RIMS Received $7.6M Event Cancellation Insurance Payout

A $7.6 million event cancellation insurance payout due to the COVID-19 pandemic helped offset the Risk and Insurance Management Society Inc.’s loss of revenue in 2020.

The seven-figure payout, which covered both the cancellation of RIMS’ annual conference and exhibition and its NextGen conference, was revealed in its 2020 annual report.

It is not known which insurer or insurers paid out on the policy, but at the time RIMS’ broker was Aon PLC. RIMS did not immediately respond to a request for comment Monday.

Some $3.5 million of the payout had been received as of Dec. 31, 2020, while the balance was collected in January 2021, RIMS said in the annual report posted on its website this month.

Revenue generated from RIMS events dropped by $10.3 million in 2020 as the New York-based risk management organization was forced to cancel key events, according to the report.