Investment bank analysts have calculated and explained how the huge insured losses from COVID-19 are likely to pan out for the industry, particular companies and lines, and are affecting already firming prices. Intelligent Insurer reports.
“Our sense is that the main risk falls on non-US property lines, where we understand around 50 percent of policies embed BI that could cover infectious diseases.” Jonny Urwin, UBS analyst.
· Estimates for insured losses rise substantially on back of bellwether figures
· Business interruption of $7bn to $22bn losses remain "wild card"
· Non-US property flagged as vulnerable to COVID-19 BI claims
· SME hit will mean above market share loss for London Market, data finds
Coronavirus continues to show us just how vulnerable our global economy is, as re/insurers assess potential claims around the world.
COVID-19, insured, loss, UBS, SCOR, London, Hiscox, Beazley, business interruption, exposures, claims, credit, surety, property, US, Europe, re/insurers