Insurance Companies Lose $44 Billion During Pandemic

Insured losses amounting to $44 billion during the pandemic and risks of newer variants popping up increased the strain on risk management companies around the world, said a recent report by international insurance intermediary group Howden. Although enormous losses have been reported so far, Howden said that it still lags far behind the $100 billion loss predicted at the beginning of the pandemic. The first nine months of 2021 were hit with $5.5 billion in claims for global insurers, while 2020 recorded $3.5 billion. The insurance industry was hopeful with the rollout of vaccines, but variants like Delta kept people hospitalized for longer periods and in more severe conditions. COVID-19 was third in line for the biggest amount of losses after Hurricane Katrina and the 9/11 terrorist attack, said the broker. As companies were forced to shut down from region-wide lockdowns and the resulting loss in business, along with mass …

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