Coronavirus payouts to top $100bn & more…Keep up to date with the latest insurance news in our weekly round-up…
Lloyd’s of London estimates that the industry will pay out $100 billion – yet another “unprecedented” number during this crisis. Lloyd’s itself has been on the hook for $1.3billion. “The economic impact is so significant — the likes of which we’ve never seen in the industry,” CEO, John Neal said. “We estimated that the claims payouts will total close to $100 billion, more than [Hurricane] Katrina and more than Harvey and Maria. It’s the single largest event the non-life insurance industry has ever encountered.”
The specialist Lloyd’s of London insurance and reinsurance marketplace is considering the creation of a new insurance vehicle called ‘Recover Re’, designed to provide “after the event” cover for pandemic related business recovery, including the ongoing Covid-19 crisis.
The FCA has confirmed a series of temporary measures to help insurance and premium finance customers who may be in financial difficulty because of coronavirus.
Global insurance and reinsurance broker Aon has announced the launch of a new underwriting platform featuring the world’s largest capacity for intellectual property (IP) liability risks.