LlOYD’S OF LONDON SWINGS TO LOSS ON THE BACK OF PANDEMIC CLAIMS.

Insurers around the world have been hammered by the pandemic with Lloyd’s estimating earlier this year that none life insurers would face a global pay-out of more than $100billion for disruptions to travel, business, events, trade and more.

Expectedly, Lloyd’s of London which is insurance market place posted a first half pre-tax loss of E400 million ($US520.08million). this loss result came on the back of 2.4 billion pounds in corona virus related claims payout so far.

The loss compares with a profit of 2.3million pounds for the same period before the pandemic.

Lloyd’s combined ratio, a key measure of underwriting profitability hit 110.4% for the first six months in 2020 compared to 98.8% for the first half of 2019.

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