The insurance industry is now facing increasing pressure, as thousands of business owners are demanding their insurers cover business interruption claims related to the coronavirus pandemic, and critics such as the US president himself have even stepped in to comment on the matter.
The American Property Casualty Insurance Association estimated that in the US, monthly small business losses are somewhere between $255 billion and $431 billion – far larger than the approximately $6 billion a month in premiums the local industry charges for key property insurance lines.
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