The Lloyd’s of London insurance and reinsurance market reported a £0.9bn loss for 2020 after significant impacts from the COVID-19 pandemic dented performance, despite significant reinsurance recoveries.
In total, Lloyd’s reported an aggregated market loss of £0.9bn for 2020, down from a £2.5bn profit for 2019.
Driving performance down was, of course, the COVID-19 pandemic, which causes £6.2 billion of gross losses during the year.
Reinsurance markets played a significant role in supporting Lloyd’s syndicates and underwriters in relative to COVID, as recoveries of £2.6 billion were reported, dropping the net pandemic loss for the Lloyd’s market to £3.4 billion.
