Munich Re Calls For State-Backed 'Systemic' Reinsurance
Law360, London (September 8, 2020, 3:22 PM BST) -- Governments around the world must set up state-backed reinsurance "pools" to help the sector provide cover for pandemics in the future, as well as major cyberattacks and climate disasters, Munich Re has warned.
The global insurance giant said Monday that the COVID-19 crisis should show the world "how vulnerable it is to very large risks."
There is growing consensus in the industry over a need for public-private partnerships to help ensure that businesses forced to close by subsequent outbreaks of COVID-19 can have some form of insurance cover. Munich Re said that online attacks against businesses and climate disasters could have a crippling...
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