The insurance crisis has heightened due to one of the largest and last insurance firms offering coverage for the leisure sector pulled out of the market. The firm pulling out of the market presents a risk for the stability many jobs.
The insurer was based in the UK, referred to as LeisureInsure and is said that it will not accept quotes for new businesses as of this week. Furthermore, LeisureInsure has noted that by the end July, it will also stop all renewals.
LeisureInsure was one of the few remaining insurers that offered coverage for unique businesses such as soccer teachers, drama classes, event companies, bouncy castle operators, leisure center, yoga classes and even some play centers.
The insurance company was based in Oxford, UK and was a management agent for the insurer AXA XL. AXA XL is a subsidiary of a global insurance company AXA. LeisureInsure dealt with insurance brokers and policyholders.
According to the Alliance for Insurance Reform, thousands of businesses will no longer be able to receive insurance coverage. The withdrawal of LeisureInsure will ultimately effect play …