World News

UBS ups estimates for COVID-19 insured losses to $30-60 billion

LONDON (Reuters) – Swiss bank UBS <UBSG.S> raised its estimates for COVID-19 insured losses to $30-60 billion from $20-40 billion on Friday, citing increasing uncertainty about non-U.S. business interruption claims.

UBS upped its estimates for non-U.S. business interruption to $7-22 billion from $5-15 billion previously, and said it expected $8-16 billion in credit insurance losses, mainly in reinsurance.

(Reporting by Carolyn Cohn; editing by Marc Jones)

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