Sumary of U.S. Senate panel hears from Chubb, others on insuring pandemic risk:
- Article content NEW YORK — New Jersey business owner Adenah Bayoh told a U.S. Senate committee hearing on Wednesday she paid about $275,000 a year to insure her group of restaurants, only to discover the limits of her policy during the coronavirus pandemic.
- “When the pandemic hit and the governor ordered my businesses to close, I was shocked that my insurance company and coverage was not there for me,” said the Liberia native who immigrated to the United States at age 13 and now owns seven restaurants.
- Article content Insurers have largely denied claims for business interruption caused by the pandemic, saying the virus did not cause the physical damage that policies require.
- The hearing, spurred by hundreds of thousands of experiences like Bayoh’s, highlighted the challenges of insuring overwhelming risks like coronavirus, and drew on industry leaders for possible solutions.
- “Shutting entire economies down for an extended period and spending the kinds of trillions of dollars we’ve spent as a way of managing a pandemic is not a future solution,” Chubb Ltd Chief Executive Evan Greenberg told the subcommittee that deals with insurance.