Ian Lee Vanessa Barrasa Canada covid-19 experts pandemic Ian Lee Vanessa Barrasa Canada

Desjardins drops disease-related liability, property damage coverage for some claims

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The Insurance Bureau of Canada, which represents the country’s insurance agencies, said the international reinsurance market has added these exclusions with Canadian insurers because pandemic risk is too widespread to reasonably insure.“Generally, pandemic risk is not insurable as the insurance industry is… unable to diversify this risk due to it affecting all of the world at the same time,” said Vanessa Barrasa, a spokesperson with IBC.Insurance experts around the country say they expect other providers to introduce similar exclusions to their coverage, depending on the level of risk they’re willing to take on.“The name of the game in the insurance industry is to try and accurately estimate risk,” said Ian Lee, an associate professor with.

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