COVID-19 is the 3rd largest catastrophe cost to insurers

COVID-19 is one of the biggest catastrophes of our times.

Insured losses of $44 billion from COVID-19 so far represent the third largest cost to insurers of any catastrophe, behind the 9/11 attacks and Hurricane Katrina.

However, initial projections of $100 billion-plus for COVID-19 insured losses now look “improbable”, Howden said in a report on reinsurance renewals.

That prediction was made by industry specialists in the early days of the pandemic nearly two years ago, as events were cancelled and businesses forced to shut down across the world.

Global property catastrophe reinsurance rates rose by 10.8% on average this year.