April 24, 2020 / 12:17 PM / a month ago

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

FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann

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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