COVID-19 General Insurance Losses Seen Higher Than 9/11 Claims (reuters.com)

COVID-19 General Insurance Losses Seen Higher Than 9/11 Claims

Friday, May 1st, 2020 Catastrophe

Insurance broker Willis Towers Watson (WLTW.O) on Friday estimated general insurance losses between $32 billion and $80 billion across key classes in the United States and UK from the novel coronavirus, surpassing claims from the 9/11 attacks.

A report by the broker showed early estimates for U.S. and UK business interruption, contingency, U.S. Directors & Officers, U.S. employment practices, liability, U.S. general liability, U.S. mortgage, trade credit and surety and U.S. workers’ compensation.

An “optimistic” scenario or a return to a pre-COVID-19 state following 3 months of social distancing, would mean $11 billion of insured losses, while a “moderate” scenario, a gradual return following 6 months of social distancing, would mean a bill of $32 billion to insurers.


External References & Further Reading
https://www.reuters.com/article/us-health-coronavirus-insurance-estimate/covid-19-general-insurance-losses-seen-higher-than-9-11-claims-broker-idUSKBN22D5AI
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