The exterior of Lloyd’s of London, the centuries-old insurance market, is pictured in the City of London March 30, 2017. Lloyd’s, which in March shut its underwriting room for the first time since World War II, previously pegged those pandemic losses at US$107 billion. — AFP pic
The exterior of Lloyd’s of London, the centuries-old insurance market, is pictured in the City of London March 30, 2017. Lloyd’s, which in March shut its underwriting room for the first time since World War II, previously pegged those pandemic losses at US$107 billion. — AFP pic

LONDON, Nov 18 — Lloyd’s of London Chairman Bruce Carnegie-Brown said today global insurance losses from the Covid-19 pandemic in 2020 will be higher than previously estimated, with 16 different business lines facing claims at Lloyd’s.

Carnegie-Brown told the Reuters Events Future of Insurance USA conference the pandemic-induced losses will be on a par with 2017, when three Atlantic hurricanes contributed to a catastrophe bill of US$144 billion (RM588 billion), the highest ever catastrophe bill on record according to Swiss Re.

Lloyd’s, which in March shut its underwriting room for the first time since World War II, previously pegged those pandemic losses at US$107 billion.

“Unlike many events, a pandemic is everywhere at the same time. And it also comes into light through up to 16 different lines of claims,” Carnegie-Brown said, adding that the pandemic had extended longer than initially expected. — Reuters

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