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Indian
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International
Lloyd’s records a loss of £0.9bn for 2020, driven by £3.4bn net incurred COVID-19 losses
Throughout 2020, Lloyd’s provided significant support to its customers around the world impacted by the COVID-19 pandemic, with customer pay outs forecast to reach £6.2bn on a gross basis.
COVID-19 claims added 13.3% to the market’s combined ratio of 110.3%.
Excluding COVID-19 claims, the market’s combined ratio has shown substantial improvement at 97.0%, down from 102.1% in 2019.
Shipping companies may not get insurance claims for’ lost expenses’ incurred from Suez closure chaos
Ships typically have various types of insurance, including protection & indemnity (P&I) for pollution and injury claims. Separate hull and machinery policies cover vessels against physical damage.
“Both exclude loss of earnings,” Claudio Blancardi, underwriting director with ship insurer Nordic Marine, said.
World leaders call for international pandemic treaty
Suez Canal blockage adds to pressure points in global trade
About 12% of global trade by volume goes through the Suez Canal, but it accounts for 30% of the world’s daily shipping container freight. That makes it the most important conduit for trade between Europe and Asia. Some 19,000 vessels passed through the canal last year, according to official figures.
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