LONDON, Jan 4 — Insured losses of US$44 billion (RM184 billion) from Covid-19 so far represent the third largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said today. However, initial projections of US$100 billion-plus for Covid-19...
LONDON, Jan 4 — Insured losses of US$44 billion from Covid-19 so far represent the third largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said today.
That prediction was made by industry specialists in the early days of the pandemic nearly two years ago, as events were cancelled and businesses forced to shut down across the world.“There’s only so much event cancellation coverage out there, there’s only so much civil action coverage out there, and when you get to US$40 billion, that’s pretty much exhausting what was underwritten,” said David Flandro, head of analytics at Howden.
Reinsurers insure the insurers, and reinsurance rate rises are typically passed onto insurers’ customers.
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