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 [4] 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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