A massive study on natural immunity just came out,
from Qatar.
They tracked 353,326 individuals who had been infected prior to April 2021.
They dropped 87,547 from the study because they subsequently got vaccinated.
That left them with a sample of 265,779 people with prior infection and no subsequent vaccination.
In that group of "naturally immune" people, a total of 1304 got reinfected over the next 3-14 months. That's an infection rate of just 0.5% despite Qatar experiencing two back-to-back Covid waves between January and May of 2021.
Of those 1304 who got reinfected, a grand total of 4 of them required hospitalization, 0 required ICU, and 0 died. (Of those 4 hospitalized, 1 had diabetes, 1 had hypertension, 1 had asthma, and 1 had "unknown status" of preconditions.)
They also compared the odds of hospitalization on reinfection versus hospitalization upon first infection. Only 4 out of 1304 people required hospitalization upon reinfection, versus 158 out of a demographically matching sample of 6095 on their first infection. Essentially, the hospitalization risk after reinfection is just 12% that of the hospitalization risk of a first infection. So, reinfection is very rare, and even if it happens, hospitalization risk is massively reduced.
Basically, natural immunity is close to a sure bet for Covid immunity. And no study I've seen has demonstrated any statistical evidence that immunity wanes.