Tens or 100s of Billions? Insurers Consult Crystal Balls on Coronavirus Costs
Partner and chair of Herrick's Insurance & Reinsurance Group, Alan Lyons, was quoted in an article in Reuters and The New York Times discussing the potentially catastrophic fallout for insurance companies in the wake of COVID-19. “This has the potential to be the largest insurance loss of all time,” Lyons, said. With businesses throughout every industry filing claims across various policies. "Many claims for business interruption likely will not be paid this year since lawsuits will take a year or more to resolve, Lyons said, and cost insurers millions of dollars to defend."