(Reuters) – Lloyd & # 39 ;s of London recorded an advance loss of £ 400 million ($ 520.08 million) in the first half of the year, battered by the coronavirus pandemic, the commercial insurance market said on Thursday.
Insurance companies around the world have paid out on event cancellations, travel, trade credits and business interruptions due to the virus, with Lloyd expecting the global bill for non-insurers to reach more than $ 100 billion.
Lloyds, whose results are a total of more than 90 syndicate members, said it would pay out £ 2.4 billion in COVID-19-related claims in the first half of the year, net after reinsurance.
Its first half-year loss compared to a profit of £ 2.3 billion in the first half of 201
Gross premiums increased by 1.7% to £ 20 billion.
Combined ratio, an important measure of profitability for insurance guarantee, deteriorated to 110.4% from 98.8% per year earl
Excluding COVID-19 requirements, however, the overall ratio was strengthened to 91.7%, which Neal said represented the positive effect of the market's "robust performance management strategy."
Lloyd & # 39 ;s has demanded that members ditch their worst areas of activity in recent years.