As insurers face pandemic losses, newcomers see chance to enter

LONDON: Commercial insurers are facing hefty claims from the coronavirus crisis but are also seeing a steep rise in premiums – tempting companies and industry veterans to raise capital, launch new businesses or expand into new lines.

New insurance ventures sprang up after Hurricane Andrew in 1992, the 9/11 attacks in 2001 and Hurricane Katrina in 2005. The industry is hoping to replicate that process as premiums increase because of the fallout from pandemic.