Coronavirus Will be Largest Event in Insurance History, Says Chubb CEO

Greenberg calls it an ‘unprecedented moment’ that’s ‘surreal’
Chubb booked $13 million in virus-tied losses in first quarter

FDNY Emergency Medical Technicians (EMTs) bring a patient into the emergency room of Montefiore Hospital in the Bronx borough of New York on April 2. — FDNY Emergency Medical Technicians (EMTs) bring a patient into the emergency room of Montefiore Hospital in the Bronx borough of New York on April 2.
Photographer: David Dee Delgado/Bloomberg

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By Katherine Chiglinsky

April 22, 2020 at 3:24 PM UTC

This article is for subscribers only.

Chubb Ltd. Chief Executive Officer Evan Greenberg warned that the impact of the virus and related economic turmoil will likely be historic for the industry.

“This event will be the largest event in insurance history,” Greenberg said Wednesday on an earnings call discussing Chubb’s first-quarter results. The virus and its ripple effects will impact both the asset side and the liability side of the balance sheet, he said.