Chubb CEO Greenberg Warns Retroactive Measures Would ‘Bankrupt’ Insurance Industry

By | April 16, 2020

  • April 17, 2020 at 7:47 am
    PolarBeaRepeal says:
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    “…The coronavirus pandemic has stirred up a debate among insurers, policyholders and other stakeholders about who will be responsible for the estimated billions of dollars in losses that companies face from widespread shutdowns across the country. Insurance companies have warned that many business-interruption policies aren’t designed to cover pandemics, which create catastrophic losses….”

    It is clear to anyone without a political bias that China should be held responsible for the great GLOBAL human, societal, and economic damage, for their ACTIVE concealment of the virus through ACTIVE ‘silencing’ of those in China, in the Wuhan region, who knew about it at the inception of the pandemic.

    Instead, insurers are chosen by the simpletons in government bodies who do not have the moral fortitude to hold China responsible, and enforce their obligations through international courts.

    Holding insurers responsible would set in motion a dominoes-like collapse of economies that rely on insurance to bear risks that businesses could not alone bear. Insurance is a key element in the ‘supply chain of services’ needed to deliver end products and services to consumers.

    I do not support ANY government official trying to hold insurers responsible for COVID-19 damages. But I would not object to insurers covering BI losses if they were supported by those same governments that agree to pursue subrogation rights in international courts to reimburse insurers. Cancellation of debt owed to China is the leverage that China never anticipated would be used against them to hold them accountable for their corrupt practices of theft of intellectual property, abuse or their workers, abuse of basic human rights, and adverse effects on other nations of their lack of pollution controls.

  • April 17, 2020 at 9:45 am
    Vox says:
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    Hidden due to low comment rating. Click here to see.

    • April 17, 2020 at 5:29 pm
      PolarBeaRepeal says:
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      Cancellation of debt to China would properly compensate its victims and lead to China’s economy taking a hyuuuuge hit, and rightly so.

      Anything else would ENCOURAGE China to take on the World through bio warfare, which is more dangerous and surreptitious than a nuke war.

      Take your hyperbolic false claims and shove it…. into an envelope you should send to CNN and MSLSD to apply for a job as a Fake News Reporter.

    • April 19, 2020 at 7:25 am
      PolarBeaRepeal says:
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      I’m NOT sorry, Vox, but a Congressman has recently introduced a bill to the end I suggested in the OP.

      Of importance, the bill is modeled after a similar bill passed in 2016 in the US Senate by a 97-3 vote.
      Guess which US Senators opposed that bill.

      Here it is for you to read, and perhaps, to be enlightened as to how the nations of the world have power through international courts to compensate their citizens through legal means…

      https://crenshaw.house.gov/news/documentsingle.aspx?DocumentID=267

      This legislation is modeled after the Justice Against Sponsors of Terrorism Act, which 97 members of the Senate voted in favor of in 2016.

      The bill makes clear that covering up the virus and causing it to spread faster or further than it otherwise would have can be considered a tortious act.

      The bill gives the United States a powerful tool to get China to pay for the damage it has caused: If the United States and China come to an agreement to settle the claims, then the private suits could be dismissed. In other words, China can take responsibility and agree to pay for the damage it has caused, or it can face potentially millions of claims in federal court.

  • April 17, 2020 at 6:49 pm
    knowall says:
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    I wouldn’t be surprised if President Trump might use the latest Chinese ‘State Mistake” coverup to twist their arms in getting unfair trade and abuse concessions.

    A war would cripple the world. If we beat China what do we get; it they win what do they get – another territory add on to communism? United States as the same, is worth more alive then dead.

    Heard this afternoon that it may have originated as far back as Sept, and in another area other that Wuhan (southern China), per some UK scientists.

  • April 20, 2020 at 11:10 am
    Paul Pye says:
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    is there any credence to the arrest of the Harvard professor being paid $50,000/ month from China and working with them on a virus?? anyone that can she some light on that would be welcome.

    • April 21, 2020 at 1:39 pm
      Jon says:
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      npr.org/2020/02/14/806128410/harvard-professors-arrest-raises-questions-about-scientific-openness
      snopes.com/fact-check/charles-lieber-arrested-coronavirus/

      I don’t think there’s any definite answer here, but there is quite a bit of information available on the subject for you to draw your own conclusions from. Personally I don’t think it was for the virus, I think it’s just bad timing but see for yourself.

  • April 21, 2020 at 11:08 am
    Boonedoggle says:
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    Isn’t it a bit disingenuous to pursue reparations for COVID-19 from China, when our government has gone to extreme measures to hold Saudi Arabia harmless for financing the 9/11 attacks? Even if culpable, unlike the Saudi endeavor, there is no indication that Chinese interests INTENTIONALLY sought to cause harm with the virus.

    Even though he is being paid by US taxpayers, just last week Attorney General Barr advocated almost in capacity of defense counsel for the Saudi’s to protect them even from the discovery process in litigation seeking retribution by American victims.

    Why should different standards and sentiments apply to China than apply to Saudia Arabia?



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