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Lloyd’s of London hit by loss after £6.2bn Covid payouts

Insurance market blames natural catastrophe claims and Brexit for hitting earnings alongside pandemic

The insurance market Lloyd’s of London expects 2020 payouts for claims related to the Covid-19 pandemic to reach £6.2bn, pushing it to a loss for the year.

Lloyd’s has reported pre-tax net losses of £0.9bn for the year, blaming natural catastrophe claims and Brexit for hitting earnings alongside the pandemic. In 2019 the market made a pre-tax profit of £2.5bn.

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