Insurers count mounting costs of pandemic claims

Singapore

INSURERS are facing mounting costs from the raging Covid-19 pandemic worldwide. Industry estimates of total claims for losses this year vary but a Lloyds of London prognosis suggests they could go as high as US$110 billion.

The syndicates that operate in Lloyds, the world's biggest insurance market, are expected to cough up as much as £5 billion (S$8.8 billion) in Covid-19 insurance payouts in 2020, having already paid out £2.4 billion for the first half year. The claims are from 16 different insurance sectors, which mostly relate to event cancellations, but also include medical negligence, travel cancellations and business interruption policies.