Covid-19: Lloyd's losses reach 6.5 billion USD

LloydIn H1 2020, Lloyd's incurred a pre-tax loss of 400 million GBP (492.894 million USD) compared to a profit of 2.3 billion GBP (2.9 billion USD) in 2019.

The combined ratio dropped by 18.7 points to be set at 110.4%. This is due to the Covid-19 compensations which totalled 2.4 billion GBP (2.95 billion USD).

The British institution expects the total Covid-19 losses to reach 5 billion GBP (6.46 billion USD) in 2020, 2 billion GBP (2.58 billion USD) of which will be recovered from reinsurers.

The London market expects heavier losses than those of 9/11 (4.7 million USD) and the hurricanes of 2017 (4.8 billion USD).

Read also | Covid-19: Heavy losses incurred by insurers and reinsurers

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