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Business

Lloyd’s expects to pay £5bn in Covid-19 insurance

Banking group Lloyd’s of London has revealed it expects to pay out a staggering £5bn in insurance claims linked to the novel coronavirus (Covid-19) pandemic.

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Lloyd’s says it will pay out approximately £2.4bn on claims filed in H1

The claims, which spread across more than 90 syndicate members of the Lloyd’s insurance network, cover policies related to business interruption, event cancellation, travel and trade credit.

For the first half of the year, which included the nationwide lockdown that hit many business across the UK, Lloyd’s says it will pay out approximately £2.4bn to claimants.

Lloyd’s chief executive John Neal comments: “The first half of 2020 has been an exceptionally challenging period for our people, our customers, and for economies around the world.

“The pandemic has inflicted catastrophic societal and economic damage calling for unparalleled measures to stifle the spread of the virus, and to get businesses and economies back on their feet.”

The first half of 2020 has been an exceptionally challenging period for our people, our customers, and for economies around the world

Insurance has proved to be something of stumbling block for some businesses that are now seeking to ramp up activity again as certain measures are relaxed.

Legal challenges are cropping up around the world as business take insurance providers to court over their claims, with some arguing that the policies do not cover Covid-19.

This includes in the UK, where the Financial Conduct Authority (FCA) in July brought a case to try to bring clarity as to whether business interruption policies applied to Covid-19.

Businesses have been offered other financial help by the government, but most of the schemes are due to conclude within the next two months, including the furlough scheme that is set to end on October 31st.

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