‘It’s war’: insurers scramble for solutions to pandemic cover
While some are making progress, two things are certain — they’ll want to see minimised risk and premiums will go up
When much of the global economy locked down last year, insurers, facing estimated losses of more than $100bn (about R1,4-trillion) globally, reached straight for their red pens to strike pandemic cover from all new business policies.
Denis Kessler, chairperson and CEO of French reinsurer SCOR, summed it up when he told a recent conference that pandemic risk was like war.
“We exclude war — it’s not insurable,” he said...