UK and US insured losses could hit $80bn under year-long lockdown: WTW
The UK and US insurance markets face losses of $80bn (£64bn) if lockdowns and social distancing measures to curb the spread of the coronavirus need to be kept in place for 12 months, according to Willis Towers Watson.
Were controls to be lifted after six months, WTW estimate insured losses across the US and UK markets could reach $32bn.
Business interruption and contingency claims make up a large share of the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Claims
Most trusted insurers across personal lines revealed
Consumer trust in insurance providers has risen for the third consecutive wave, according to Fairer Finance.
Aviation liability gap emerges over precautionary grounding losses
Aviation insurers may face an often-overlooked coverage gap when precautionary groundings cause financial losses without physical damage or injury, according to Melanie Daglish, director of aviation at ITIC.
FCA outlines next steps with delegated authority deep dive
The Financial Conduct Authority is preparing to take a closer look at delegated authority arrangements, with an information request being sent out to get a clearer picture of how outsourcing is being used across the insurance market.
Axa reduces claims middlemen with repair network
Axa has begun working to reduce the number of people involved in the claims process through the launch of the Building Repair Network.
Insurance fraud hits £1.34bn as criminals pursue higher-value claims
Insurance fraudsters are targeting bigger payouts, with insurers detecting £1.34bn worth of bogus claims in 2025, according to new figures from the Association of British Insurers.
Conflict-driven construction costs widen underinsurance gap
The latest BCIS data highlights how cost volatility can affect reinstatement differently from new build, leaving static sums insured increasingly vulnerable to underinsurance.
Diary of an Insurer: Sedgwick’s Hugh Kennaway
From policing London's streets to handling complex global energy claims and championing the international growth of the loss adjusting profession, Hugh Kennaway, past president of the Chartered Institute of Loss Adjusters, plus managing director and global head of downstream energy at Sedgwick, has a nonstop week.
Insurance needs to tap into agentic AI to evolve
Insurers should begin implementing agentic AI to help remove friction along the claims journey to save costs and better serve clients