Lloyd’s of London says coronavirus related claims to be biggest since 9/11

Insurance market Lloyd’s of London has said it expects coronavirus-related claims to cost it $3bn to $4.3bn (£2.5bn to £3.5bn).

That means its biggest payout since the 11 September 2001 attacks in the US.

The losses could rise further if the current lockdown continues into another quarter, Lloyd’s said.

Insurers around the world have been hit by the cost of the pandemic, although many would-be claimants have found the virus is not covered by their policies.

Lloyd’s said its payout on coronavirus claims would also equal the combined impact of hurricanes Harvey, Irma and Maria in 2017.

Lloyd’s said its total payouts arising from the 9/11 attacks were $4.7bn, while the 2017 hurricanes led to combined payouts of $4.8bn.

Nearly a third of the insurance losses are expected to come from the cancellation or postponement of major events around the world, including the Tokyo Olympics, which are now due to take place in 2021.

Other major categories include business interruption claims on property insurance.

Read more via BBC