July 6th, 2020: In the Carrier Management article, The Risk of ‘Take-Home’ COVID-19 and the Next Asbestos, our SVP of Modeling, Melissa Boudreau and CEO Robert Reville discuss Praedicat’s latest catastrophic scenario involving a second wave of COVID-19 cases occurring later this year. Praedicat estimates losses from “take-home” COVID-19 could exceed $50 billion—and even the first wave could mean awards and settlements of $27 billion. In the article, Melissa and Bob explain the concept of take-home exposure, drawing parallels to take-home asbestos lawsuits, which were based on the negligence of the employers whose workers created secondary disease exposure for family members.
“Estimates of the size of COVID-19’s impact on the insurance industry vary widely, but some companies (including Chubb and Willis Re) have suggested that, considering both asset and liability losses, it will be the largest event in insurance history. In the sense of the size of industry loss, then, the coronavirus appears to be the latest candidate for the “next asbestos.”
Read the full article: Here
HarrisMartin picked up and re-published the article, the new copy can be read: here.
Missed our webinars about COVID-19 with Praedicat CEO Bob Reville? Watch the first and the second episode in the Coffee with Bob complimentary webinar series now!
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