Munich Re Calls For Gov'ts To Act On Pandemics, Cyber Risk
Law360, London (April 29, 2021, 12:22 PM BST) -- Munich Re has called for governments around the world to create public-private partnerships with the insurance sector to provide cover for pandemics or other "systemic" risks such as major cyberattacks.
Such partnerships would mean that, although insurers would provide cover to businesses reeling from the pandemic, governments would be responsible for losses that exceed a fixed threshold, the German reinsurance giant said on Wednesday.
The idea mirrors similar state-backed reinsurance schemes such as the U.K.'s terrorism reinsurer, Pool Re. British insurers said in February that they have set out proposals for a so-called Pandemic Re to the government, but have not been given...
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