Lloyd’s of London hit by loss after £6.2bn Covid payouts

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Insurance market blames natural catastrophe claims and Brexit for hitting earnings alongside pandemic

The insurance market Lloyd’s of London expects 2020 payouts for claims related to the Covid-19 pandemic to reach £6.2bn, pushing it to a loss for the year.

Lloyd’s has reported pre-tax net losses of £0.9bn for the year, blaming natural catastrophe claims and Brexit for hitting earnings alongside the pandemic. In 2019 the market made a pre-tax profit of £2.5bn.

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