Pandemic pushes Lloyd's back into full year 2020 loss
Market forecasts customer pay-outs in relation to the Covid-19 will reach £6.2bn on a gross basis.
Lloyd’s has revealed an aggregated market loss of £887m for 2020, down from a £2.5bn profit in 2019.
The corporation noted that this included net incurred Covid-19 losses of £3.4bn after reinsurance recoveries.
According to Lloyd’s, customer pay-outs in relation to the pandemic are forecasted to reach £6.2bn on a gross basis, an updated figure from the previous £5bn estimate. It detailed that £2.6bn of the pay-outs are reinsured.
In addition, Covid-19 related claims added 13.3% to the market
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