There aren't many contexts where $2-trillion (R30-trillion) seems like a paltry sum. Then a pandemic comes along. The economic fallout from Covid-19 has left insurers issuing existential warnings and businesses discovering they weren't covered. It's resulted in courts packed with lawsuits and governments scrambling to head off more pain.

At the core is the reality that the global non-life insurance industry's $2-trillion in capital won't last in a "black swan" event, such as a cyber-attack or another pandemic that hits the global economy...

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