COVID-19 pandemic crisis may be the most expensive event for insurance

Most Expensive Event - Costs - US dollars

Though uncertainty remains regarding the final cost, the coronavirus will be among the costliest. The final total is far from known for the insurance and reinsurance industry in terms of the cost of the pandemic crisis, but it is expected to be one of the most expensive event price tags in history. A new report published by reinsurance broker Guy Carpenter points to record costs. The pandemic is particularly dangerous because of two primary factors. The first is that it comes with ongoing potential for causing unexpected and unpredictable loss…

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Insurance industry encouraged to focus on terrorism risk

Terrorism Risk Insurance industry

Insurers are encouraged to address this issue as it is producing growing economic losses. Rising economic losses resulting from terrorism risk require the insurance industry’s attention. This, according to the Guy Carpenter & Co LLC reinsurance broker, which recently released a report on the topic. The cost of terrorism is estimated to be in the hundreds of billions of dollars worldwide. For example, from 2004 through 2016, the terrorism risk cost the European Union over $200 billion. Even the United Kingdom alone lost nearly $50 billion to the expenses associated…

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