Coronavirus outbreak will cost global insurance sector $203 bln, says Lloyd’s

A worker enters the Lloyd’s of London building in the City of London financial district, London, Britain. (Reuters)

The deadly coronavirus outbreak will cost the global insurance industry about $203 billion, the Lloyd’s of London insurance market forecast on Thursday.

“The estimated 2020 underwriting losses covered by the industry as a result of COVID-19 are approximately $107 billion, on par with some of the biggest major claims years for the industry, such as when catastrophic windstorms have struck” in 2005 and 2017, it said in a statement.

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“In addition, unlike other events, the industry will also experience falls in investment portfolios of an estimated $96 billion, bringing the total projected loss to the insurance industry to $203 billion.”

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Last Update: Wednesday, 20 May 2020 KSA 09:58 - GMT 06:58