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Lloyd's of London says coronavirus claims could reach £5 billion

Lloyd's of London on Thursday, September 10, raised its estimate for the total amount it expects to pay out in coronavirus-linked claims as the cost of the pandemic continues to mount for insurers.

The world's largest insurance market said in a statement that it now expects to pay out up to £5 billion ($6.5 billion, 5.5 billion euros) in claims, compared with an earlier estimate of $4.3 billion in May.

Lloyd's said it expects to recoup £2 billion of the payouts from reinsurers.

"The 1st half of 2020 has been an exceptionally challenging period for our people, our customers, and for economies around the world," chief executive John Neal said in a statement. 

"The pandemic has inflicted catastrophic societal and economic damage calling for unparalleled measures to stifle the spread of the virus, and to get businesses and economies back on their feet."

Lloyd's said its COVID-19 claims after reinsurance recoveries totaled £2.4 billion in the 1st half, pushing it into a pre-tax loss of £438 million.

In May, Lloyd's estimated that pandemic would cost the global insurance industry more than $200 billion. – Rappler.com