Business interruption
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Physical damage requirements should protect the carrier, it argued.
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BI may seep into some reinsurance and retrocession covers but insurers will take the biggest hit, said the head of ILS at Schroders. -
A trade body said the US legislation, if passed, would threaten the very existence of the business interruption insurance market.
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More than 260 small businesses are reportedly taking action against the carrier.
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About 75 percent of this figure is expected to come from BI losses.
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The company previously pegged losses from the pandemic at between $20bn and $40bn.
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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.
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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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