Lloyd’s Of London Says Coronavirus Claims To Be Biggest Since 9/11

 Friday, May 15, 2020

 BBC News

Insurance market Lloyd’s of London has said it expects coronavirus-related claims to cost it $3bn to $4.3bn (£2.5bn to £3.5bn). That means its biggest payout since the 11 September 2001 attacks in the US.

The losses could rise further if the current lockdown continues into another quarter, Lloyd’s said.

Insurers around the world have been hit by the cost of the pandemic, although many would-be claimants have found the virus is not covered by their policies.

Lloyd’s said its payout on coronavirus claims would also equal the combined impact of hurricanes Harvey, Irma and Maria in 2017.

Those three hurricanes brought devastation to the Caribbean and parts of the US, in what is reckoned to be the costliest year for storms on record. Lloyd’s chief executive John Neal told the BBC "it could be two years before everyone really gets their arms around the true cost of this pandemic".