Cannes, the world's most glamorous film festival, has been postponed until further notice because of the coronavirus

• On Thursday, Cannes Film Festival announced it would be postponed to an undetermined future date amid the coronavirus pandemic.
• Organizers are contemplating rescheduling the festival for the end of June or the beginning of July.
• If the festival were to be canceled outright, it could pose serious problems, as Cannes declined to purchase insurance which covers epidemics and pandemics.
• Cannes is the latest event to be postponed amid the coronavirus pandemic. Others included the Met Gala and South by Southwest.
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On Thursday, Cannes Film Festival announced it would be postponed until further notice amid the coronavirus pandemic. The festival organizers said they were looking at other options for future festival dates, and considering having the festival at the end of June or in the beginning of July instead.

"At this time of global health crisis, our thoughts go to the victims of the COVID-19 and we express our solidarity with all of those who are fighting the disease," festival representatives said in a press statement released on its website.

"As soon as the development of the French and international health situation will allow us to assess the real possibility, we will make our decision known, in accordance with our ongoing consultation with the French Government and Cannes' City Hall as well as with the Festival's Board Members, film industry professionals, and all the partners of the event."

The festival, which was originally set to take place from May 12 to 23, is one of many events disrupted amid the coronavirus pandemic. On Monday, Business Insider reported that The Met Gala, supposed to be held May 4, has been postponed "indefinitely" while South by Southwest was canceled on March 6.

Business Insider's Travis Clark previously reported that Cannes had declined to buy insurance that covers epidemics and pandemics, because it would only cover $2.3 million out of its massive $36 million budget. France has 10,995 reported cases of the virus and 372 deaths, according to the latest available estimates.