The insurance market in the face of Coronavirus

According to John Neal, CEO of Lloyd's of London, coronavirus is the biggest challenge ever faced by the insurance industry.

The estimated costs of COVID-19 could reach hundreds of billions of dollars. They are believed to far exceed those of Hurricane Katrina (2005) and the 9/11 which are the two most significant events of the past twenty years.

Insurers would also have to compensate a portion of the premiums to their customers whose businesses were impacted by the pandemic.

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