Lloyd's expects to pay out £5bn in coronavirus claims

The Lloyds building in London

Lloyd’s has stated that it expects to pay out up to £5bn in claims related to Covid-19 on a gross basis.

The market has also published its 2020 half year results, detailing that its Covid-19 claims after reinsurance recoveries totalled £2.4bn in the first six months of the year.

Lloyd’s said in May that it expected to pay out in the range of $3bn to $4.3bn globally as a result of the Covid-19 pandemic.

According to Lloyd’s, this contributed 18.7% to its combined operating ratio (COR)

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