COVID-19 insured loss of $44 bln is third largest catastrophe loss -Howden

Insured losses of $44 billion from COVID-19 so far are equivalent to the third-largest catastrophe loss after Hurricane Katrina and the 9/11 attacks, insurance broker Howden said on Tuesday.

However, initial projections of $100 billion-plus for COVID-19 insured losses now look "improbable", Howden said in a report on reinsurance renewals.

Property catastrophe reinsurance rates rose 9% on January 1 marking their biggest annual rise since 2009, Howden said.