Only 29% of credit and political risk insurers had seen claims directly related to the virus so far, the survey of underwriters, conducted in June and July, showed.Pandemic-related credit insurance claims are, however, likely to rise later this year or early next year, as businesses struggle to stave off default, said Matthew Solley, managing director of structured credit and political risks at Gallagher.
Aviation, oil and energy, and tourism were the three sectors in their portfolios that concerned insurers the most. Virgin Australia, Air Mauritius and Colombia-based Avianca are among airlines to have ceased operations in the past few months, with planes grounded by lockdowns around the world.In the broader political risk insurance market, which can cover issues ranging from expropriation to war, Argentina was seen as the biggest concern.
The survey of 76 underwriters from 46 firms in Lloyd’s of London and the broader London commercial insurance market was carried out between June 24 and July 9.
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