The challenge is huge for insurance companies.
The COVID-19 pandemic will be “the most costly event in history for the insurance industry” and represents “without a doubt the greatest challenge our industry has ever faced,” says the director. General of Lloyd’s of London, John Neal.
In an interview published Friday with the Financial Times , the leader judges that the coronavirus will cause “tens of billions, even hundreds of billions of dollars of damage”. As a result, he adds, the compensation paid to businesses and individuals will far exceed the roughly $ 50 billion that insurers had to pay after Hurricane Katrina …Click for full article.