"The coronavirus pandemic needs to be a lesson to us all: We must take action more rapidly and vigorously to ensure that we are not as unprepared as we were with COVID-19 for risks such as cyberattacks or climate change," said Munich Re's Torsten Jeworrek in a statement
Munich Reinsurance announced that is has stopped selling pandemic business insurance coverage after it reportedly took a $1.8 billion (1.5 billion euros) hit in the first half of 2020 due to the worldwide COVID-19 pandemic, according to Bloomberg. The global insurer is considering whether or not to include pandemic protection in future property and casualty insurance policies; it will continue to offer the cover in life and health policies.
"We are currently examining whether we will offer new contracts that include pandemic protection in property and casualty insurance in the future," Torsten Jeworrek, Munich Re's head of reinsurance, said in an interview with Bloomberg. "For the moment, it has been suspended, for example, with respect to event cancellations."
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