Excess deaths, major losses and the US as the world's COVID epicenter: How the pandemic looks to the reinsurance industry

CHESTERFIELD, Mo. _ When Americans want to cushion their families from the financial impact of their deaths, they buy insurance. And when insurance companies want to protect their businesses from such untimely expirations, they buy insurance, too.

Now, with more than 1 million coronavirus deaths worldwide, and millions sick, the companies that insure insurers _ called reinsurers _ are taking it on the chin.

The COVID-19 pandemic has battered the industry. Top companies, including the Reinsurance Group of America, have reported hundreds of millions in payouts, leading to huge losses in some sectors. The credit-rating agency Moody's recently said that it may downgrade debt ratings for life reinsurers.