Lloyd’s of London Steps Up Call for Expanding Pandemic Insurance

Proposals include policy to cover business losses in lockdown
World’s largest insurance market sets out proposals in report

The Lloyds of London building in the City of London, U.K.Photographer: Jason Alden/Bloomberg

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By Benjamin Robertson

June 30, 2020 at 11:01 PM UTC

This article is for subscribers only.

Lloyd’s of London is calling for the creation of new insurance policies and government-backed funds to protect against future pandemics and global threats.

The world’s largest insurance market proposed a new type of policy that would cover revenue lost during a lockdown when businesses are ordered to close, according to a company report published on Wednesday. AXA SA and Hiscox Ltd. are among insurers facing mounting Covid-related claims for lost income.