Global Pandemics Are Uninsurable, New Research Finds
November 13, 2020

Insurers would need to collect business interruption insurance premiums for 150 years to absorb losses caused by the COVID-19 pandemic, according to insurance experts at the global insurance research group, The Geneva Association and researchers at the University of St. Gallen.

The new report on the insurability of pandemic risk offers a quantitative assessment of the protection gap—the share of uninsured losses in total economic losses—in business continuity that the pandemic exposed. Key findings include:

As Walter R. Stahel, expert in sustainable policy and former Head of Risk Management Research at The Geneva Association, wrote nearly two decades ago, “risks that can be insured need not be ‘legislated’; uninsurable risks, however, have to be dealt with by nation states.” Governments and insurers must think and agree upon feasible solutions to better protect society from extreme risks, the report concludes.

Read the full report here.

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