pandemic risk News

How Insurance Industry Might Respond if a Pandemic Is an Act of Terror

Imagine a scenario where COVID-19 was manufactured in a lab and was released as an act of terror. Tracey Gibbons, senior vice present, Underwriting, at Third Point Re, considers this possibility during a presentation for Carrier Management’s new series of …

Pandemic Shows Why Climate Change Is Major Economic Risk, Says Europe’s Schnabel

The coronavirus pandemic demonstrates in the clearest terms why central banks must take a bigger role in fighting climate change even if the issue at first appears unrelated to monetary policy, European Central Bank board member Isabel Schnabel said. Initially …

Companies Risk Losing More Than 40% of Annual Profit on Supply Chain Shocks: McKinsey

Companies risk losing more than 40% of annual profit once a decade in a world threatened by trade wars, cyber attacks, pandemics and climate change, according to McKinsey & Co., which estimates the COVID-19 crisis could top $5 trillion in …

Workers’ Compensation Rates Won’t Be Adjusted for Coronavirus Experience This Year

The workers’ compensation line is unlikely to generate a profit this year and may not recover in 2021, an insurance industry economist said during a webcast Thursday. Steven N. Weisbart, senior vice president and chief economist for the Insurance Information …

What’s a Life Worth? America Weighs Costs, Benefits of Social Distancing

We are becoming a nation of amateur actuaries, calculating the risk of restarting our lives. Can we go outside? Can we go back to work? Can we go to a restaurant or bar? Can we go to the beach? Can …

P/C Insurers Back a Federal Pandemic Loss Fund But Not a Backstop Like TRIA

Property/casualty insurance carrier groups are developing a proposal for a federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but their program won’t be modeled after the Terrorism Risk Insurance Act as some have urged. …

Coronavirus Pandemic Reveals the Science of Risk That Shapes Our Lives

Hours after the results of a risk model reached the public, U.K. Prime Minister Boris Johnson and U.S. President Donald Trump asked nearly 400 million people to upend their lives. A group of epidemiologists at Imperial College London published the …

How China’s Coronavirus Will Test the U.S., Too: Opinion

As the Wuhan coronavirus spreads to America, it now seems quite possible the United States will face some considerable logistical challenges. Even if the virus turns out not to be very deadly, or mutates into a safer form, the public …

Lloyd’s Index Shows $92B at Risk in North American Cities Each Year

Cities in the U.S. and Canada stand to lose $92.96 billion per year to risks like market crash, cyber attack and flood, an index from Lloyd’s released today shows. Lloyd’s newly issued City Risk Index, which produces estimates of how …

Re/Insurers’ Fundamentals Begin to Erode in Challenge-Filled Market: A.M. Best

The ongoing pressures of diminishing investment returns, dwindling loss reserves and intense competition are beginning to erode industry fundamentals, cautioned A.M. Best in a special report titled “Insurers Hunt for Diminishing Opportunities in a Market Laden with Challenges.” “There is …