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"The coronavirus pandemic needs to be a lesson to us all: We must take action more rapidly and vigorously to ensure that we are not as unprepared as we were with COVID-19 for risks such as cyber attacks or climate change," said Munich Re's Torsten Jeworrek in a statement “The coronavirus pandemic needs to be a lesson to us all: We must take action more rapidly and vigorously to ensure that we are not as unprepared as we were with COVID-19 for risks such as cyberattacks or climate change,” said Munich Re’s Torsten Jeworrek in a statement

Munich Reinsurance announced that is has stopped selling pandemic business insurance coverage after it reportedly took a $1.8 billion (1.5 billion euros) hit in the first half of 2020 due to the worldwide COVID-19 pandemic, according to Bloomberg. The global insurer is considering whether or not to include pandemic protection in future property and casualty insurance policies; it will continue to offer the cover in life and health policies.

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