Insurance broker Willis Towers Watson (WLTW.O) on Friday estimated general insurance losses between $32 billion and $80 billion across key classes in the United States and UK from the novel coronavirus, surpassing claims from the 9/11 attacks.

Hurricane Harvey caused catastrophic flooding in 2017, killing 68 people and costing $125 billion in damages. One reason it was so destructive is that it moved unusually slowly and remained over the same area for days — and as the world warms, there are going to be a lot more slow-moving tropical cyclones like Harvey, according to high-resolution climate models.

Chubb Ltd Chief Executive Officer Evan Greenberg released a statement warning that the coronavirus will be the largest event in insurance industry history.

The Consumer Federation of America (CFA) has published its own critical review of the auto insurance premium relief measures insurance companies have offered in the past few weeks in response to the COVID-19 pandemic, finding that while some insurers have been incredibly supportive, others have been slow to respond to calls for lowered premiums.

In the rush to protect businesses and consumers from financial disaster, state governors around the nation are enacting a variety of rules and requirements to help provide relief to people struggling with the economic impact of COVID-19.

Twenty years ago, corporate risk managers had near-zero public visibility. Most were back-office staffers who focused on securing insurance for environmental and real estate problems (tornadoes, fires, earthquakes, facilities breaches). Young people didn’t aspire to be risk managers: There were just a dozen small academic programs in the U.S. focused on the career.

Barbara Snowden dreamed of opening a wig shop to help women who’d lost their hair during chemotherapy feel better as they battled cancer. In November, she beamed at the grand opening of Hair Goals Club in the Houston suburb of Humble, Texas.

Four months ago, Pacific Gas & Electric seemed poised to emerge from bankruptcy after reaching a $13.5 billion settlement with tens of thousands of people who lost homes in wildfires started by the utility’s equipment.

Insurance product creation historically has been based on historical data — the rearview mirror view. It always has been, and there is value in doing so. Past trends are likely to be repeated, and coverages and rating need to reflect that. And insurance departments require years of historical data to approve changes. However, there is a fundamental change afoot that cannot be ignored.

COVID-19 has blindsided the world. We are witnessing the unimaginable—tremendous numbers of fatalities in Asia, Europe, and North America, overwhelmed healthcare systems, mass shortages of supplies, and widespread travel restrictions.

“May you live in interesting times.” This curse of disputed origin could very well apply to the reality in which we find ourselves today.

Insurance companies are facing political pressure to pay what could be a crippling sum of coronavirus-related claims — even though many of them say their policies don’t cover pandemics.

Right now, in the midst of the COVID-19 crisis, it is tough to imagine the fertile environment for insurtech start-ups that the sector has enjoyed can last much longer. The crunch from social distancing, if not out-and-out restrictions on economic activity, will undeniably freeze the flow of cash to untested ideas.

Small-business owners banking on their so-called business disruption insurance to bail them out of the mounting losses being inflicted by the COVID-19 pandemic may be in for a rude shock. That’s because a little-known condition of coverage put in place in 2006, a few years after the SARS outbreak, excludes coverage for any “loss due to virus or bacteria.”

There is a saying, often attributed to radical author Saul Alinsky, but which can be traced to other sources including Winston Churchill. It is, “Never let a good crisis go to waste.” It is a maxim that often seems to get deployed whenever any tragedy or conflict arises.