloyd's on this vitally important program, as we chart the course for recovery and renewed confidence for our small business partners."

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More on this story

12 August 2020   This cohort of insurtechs will play an important role in London Market's response to the COVID-19 pandemic.
6 July 2020   The programme aims to bring COVID-19-related products and innovations more quickly to the market.