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Reinsurers hit with $4.4bn of COVID-19 claims in Q1, says Bloomberg report

June 1, 2021

According to a new report from Bloomberg, the cumulative cost of COVID-19 claims for the largest life reinsurers hit $4.4 billion in the first quarter of the year as mortality rates spiked.

The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada but it was also claims from other countries including South Africa and in Latin America which added to the costs.

However, with the vaccine rollout resulting to a drop in deaths in the US and UK, firms such as Swiss Re, Reinsurance Group of America (RGA), Munich Re and Hannover Re are expecting profit recovery to start.

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