Tag: pandemic coverage

Underwriters Ponder How to Make Pandemics Insurable Again

Microscopic illustration of the spreading 2019 corona virus that was discovered in Wuhan, China. The image is an artisic but scientific interpretation, with all relevant surface details of this particular virus in place, including Spike Glycoproteins, Hemagglutinin-esterase, E- and M-Proteins and Envelope.

When much of the global economy locked down last year, insurers, facing estimated losses of more than $100 billion globally, reached straight for their red pens to strike pandemic cover from all new business policies. Denis Kessler, chairman and CEO of French reinsurer SCOR, summed it up when he told a recent conference that pandemic… Continue reading Underwriters Ponder How to Make Pandemics Insurable Again

Munich Re Stops Selling Pandemic Business Coverage After Losses

Microscopic illustration of the spreading 2019 corona virus that was discovered in Wuhan, China. The image is an artisic but scientific interpretation, with all relevant surface details of this particular virus in place, including Spike Glycoproteins, Hemagglutinin-esterase, E- and M-Proteins and Envelope.

Munich Re has stopped selling coverage to protect against business losses in future pandemics after the German reinsurer took a 1.5 billion-euro ($1.8 billion) virus-related hit in the first half. “We are currently examining whether we will offer new contracts that include pandemic protection in property and casualty insurance in the future,” Torsten Jeworrek, Munich… Continue reading Munich Re Stops Selling Pandemic Business Coverage After Losses