Pandemic Insurance Losses Were Bigger Than What Lloyd’s Of London Expected

Bruce Carnegie-Brown, chairperson at Lloyd’s of London, announced that the global pandemic insurance losses this year will be higher than what they had previously estimated.

Sixteen different business insurance lines are facing claims at the 334-year-old Lloyd’s of London.

Chairperson Carnegie-Brown recently spoke at the Reuters Events Future of Insurance USA conference.

There, he stated that the pandemic insurance losses would be comparable with the price tag associated with the catastrophes that struck in 2017, when there were three massive Atlantic hurricanes that brought a $144 billion bill with them. According to Swiss Re data, that was the highest catastrophe bill on record.

In March, Lloyd’s of London shut down its underwriting room for the first time since World War II.