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What won’t cure corona: Lawsuits

In a Wall Street Journal op-ed on COVID-19’s economic implications, Chubb CEO Evan Greenberg warned against the rise of unchecked litigation and calls against the insurance industry paying for pandemic-related losses that it did not insure. “Unchecked litigation for any injury linked to the coronavirus would significantly increase uncertainty—for small businesses, nonprofits, corporations, universities, transit systems, shopping malls and retirement villages,” Greenberg wrote. “Some businesses and policy makers think business-interruption coverage should pay out for the pandemic’s damage, even though those risks aren’t covered in these policies, nor were premiums collected for the exposure. This would violate the integrity of contracts set forth in Article I of the Constitution. If implemented, it would bankrupt the insurance industry to prop up other parts of the economy.” Read this opinion piece > https://www.wsj.com/articles/what-wont-cure-corona-lawsuits-11587504920

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Posted by Alex Hodges

Alex has 40+ years of experience in the industry with a specific interest in the international P&C business. Alex began his career with Rollins Burdick Hunter Co in Chicago; moved to New York with the firm; then back to Chicago HQ after the acquisition of RBH by Aon. As part of Aon’s global acquisition team, he moved to The Netherlands to help with the integration of Hudig-Langeveldt and Frank B. Hall in Europe, Scandinavia, United Kingdom and the Middle East. Alex has expertise managing large multinational insurance programs. His last position with Aon was managing the Aon-owned Strategic Underwriters International MGA for Kidnap, Ransom & Extortion, Workplace Violence and Political Risk. Alex is the founder of Insurance Services Network Corporation and Editor-in-Chief of the IRL – Insurance Research Letter.

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