Lancashire falls to $23m H1 loss as Covid-19 claims hit hard

coronavirus

The insurer increased its loss estimate for Covid-19 to $42m

Lancashire has fallen to a $23m (£17.5m) loss before tax for the first six months of 2020 after the insurer increased its Covid-19 loss estimate to approximately $42 million, up from approximately $35 million, net of reinsurance and reinstatement premiums.

This meant that the impact of Covid-19 added 17.4 percentage points to the insurer’s loss ratio, which stands at 57.4% for the first half of 2020, compared to 34.5% for the same period in 2019.

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