Swiss Re Ltd has an event cancellation exposure of $250million to the Tokyo summer Olympic games and faces other potential liabilities in the wake of the corona virus outbreak. The Zurich based reinsurer also has other ‘mid-three digit’ millions in exposure to the scheduled event and an overall market share of about 15% with the relation to event management and cancellation to specific event covers that could be claimed due to COVID-19. According to the company’s financial officer John Dacey ‘although it is too early to provide indications of losses connected to business interruption, the vast majority of property and business interruption covers have a physical damage trigger. Swiss Re has put investment hedges in place to cope with market volatility and are ready Togo ahead with April reinsurance renewals, focused on the Japanese market.
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