The insurance market previous estimated losses would be around the $107bn mark, but has revised that figure upwards
Lloyd’s of London’s Covid-19 pandemic losses will likely be greater than the $107bn previously predicted, according to chairman Bruce Carnegie-Brown.
Speaking to Reuters on Wednesday, Carnegie-Brown said the losses will be more aligned with those incurred in 2017 from the impact of three Atlantic hurricanes - $144bn.
“Unlike many events, a pandemic is everywhere at the same time,” Carnegie-Brown said, adding that the outbreak had extended longer than expected,” he told Reuters.
Carnegie-Brown - who said firms were facing claims from 16 different business lines - added that the government was yet to engage with Lloyd’s proposed plan to set up a ‘black swan’ reinsurance scheme.
“The challenge for governments of course is that they are very short-term focused… (it is) very difficult for them to lift their heads above the parapet and think about the future,” Carnegie-Brown said.
In March, Lloyd’s shut its underwriting room in response to the coronavirus pandemic; this was the first closure of physical trading in the commercial insurance market’s 330-year history.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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