Covid-19: Impact on insurance

Covid-19In a challenging economic situation, Swiss Re estimates at nearly 55 billion USD the insurers’ incurred losses due to the coronavirus pandemic.

According to the Swiss reinsurer, despite the global recession, insurance premiums should return to their pre-crisis level by 2021. Driven by emerging markets in Asia, the global turnover is expected to increase by 1% in 2020 and 7% in 2021.

Swiss Re experts estimate that due to the pandemic, the market is currently experiencing a decline in premiums of an estimated 6% for the life and 0.1% for the non-life activities. Business and tourism-related activities are the most affected by the crisis. However, the rise in rates and the expected increase in demand would be in favour of non-life insurance.

For Swiss Re, insurers and reinsurers should be able to absorb the losses thanks to their good capitalisation.

Your rating: None
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits