World’s Insurers Face $203 Billion Losses From Coronavirus
- Lloyd’s of London provides estimates of global hit to industry
- Losses are on par with hurricanes, Sept. 11 terror attacks
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Lloyd’s of London, the world’s largest insurance exchange, estimates the industry will suffer around $203 billion in losses from the coronavirus pandemic this year.
The projected losses include about $107 billion from underwriting claims, with the rest from insurers’ investment portfolios, Lloyd’s said in a statement. The claims costs are on a par with some of the most catastrophic hurricanes of recent years and could rise further if the virus isn’t contained, Lloyd’s said.