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Pandemic will cost global insurers US$203 bil

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Lloyd's of London is putting the global health crisis on par with the Sept 11, 2001 terror attacks. FMTNews London Covid19

Members of the clinical staff care for a patient with coronavirus in the intensive care unit in a Cambridge hospital.

“The estimated 2020 underwriting losses covered by the industry as a result of Covid-19 are approximately US$107 billion, on par with some of the biggest major claims years for the industry,” it said in a statement. “Lloyd’s… today revealed that it will pay out in the range of US$3 billion to US$4.3 billion to its global customers as a result of the far-reaching impacts of Covid-19,” it added in the statement.

Lloyd’s of London Chief Executive John Neal added on Thursday that Covid-19 would have a “unique” impact on the sector due to its “devastating” economic, human and social cost.

 

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