Lloyd’s says it will pay out billions of dollars across the globe as a result of COVID-19, putting the cost of the crisis on a par with the 9/11 terrorist attacks in 2001 and 2017’s triple-whammy of hurricanes Harvey, Irma and Maria.

The leading (re)insurance market expects to pay claims within the range of $US3 billion ($4.6 billion) to $US4.3 billion ($6.6 billion), and warns these figures could rise if lockdowns continue.

“Lloyd’s believes that once the scale and complexity of the social and economic impact of COVID-19 is fully understood, the overall cost to the global insurance non-life industry is likely to be far in excess of those historical events,” it said today.

Lloyd’s says the overall impact on the global non-life insurance industry, including underwriting losses and reductions in the value of investments, will reach $US203 billion ($313.7 billion).

CEO John Neal says the crisis “will challenge the industry as never before”.

“What makes COVID-19 unique is the not just the devastating continuing human and social impact, but also the economic shock,” he said.

“But we will keep focused on supporting our customers and continuing to pay claims over the weeks and months ahead.”