International insurance experts are expecting that losses from Covid-19 pandemic will peak at $50b by the end of December 2020.
Already, pandemic losses as at August end, closed at $22bn with expectation that it goes to $50bn by the end of the year.
The Regional manager West Africa Anglophone/Vice President Europe, Middle East & Africa, Swiss Reinsurance Company Limited, Cote’ d’Ivoire, Khalid Momodu, corroborated the emerging pandemic losses figures at the investiture of the president of the Institute Of Loss Adjusters Of Nigeria, ILAN, Mr Reginald Egbuniwe in Lagos; he delivered the theme paper, “Loss Adjusting In An Uncertain Future.”
Momodu said the Nigerian market has been sparred pandemic losses because the market is still an emerging and still not mature to take big and volatile risks, neither does it have such risks originating from risks captured locally.
Also captured within the $22bn pandemic losses up and until August end is the disclosure by Lloyds of London that it would pay out between three and US $4.3b (£2.3bn to £3.3bn) to customers because of the pandemic.
Lloyds is expecting to pay billions in claims sparked by Covid-19, as the cost of the pandemic surpassed many other major disasters.
The Lloyds market believes that up to £5b will be claimed on a gross basis, helping to push the company into a loss for the first half of the financial year.