COVID-19 could be the most expensive event in the insurance sector & more…Keep up with what has been happening this week in our latest insurance news round-up…
A report published by reinsurance broker Guy Carpenter, suggests that the COVID-19 pandemic may rank among the re/insurance sector’s most expensive events. This may be because it is one of the slowest developing catastrophes the sector has ever seen causing a prolonged period of the uncertainty of losses.
Lloyd’s of London have announced their plans to reopen their London headquarters and iconic underwriting room on September 1st. The opening date is subject to governments guidelines and easing of the lockdown, while their priorities are of the health and safety of participants in the market and to minimise the spread of the virus.
After worldwide protests against racism following the death of George Floyd in the US; insurance market, Lloyds of London and the Bank of England have now apologised for their roles in the slave trade. The Bank of England will also remove images of former governors and directors (who have been connected to the slave trade) from display.
The Insurance Cultural Awareness Network (iCAN) have issued a statement about the outrage and hurt with the black community. “An important way in which we as a network can address racial inequality and social injustice is by continuing with our mission to advance those with ethnic minority backgrounds within insurance. Now in particular is a time to deliver on our commitment to make this a reality,” the statement reads.