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Covid loss of $ 44 billion is the third largest disaster cost for insurance companies



(Reuters) – Insured losses of $ 44 billion from covid-19 so far represent the third largest cost to insurers of any disaster, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said on Tuesday.

Initial forecasts for $ 100 billion plus for covid-19 insured losses now looks "unlikely," Howden said in a report on reinsurance renewals.

Insurance companies have since excluded covid-19 from many insurances.

"There's just so much coverage for canceling events out there, there's just so much coverage of civil action out there. there, and when you get to $ 40 billion, it's pretty exhausting what's being drawn, says David Flandro, head of analytics at Howden.

real estate / disaster insurance rates rose by 9% year-on-year on January 1

, marking their large estimated annual increase since 2009, Howden said in the report. Global real estate / disaster reinsurance rates rose by an average of 10.8% this year, 8% said reinsurance broker Guy Carpenter in a separate report this week.

Gallagher Re said earlier on Tuesday that some European real estate reinsurance rates rose by more than 50% % after the region suffered record insurance losses last year due to natural disasters such as floods and storms. Catalog

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