Business interruption
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Willis Re president Andrew Newman said capital will continue to flow into insurance if adequate returns are on offer.
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The broker said Covid-19 industry claims should be manageable but the disaster makes a broader capacity squeeze more likely. -
Reinsurance cover may be triggered and losses could end up significantly higher, estimates suggest.
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The Starr CEO has hit back at moves to retroactively force insurers to accept coronavirus-related BI claims.
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The insurer's Q1 net profit fell 25 percent to $600mn as cat losses were almost double those of Q1 2019.
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The group aims to improve the industry’s resilience to future pandemics.
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The decision comes as Lloyd’s and other insurers are named in a coronavirus class action lawsuit by restaurateurs and bar owners.
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Founding partner of Twelve Capital Sandro Kriesch said he does not expect many ILS funds to “be on the hook” for Covid BI losses.
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Greenberg defended the insurance sector and said it would be “unconstitutional” to retroactively rewrite contracts.
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Early firm orders showed similar levels of increases to 2019, but are not expected to be a strong benchmark in a fast-changing market.
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Chubb CEO says forced payouts would bankrupt insurers, while Allianz chief expects prolonged economic recovery.
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The carrier said its reinsurance protection would respond to the loss, but recoveries may be limited.
