Lloyd’s of London is collating details of insurers’ business interruption coverage for the Prudential Regulation Authority and is in discussions about a government backstop to cover future pandemics, it said in a letter seen by Reuters.
It asked its members to provide data for the regulators by April 24, it said in a “Dear CEO” letter sent to members on Friday.
Lloyd’s also said it was talking to the UK finance ministry, regulators and business partners about a “Pandemic Re” government backstop and would publish preliminary estimates of the impact of COVID-19 on its members in early May.
Insurers including Lloyd’s of London member Hiscox have come under fire from businesses for not paying out following lockdowns around the world due to the pandemic.
(Reporting by Carolyn Cohn, editing by Huw Jones)
Related:
- European Risk Mgmt Group FERMA Supports National Backstops for Future Pandemics
- Hiscox Says Its Business Interruption Exposure Is Limited in Europe, U.S.
- Many Insurance Policies Bought by Small UK Firms Don’t Cover Pandemic: Regulator
- Lloyd’s Faces COVID-19 Claims from Multiple Insurance Lines, Says CEO Neal
Topics Excess Surplus Lloyd's
Was this article valuable?
Here are more articles you may enjoy.
AI Claim Assistant Now Taking Auto Damage Claims Calls at Travelers 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
