Premiums for directors' and officers' liability insurance surged in the second quarter, broker Marsh said today, as insurance underwriters fear the coronavirus pandemic will lead to hefty litigation claims.
Risk modelling company Praedicat said that by mid-July, more than 200 claims had been filed in U.S. courts against companies allegedly responsible for introducing and spreading Covid-19 in the United States. Marsh's survey found that overall, global commercial insurance rates rose 19% in the second quarter. The rate rise was the highest since Marsh began its commercial insurance rates survey in 2012.
Lloyd's of London estimates non-life insurers globally will pay US$100 billion in Covid-19-related claims this year.
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