Lloyd’s of London News

Bank of England Worried About Business Interruption Insurance Claims

LONDON — The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses …

Lloyd’s Calls For State-Backed ‘Black Swan’ Reinsurance

LONDON — “Black Swan” reinsurance schemes backed by governments could help businesses get insurance pay-outs after huge shocks such as the coronavirus pandemic, Lloyd’s of London said. Commercial insurance market Lloyd’s has said insurers worldwide will pay out more than …

Lloyd’s of London Apologizes for Its ‘Shameful’ Role in Atlantic Slave Trade

The Lloyd’s of London insurance market has apologized for its “shameful” role in the 18th and 19th Century Atlantic slave trade and has agreed to fund charities and organizations promoting opportunities for black and ethnic minority groups. About 17 million …

Hurricanes May Cause More Pain For Pandemic-hit Insurers

The official start of the Atlantic hurricane season on Monday could signal more steep losses for insurers and reinsurers, already battered by the impact of the coronavirus pandemic on their underwriting and investment positions. However, recent years of hefty damage …

Major Insurers Increase Cover For Trans Mountain Oil Pipeline – Filings

Major insurers Zurich, Chubb increased their insurance cover for a Canadian oil sands pipeline over the last year, Canadian regulatory filings show. The Trans Mountain pipeline, which ships types of crude oil and refined products to British Columbia from Canada’s …

UK Watchdog Goes to Court to Clarify Coronavirus Business Insurance

Britain’s financial watchdog said on Friday it would urgently ask the courts to clarify uncertainty over whether businesses can claim compensation for disruption caused by the coronavirus pandemic. The Financial Conduct Authority (FCA) also told all insurers to assess whether …

Insurance Market Lloyd’s of London Returns to Profit, Braces For Coronavirus

Lloyd’s of London reported its first annual pretax profit in three years on Thursday, thanks to tighter underwriting and robust investment returns, and signaled it was well prepared to cope with the cost of the coronavirus pandemic. The 330-year-old insurance …

Virus Fight Insurers Thought They’d Dodged Is Looming Anyway

For years, property-casualty insurers have sought to protect their business from the ripple effects of a pandemic. The spread of the coronavirus is showing it may not be easy. At issue are business-interruption policies, which tend to pay out only …

Lloyd’s Must Defend Merchant From Privacy Law Suit

Lloyd’s of London must defend a merchant against a lawsuit that accused it of violating a California privacy law by selling information about its customers, a federal appellate court ruled, reversing a lower court. The 9th Circuit Court of Appeals …

Lloyd’s of London Seeks Estimates For Coronavirus-Related Losses

Lloyd’s of London has asked its member firms to provide estimates of their potential current and final losses from coronavirus, a spokesman said on Tuesday, to help the insurance market understand its possible overall losses from the impact of the …