LONDON (Reuters) – Lloyd’s of London is collating details of insurers’ business interruption coverage for the Prudential (LON:) 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 (L:) have come under fire from businesses for not paying out following lockdowns around the world due to the pandemic.
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