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Insurer Lloyd’s To Pay £5bn Pandemic Claims

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Insurance giant Lloyd’s of London is expecting to pay out billions in claims sparked by Covid-19, as the cost of the pandemic surpassed many other major disasters.

The insurance market said that it believes that up to £5 billion will be claimed on a gross basis, helping to push the company into a loss for the first half of the financial year.

The news comes four months after Lloyd’s revealed that it would pay out between three and 4.3 billion US dollars (£2.3 billion to £3.3 billion) to customers because of the pandemic’s impact.

The first half of 2020 has been an exceptionally challenging period for our people, our customers, and for economies around the world
John Neal, chief executive
But on Wednesday it revealed that payouts are likely to exceed this level, meaning the crisis will cost more than three disastrous hurricanes in 2017, which cost Lloyd’s 4.8 billion dollars (£3.7 billion) and the September 11 attacks in New York, after which Lloyd’s paid out 4.7 billion dollars (£3.6 billion).

Lloyd’s said it lost about £400 million before tax in the first six months of the year, as it took a £2.4 billion hit from the pandemic.

Excluding the pandemic, Lloyd’s would have delivered an underwriting profit of £1 billion, it said.

“The first half of 2020 has been an exceptionally challenging period for our people, our customers, and for economies around the world,” said chief executive John Neal.

“The pandemic has inflicted catastrophic societal and economic damage calling for unparalleled measures to stifle the spread of the virus, and to get businesses and economies back on their feet.

“Our half-year results demonstrate that our robust approach to performance management and remediation has begun to take effect, evidenced by a significant turnaround in the underlying performance metrics, which give the truest indication of our market’s profitability.”

PA

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The Advantages of Making Use Of Neteller for Online Casino Sites

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On the internet gambling establishments have actually come to be increasingly popular recently, giving a convenient and available way for gamers to appreciate their favored casino sit mobil online kaszinóe games from the comfort of their very own homes. With advancements in modern technology, on the internet casinos (more…)

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Best Online Gambling Enterprises that Approve Mastercard

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Mastercard is one of one of the most extensively approved repayment approaches at on-line gambling establishments all over the world. With its simple and protected purchases, many gamers prefer utilizing Mastercard for their on-line betting activities. In this article, we will present you to the best online gambling establishments that accept Mastercard (more…)

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IMT 2025 Edition Names Former McKinsey Partner As Speaker

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By Sola Alabadan

The fourth edition of Insurance Meets Tech (IMT), a conference focusing on the convergence of insurance and technology, is scheduled to hold on September 11 in Lagos.
With the theme, “Innovating for the New Trybe,” IMT 4.0 will convene stakeholders across the financial, tech, and creative ecosystems, redefining how insurance meets digital innovation, lifestyle, and Africa’s future economy. This year’s edition will once again deliver a powerful dual-experience format:
IMT 4.0, the flagship C-suite and policy-focused discourse
IMT Redefined 2.0, the youth-forward segment exploring the convergence of insurance, culture, and innovation.
The 2025 headline speaker is Per Lagerström, a global thought leader, an insurtech innovator, financial expert, and entrepreneur with over 30 years of experience across financial services, technology, FMCG, and strategy consulting. A former Partner at McKinsey & Company, he founded BehaviorTech, a groundbreaking field that merges behavioural science, AI, and innovation to deliver transformative outcomes for people, businesses, and society.
As CEO of Yellowspot, an Ireland-based venture studio, he leads the development of disruptive ventures focused on financial planning, education, longevity, and human-centred digital transformation. Known for navigating complexity with clarity, Per has advised boards and executives across Europe, Africa, and the Americas. His work is driven by an unrelenting passion for unlocking potential at the intersection of science, technology, and human insight.
Odion Aleobua, Convener of IMT and CEO of Modion Communications, expressed his delight ahead of the event. “We are incredibly honoured to welcome Per Lagerström to Lagos, Nigeria for IMT 4.0. His experience at the cutting edge of behaviour-tech research, an astute financial guru and huge insight into insurtech innovation align with the conversations we drive at this year’s conference. IMT is about the future of protection for a new generation, and we are convening voices and celebrating ideas that matter.”
IMT 4.0 will also continue to explore the role of predictive technology, embedded insurance, disruptive underwriting, and inclusive innovation. With engaging panels, immersive workshops, product demos, and youth-led showcases, the event promises actionable insights and bold ideas for building relevance in a shifting risk landscape.
Commenting, Per Lagerström stated, “Financial services are undergoing rapid and fundamental change, driven by AI inflection and BehaviorTech advances, blurring industry boundaries and shifting consumer behaviours. The result places incumbent business models under tremendous pressure and create unrivaled opportunities for growth and value creation. I am excited to join the year’s edition of IMT to unpack the forces at work and share my playbook for navigating these extraordinary times.”
IMT 4.0 proudly announces an early strategic partner powering this year’s event. CubeCover, one of Nigeria’s leading insurtech and microinsurance providers, comes aboard as a proud Gold Sponsor, racing ahead as early co-travelers for this year’s edition.
To register for IMT 2025, visit www.insurancemeetstech.com. For inquiries, contact Odion at +234 902 222 2226.
About Insurance Meets Tech (IMT)
The Insurance Meets Tech (IMT) Conference is one of West Africa’s leading platforms for exploring the future of insurance through the lens of technology, innovation, and culture.
In its fourth year, IMT offers a robust, multi-stakeholder, two-pronged experience featuring IMT 4.0, focused on C-suite insights, and IMT Redefined, a dynamic youth engagement segment inspired by innovation, lifestyle and creativity. IMT is curated by Modion Communications, one of Africa’s most celebrated young Public Relations consultancies.

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