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Lloyd's collating business interruption data for regulator

Posted On: Apr. 20, 2020 8:59 AM CST


(Reuters) Lloyd's of London is collating details of insurers' business interruption coverage for the Prudential Regulation Authority and is in discussions about a government backstop to cover future pandemics, it said in a letter seen by Reuters.

Lloyd’s 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 U.K. 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 have come under fire from businesses for not paying out following lockdowns around the world due to the pandemic.

More insurance and risk management news on the coronavirus crisis here.