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‘Not enough capital’: Insurer says government to pay for COVID-19 – Sydney Morning Herald
IAG’s chief executive Peter Harmer says the insurance industry cannot foot the bill for COVID-19.
Mr Harmer said the case was launched by the industry’s lobby group, the Insurance Council of Australia, to extinguish any lingering doubt about the validity of industry-wide pandemic exclusions.
“Its probably worth explaining why insurance policies around the world exclude things like war, terrorism and pandemics. Those events will impact many, many, many customers all at the same time,” Mr Harmer said. “Theres simply not enough capital in the insurance industry globally to be able to insure th…
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