The Association of British Insurers (ABI) has revealed that its members expect to pay out more than £1.2bn ($1.48bn) in Covid-19-related claims.
PwC has estimated that total Covid-19 losses for the Lloyd’s market could be £3.4bn ($4.25bn), net of reinsurance.
UBS has increased its insured loss estimate for Covid-19 to a range of $30bn-$60bn, from its previous range of $20bn-$40bn, with BI and credit and surety claims the two main drivers of losses.
Swiss Re reported a group net loss of $225mn for the first quarter of 2020, as an underwriting loss of $476mn linked to Covid-19 and a pandemic-related investment loss of $300mn took their toll.
Willis Towers Watson has published an analysis of the impact of the Covid-19 pandemic in which it said insured losses could reach $140bn under the most extreme scenario.
AIG reported a steep decline in operating profits for the first quarter of 2020, with a result of $99mn, as coronavirus-related losses took their toll.
The financial impact of the Covid-19 outbreak has started to take its toll on the reinsurance sector as carriers’ predicted losses filtered through in first-quarter earnings releases.
AGCS fell to a EUR141mn ($152.7mn) operating loss for the first quarter of 2020 (from a Q1 2019 profit of EUR106mn) as the Allianz group reported a EUR700mn Q1 loss due to Covid-19.
Lloyd’s has estimated that total (re)insurance industry losses arising from the Covid-19 pandemic are likely to reach around $107bn for full-year 2020.
The product recall market is likely to see claims activity for Covid-19-related BI losses from restaurant foodborne illness/contamination policies which cover contagious disease
Zurich has revealed it expects a $280mn loss from Covid-19 related losses in the first quarter and a full-year loss from the coronavirus outbreak of around $750mn.
Allianz Global Corporate and Specialty (AGCS) fell to a EUR141mn operating loss for the first quarter of 2020 as the Allianz group reported a EUR700mn Q1 loss due to Covid-19.
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