In April, Even Greenberg, CEO of
Chubb Limited, told Bloomberg that forcing
insurers to pay for losses that policies do not cover or were not
priced for would damage the insurance industry.
"Pandemics, unlike other
catastrophes such as a hurricane or earthquake, are not limited by
geography or time...The loss potential from a pandemic, in
practical terms, is infinite, and insurance companies have only
finite balance sheets," said Greenberg.
While there is consensus that the
coronavirus has caused billions of dollars in damages as a result
of the widespread shut downs across the country, insurance
companies, shareholders, and policymakers do not see eye to eye as
to who will be responsible to fund the damages as a result of the
pandemic.
