World News

Lloyd’s of London collating business interruption data for regulator

LONDON (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.

It 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 UK 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 <HSX.L> have come under fire from businesses for not paying out following lockdowns around the world due to the pandemic.

(Reporting by Carolyn Cohn, editing by Huw Jones)