Friday, January 21, 2022

UPDATE 1-COVID-19 Loss of $ 44 billion is the third major crash for insurers – Howden

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LONDON, Jan. 4 (Xinhua) – $ 44 billion in insured losses from COVID-19 are the third-largest loss for insurers from any disaster since Hurricane Katrina and the Sept. 11 attacks, insurance broker Howden said Tuesday.

However, initial forecasts for COVID-19 insured losses of more than $ 100 billion now seem “unlikely,” Howden said in his reinsurance update report.

This prediction was made by industry experts in the early days of the pandemic, almost two years ago, when measures were canceled and businesses around the world were forced to close.

Since then, insurers have removed COVID-19 from many policies.

“There’s just a lot of action cancellation coverage, there’s just a lot of civil litigation coverage, and when you get $ 40 billion, it’s very tiring to write,” said David Flandro, Howden’s analytical department. leader.

On Jan. 1, property crash reinsurance rates rose 9 percent from the same period last year, the largest annual increase since 2009, Howden said in a report.

Reinsurers insure insurers and the increase in reinsurance rates is usually transferred to the insurers ’clients.

Reinsurance broker Gay Carpenter said in a separate report this week that global property crash reinsurance rates have risen an average of 10.8 percent this year.

Gallagher Re said earlier on Tuesday that some European property reinsurance rates had risen by more than 50% since the region suffered record insured losses from natural disasters such as floods and hurricanes last year. (Caroline Cohn’s report; edited by Jason Neal and Ian Harvey)

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