Robert Muir-Wood, Chief Risk Officer, RMS
Tim Edwards, Regional Director – Head of Catastrophe Analytics Globals, Willis Re
This article was originally published in Insurance Day
The economic impact of COVID-19 (coronavirus) is clearly going to be significant, with global growth in gross domestic product (GDP) for 2020 now expected to be only half that of the three percent originally anticipated, at best. Relative to the US$86.5 trillion global GDP for 2019, that equates to around US$1.3 trillion dollars of lost economic activity. This is twenty-five times the economic loss estimated from the SARS outbreak in 2002-3.
The losses from COVID-19 will emerge from many facets of the economy.Continue reading