LATEST INDUSTRY NEWS FROM AROUND THE WORLD
Lloyd’s reports net loss for 2020 on COVID-19 losses of £3.4bn
The specialist Lloyd’s of London insurance and reinsurance marketplace has reported a net loss of £900 million for 2020 against profit of £2.5 billion a year earlier, as net incurred COVID-19 losses, net of reinsurance, reached a significant £3.4 billion.
On a gross basis, customer payouts related to the pandemic are estimated at £6.2 billion, of which Lloyd’s says some £2.6 billion are reinsured.
During 2020, COVID-19 contributed 13.3% to the Lloyd’s market’s combined ratio of 110.3%, which marks a deterioration from the 102.1% reported in 2019.
Overall, major claims for Lloyd’s in 2020 totalled just under £6 billion, of which almost 60% is attributable to COVID-19, with the remainder mostly due to losses from catastrophe events in the year.
Source: reinsurancene.ws
Shipping:Suez Canal Authority could claim US$1bn for losses arising from Ever Given blockage
Egypt could be lining up a $1bn claim in damages after the 20,388-teu Ever Given giant container vessel caused a blockage in the Suez Canal for six days from 23 to 29 March, reported Bloomberg.
Lt Gen Osama Rabie, the head of Suez Canal Authority, told Egypt’s Sada ElBalad news channel he estimates the $1bn figure would compensate for losses associated with transit fees, damage to the waterway during the dredging and salvage efforts, and the cost of equipment and labour.
Taiwan’s Evergreen Marine, the charterer of the 2018-built Ever Given, said it is not accountable for delays of any cargo it was transporting and that it expects minor costs for potential loss and damage arising from the blockage of the waterway.
“Our risk exposure to the incident is very, very low,” Evergreen president Eric Hsieh was quoted on local news in Taiwan. “We are only responsible for the carriage of cargoes onboard. Even if we have some claims, those will be covered by insurance,” Hsieh said.
Source: meinsurancereview.com