Covid-19: Heavy losses incurred by insurers and reinsurers

COVID-19According to Standard & Poor's estimates, the coronavirus pandemic has cost insurers and reinsurers between 35 and 50 billion USD as at 30 June 2020.

The first twenty reinsurers alone have sustained a loss of roughly 12 billion USD, that is to approximately 30% of the total amount for the entire market.

Most of the losses are accounted for by the risks of major event cancellation, property loans, credit, business interruption and aviation.

The rating agency says insurance professionals shall sustain additional Covid-19 losses in the upcoming months.

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