The world's largest insurance market will have recovered solvency levels hit by the Covid-19 crisis by June, its chairman has said.

Bruce Carnegie-Brown said on May 7 that it was "becoming increasingly clearer by the day that Covid-19 is a major loss event for the insurance industry globally" because "it has an impact on both sides of the balance sheet" unlike previous crises like 9/11 and the financial crisis of 2008 and 2009.