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Lloyd's of London collating business interruption data for regulator

Published 04/20/2020, 07:52 AM
Updated 04/20/2020, 07:55 AM
© Reuters. Man enters the Lloyd's of London building in the City of London financial district
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LONDON (Reuters) - Lloyd's of London is collating details of insurers' business interruption coverage for the Prudential (LON:PRU) 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.

© Reuters. Man enters the Lloyd's of London building in the City of London financial district

Insurers including Lloyd's of London member Hiscox (L:HSX) have come under fire from businesses for not paying out following lockdowns around the world due to the pandemic.

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