Lloyd's of London is likely to pay out $3.0-4.3 billion in claims related to the coronavirus pandemic and underwriting and investment losses for the global non-life insurance sector could reach a record $203 billion, Lloyd's said on Thursday.
In a double blow, insurers have also lost money due to falling markets, slashing the investments they use to pay out claims.
Insured losses are likely to total $107 billion, similar to natural catastrophe losses in 2005 led by Hurricanes Katrina, Rita and Wilma and to 2017 including Hurricanes Harvey, Irma and Maria, Lloyd’s said.Its estimates do not include life insurance and assume continuing social distancing and lockdown measures in 2020, as well as a drop in global GDP.
Small businesses in Britain are battling insurers who they say have denied them payments for disruption. The insurers say most small business policies do not cover the pandemic.Neal said the UK domestic property sector accounted for less than 2% of the Lloyd’s market, adding that “any valid claims should be paid”.
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