Lloyd's of London says coronavirus claims could hit $6.5 billion

The coronavirus bill for insurers continues to mount with Lloyd’s of London saying it expects to pay out up to £5 billion ($6.5 billion) in claims. The world’s largest insurance market announced a pre-tax loss of £400 million for the first half of the year after reinsurance provisions helped cover some £2.4 billion of losses from Covid claims.

The firm posted a 2.3 billion profit for the same period last year. “The first half of 2020 has been an exceptionally challenging period,” Chief Executive Officer John Neal said in a statement Thursday.

“The pandemic has inflicted catastrophic societal and economic damage, calling for unparalleled measures to stifle the spread of the virus, and to get businesses and economies back on their feet.” bloomberg