Covid-19 weighs heavily on Lloyd's of London 2020’s results

LloydOn 31 March 2021, Lloyd's of London reported that the preliminary 2020’s results were heavily impacted by the health crisis.

The British market giant sustained pre-tax losses estimated at nearly 887 million GBP (1.2 billion USD) in 2020 against a profit of 2.532 billion GBP (3.13 billion USD) in 2019.

The combined ratio decreased by 8.2 points to be set at 110.3% against 102.1% in 2019.

Such underperformance is due to the Covid-19-related compensations set at 3.4 billion GBP (4.6 billion USD).

In 2020 the gross written premiums slightly declined from 35.9 billion GBP (44.5 billion USD) in 2019 to 35.5 billion GBP (48.8 billion USD) by late 2020.

Lloyd's continues to support the insured with Covid-19-related compensations expected to reach 6.2 billion GBP (8.5 billion USD) for the year 2020.

Lloyd's says such costs exceed the amounts disbursed during the 9/11 attacks and the hurricanes 2017 which respectively amounted to 4.7 billion USD and 4.8 billion USD.

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