Insurance Companies Lose $44 Billion During Pandemic

Insurance Companies Lose $44 Billion During Pandemic
The MetLife skyscraper overlooks an older building in New York on April 16, 2009. Mark Lennihan/AP Photo
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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.