Lloyd's expects $4.3bn claims hit from Covid-19
Market predicts the pandemic to be one of its largest pay-outs ever and states the estimated underwriting losses covered by the industry as a result of Covid-19 will be around $107bn in 2020.
Lloyd’s has revealed that it will pay out in the range of $3bn to $4.3bn globally as a result of the Covid-19 pandemic.
According to the organisation this is on a par with 9/11 in 2001 and the combined impact of hurricanes Harvey, Irma and Maria in 2017.
Lloyd’s noted that the losses could rise further if the current lockdown was extended into another quarter.
It added that the estimated 2020 underwriting losses covered by the industry as a result of the pandemic are approximately $107bn
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