🆕insurance Pandemic Exclusions and How Does Coronavirus Affect Climate Change

In a statement, the London insurance market explains this Thursday (14.05.2020) that the impact of the new coronavirus is similar to that caused by major natural disasters such as Hurricane Katrina in 2005 and Hurricanes Harvey, Irma and Maria in 2017.

According to Lloyd's, the $203 billion cost includes 107 billion in compensation and $96 billion in the value of investments in the sector.

"In the world, insurers compensate companies and people affected by COVID-19 and propose many different types of coverage," explains John Neal, CEO of Lloyd's of London.

What makes this "unique" pandemic, he says, is "not only its human and social impact but its economic consequences," with an explosion of unemployment, corporate bankruptcies, and a collapse of Gross Domestic Product (GDP) in many countries.

One of the oldest institutions in London's business world, whose origins date back to the 17th century, the insurer plans to award compensation of between $3 billion and $4.3 billion for its customers worldwide.
This amount could increase if the confinement lasts for several months, he warned.

Its forecasts are based for now on the maintenance of social estrangement rules until June, and a progressive easing in the second half of the year.

In Lloyd's of London accounts, the cost of the pandemic will be similar to that of the September 11, 2001 attacks in the United States (4,700 miilones) or the 2017 hurricanes (4.8 billion).

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