Lloyd's of London collating business interruption data for regulator
Reuters
Published Apr 20, 2020 07:52AM ET
LONDON (Reuters) - Lloyd's of London is collating details of insurers' business interruption coverage for the Prudential (LON:PRU) Regulation Authority and is in discussions about a government backstop to cover future pandemics, it said in a letter seen by Reuters.
It asked its members to provide data for the regulators by April 24, it said in a "Dear CEO" letter sent to members on Friday.
Lloyd's also said it was talking to the UK finance ministry, regulators and business partners about a "Pandemic Re" government backstop and would publish preliminary estimates of the impact of COVID-19 on its members in early May.
Insurers including Lloyd's of London member Hiscox (L:HSX) have come under fire from businesses for not paying out following lockdowns around the world due to the pandemic.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.