Lloyd’s of London is set to pay out up to £3.5bn to its customers, due to the financial impact of the coronavirus pandemic and the ongoing lockdown.
Chief executive John Neal said: “The global insurance industry is paying out on a very wide range of policies to support businesses and people affected by COVID-19. The Lloyd’s market alone is currently expected to pay claims amounting to some £3.5bn, making it one of the market’s largest pay-outs ever.
“What makes COVID-19 unique is not just the devastating continuing human and social impact, but also the economic shock. Taking all those factors together will challenge the industry as never before, but we will keep focused on supporting our customers and continuing to pay claims over the weeks and months ahead.”