Global COVID Insurance Losses Hit $40B, AM Best Says

By Martin Croucher (August 31, 2021, 12:18 PM BST) -- The global insurance and reinsurance industry has suffered a $40 billion hit from the COVID-19 crisis so far, according to a ratings agency — less than half the size of early estimates.

Most of the $40 billion in claims linked to the pandemic arose from business interruption cover and insurance for event cancellation, the ratings agency has said. (AP Photo/Morry Gash) AM Best said on Monday that, although insurance businesses were currently able to weather the losses, the financial impact to the sector could intensify. Most of the $40 billion in claims linked to the pandemic came from event cancellation insurance...

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