The global insurance industry had lost 4.2 billion U.S. dollars due to the COVID-19 pandemic as of May 2020. Estimates for the total losses the market will experience in 2020 range from 11 to 140 billion U.S. dollars according to Willis Towers Watson, whereas Bank of America's estimates range from 30 to 97 billion U.S. dollars.
Forecasted losses and current loss experience from COVID-19 for insurance industry worldwide as of May 2020
(in billion U.S. dollars)
The five sources released a range of estimates, and Statista used the highest point of each for comparison.
The estimates published by the sources were as follows:
Dowling & Partners: 40 to 80 billion U.S. dollars.
Autonomous Research: 31 to 86 billion U.S. dollars.
Barclays Research: 30 to 80 billion U.S. dollars.
Bank of America Global Research: 30 to 97 billion U.S. dollars.
Willis Towers Watson: 11 to 140 billion U.S. dollars.
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Reinsurance News. (May 13, 2020). Forecasted losses and current loss experience from COVID-19 for insurance industry worldwide as of May 2020 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/1117231/covid-19-global-insurance-losses-estimates/
Reinsurance News. "Forecasted losses and current loss experience from COVID-19 for insurance industry worldwide as of May 2020 (in billion U.S. dollars)." Chart. May 13, 2020. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/1117231/covid-19-global-insurance-losses-estimates/
Reinsurance News. (2020). Forecasted losses and current loss experience from COVID-19 for insurance industry worldwide as of May 2020 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/1117231/covid-19-global-insurance-losses-estimates/
Reinsurance News. "Forecasted Losses and Current Loss Experience from Covid-19 for Insurance Industry Worldwide as of May 2020 (in Billion U.S. Dollars)." Statista, Statista Inc., 13 May 2020, https://www.statista.com/statistics/1117231/covid-19-global-insurance-losses-estimates/
Reinsurance News, Forecasted losses and current loss experience from COVID-19 for insurance industry worldwide as of May 2020 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1117231/covid-19-global-insurance-losses-estimates/ (last visited November 03, 2024)
Forecasted losses and current loss experience from COVID-19 for insurance industry worldwide as of May 2020 (in billion U.S. dollars) [Graph], Reinsurance News, May 13, 2020. [Online]. Available: https://www.statista.com/statistics/1117231/covid-19-global-insurance-losses-estimates/