Lloyd’s insurers are expected to take a $15m hit following the cancelled US tour of Kings of Leon.

The policy is thought to be led by Cathedral with cover placed by JLT, and includes a trigger clause for non-appearance cover.

Kings of Leon are expected to face claims from venues and others who have lost money on the tour.

The US band axed their tour last week after lead singer Caleb Followill suffered voice problems and exhaustion.

He exited the stage on a Texas concert on July 29 to be sick and he never returned.

The band said in a statement: “The band is devastated, but in order to give their fans the shows they deserve they need to take this break."

Kings of Leon were due to play 29 gigs in venues including Florida, New York, Illinois, California and Texas. The band will return on in Canada on September 28.