Page 29 - Insurance Times September 2020

Cover Story

GLOBAL (RE)

INSURANCES

IMPACTED BY

VIRAL PANDEMIC

STORM EVENTS

OF COVID-19

A) Introduction BLNS - the highest Insured Losses since known history of
Insurance and Reinsurance World.
The COVID-19 PANDEMIC is a Man Made Viral Catastrophe
Globally impacting around 200 countries and paralyzing But COVID-19 Pandemic is the worst Man Made Viral
social as well as Economic lives of people of all ages. This is Catastrophe which impacts Global Economies of almost
an Unparalleled Pandemic which is like a COVID-19 Pandemic every country of the world! The Loss of Lives and the Loss
Storm which has sudden sweeping and surging impacts on of Economies by sudden Breaks applied to the Super-Fast
social life style of all everywhere. These unique Viral Train of Economic activities has caused GFC Global Financial
Pandemic Tragedies are occurring for over 9 months since Crisis in every field of life.
December 2019. Remedial Vaccines are still in experimental
stages and all affairs of individual and group life are Natural Catastrophes of Seismic Perils and STIF Perils have
stagnated by Distancing and Isolation as only way out to Local - Zonal - International and Intercontinental impacts
minimize its deadly impacts. e.g. Japanese Tsunami, US Hurricanes, Thai Flood etc. Even
Locust swarms impacts regionally only. Manmade
Catastrophes of Cyber Terrorism, Piracies and epidemics are
When WTC Attack losses of 11th September, 2001 occurred
all confined to Locations Zonally / Regionally. But COVID-19
the Insurance Industries losses were slightly below US$ 90
Pandemic is a GLOBAL PANDEMIC STORM caused by Man-
About the author made virus incepting from Wuhan in China!

B) COVID-19 Causes Global Recession
K. L. Naik
Director which can be compared to Global
Naik Consultancy & Advisors L.L.P Recession of 1930s
Mumbai
The Global Insurance Premium are with a 'ROBUST

The Insurance Times, September 2020 25