PANDEMIC. South Korean soldiers wearing protective gear prepare to spray disinfectant on the street to help prevent the spread of the coronavirus, in Seoul on March 6, 2020. Photo by Jung Yeon-je/AFPwill cost the global insurance industry about $203 billion , Lloyd's of London insurance market forecast on Thursday, May 14.
"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," it said after carrying out an economic study into potential losses in the non-life insurance sector. "This is on a par with 9/11 in 2001 and the combined impact of hurricanes Harvey, Irma, and Maria in 2017, all of which led to similar payouts by the Lloyd's market.Meanwhile,"once the scale and complexity of the social and economic impact of COVID-19 is fully understood, the overall cost to the global insurance non-life industry is likely to be far in excess of those historical events," it added.
"The global insurance industry is paying out on a very wide range of policies to support businesses and people affected by COVID-19," Neal said.
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