coronavirus costs News

Global COVID-19 Insurance Losses to Be Higher than Early Estimates: Lloyd’s Chairman

Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told the Reuters Events Future of Insurance USA conference that …

How Coronavirus Is Changing Claims, Risks, Work, Habits, Supply Chains and More

The magnitude of the COVID-19 pandemic as an economic loss events is unprecedented for companies and insurers alike and claims trends and risk exposures are likely to evolve in both the mid- and long-term as a result of the pandemic, …

COVID-19 Signals Billions in Long-Term Healthcare Costs Ahead

Late in March, Laura Gross, 72, was recovering from gall bladder surgery in her Fort Lee, New Jersey, home when she became sick again. Her throat, head and eyes hurt, her muscles and joints ached and she felt like she …

Car Crashes Became Deadlier During Lockdowns Across Globe: Reuters Insight

LONDON – Coronavirus lockdowns led to huge reductions in traffic and fewer car crashes this spring, but as drivers sped up on quieter roads, the collisions became deadlier in several cities, a Reuters analysis shows. In New York City, the …

Pandemic Crisis Story: Moving 1000-Plus Employees in 7 Countries in Just 2 Weeks

Amit Tiwari, chief operating officer at Xceedance, the Boston-based insurance consulting, managed services, and insurtech company, explains the challenges of enabling business continuity plans in the face of a global pandemic and moving an international workforce of well over a …

Arch Capital’s Estimated COVID-19 Losses During 1st Quarter Could Hit $145 Million

Arch Capital Group Ltd. said its estimated pre-tax losses for claims incurred due to the COVID-19 pandemic could reach $145 million. Breaking down the total, Arch said COVID-19 claims across its property casualty insurance and reinsurance segments ranged from $85 …

UK Insurers, Banks Are Weathering Effects on Capital of COVID-19 Crisis: BoE’s Woods

Britain’s banks have enough funds to keep lending to the economy even under the deep recession scenario outlined by a government watchdog, Bank of England Deputy Governor Sam Woods said on Wednesday. The BoE has allowed banks to tap 23 …

Pandemic Bonds Get Stay of Execution but Prospect of Wipeout Looms

A ruling last week not to wipe out holders of a World Bank financial instrument providing emergency funds to poor countries in a pandemic, was just a stay of execution if bond markets are to be believed. The riskier $95 …

UK, U.S. Banks and Regulators Warn of Wave of Coronavirus Scams

UK banks are stepping up fraud prevention measures to protect customers from scammers eager to exploit the coronavirus pandemic with a whole range of new tricks, including fake sales of medical supplies and bogus government relief schemes. With British households …

Olympics’ Postponement Likely to Cost Insurers Much Less than Cancellation

Delaying the Olympics is likely to cost insurers much less than canceling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say. The Tokyo Olympics were postponed …