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Recent Financial Times article on Lloyd’s 24/06/2020
We would draw your attention to a recent Lex column from the Financial Times, discussing the positives and negatives for the insurance industry that have arisen from COVID-19.
The potential losses are the most obvious negative facing the industry, but the article also describes the level of customer frustration at the denial of pandemic cover under business interruption policies. On the positive side, the inherent need for insurance has been demonstrated whilst a combination of losses and capital markets impacts means that the insurance industry is enjoying rising rates.
The article concludes that “COVID-19 should reset prices and speed modernisation of the London insurance market more radically than any crisis so far this century.”
The full article can be found by clicking here