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.