Apr 6, 2021

Lloyd’s COVID-19 insurance payouts could reach £6.2bn

Lloyd's
covid-19
Insurance
digitaltransformation
William Girling
2 min
Lloyd's COVID-related insurance losses are high, yet the company is striking a positive tone: it is committed to digital transformation and helping its customers
Lloyd’s recently released 2020 full year results revealed that the insurance giant’s COVID-19-related payouts could exceed £6.2bn in total...

Furthermore, the insurer made an aggregated market loss of £900m for the year, with COVID contributing approximately £3.4bn in specific losses.

Other comparative statistics provided in the report included:

  • Gross written premiums down: £35.5bn (2019 = £35.9bn)
  • Net investment income down: £2.3bn + 2.9% return (2019 = £3.5bn + 4.8% return)
  • Net resources up: £33.9bn (2019 = £30.6bn)

Despite the clear negatives for Lloyd’s during an unprecedentedly challenging year, the company struck a tangibly optimistic tone that emphasised the positives - most notably improved underwriting (£1.9bn) and premium rate increases of 10.8%.

Supporting insurance customers

Rather than focus on the large sum forecasted to be paid out, John Neal, CEO, preferred to highlight Lloyd’s dedication to supporting its customers, not just through the pandemic but also several other large-scale market shifts:

“The year [was marked by] a high frequency of natural catastrophe claims and the UK's formal exit from the EU, driving further losses and uncertainty.

“Against this unprecedented backdrop we have made good progress across our performance, digitalisation, and culture transformation plans. 

“Our disciplined underwriting approach and determination to become the world's most advanced insurance marketplace have set us up for real success this year alongside the continued positive rate momentum that will see the market supporting growth for the first time in four years.”

Shaping the modern industry

Indeed, despite being over 300 years old, Lloyd’s has maintained its position as a market leader by evolving with insurance and its customers.

Earlier in the year, it released a report on the increasing threat of cyber attacks in an era of proliferating IoT devices. The wave of digital transformation still being accelerated by COVID-19 has only made the consideration of these risks even more relevant.

When Neal highlighted that COVID-19, although one of the most visible, is far from the only industry pain point today, he is signalling that the upcoming insurance challenges (not least of which is climate change) will require a revitalised approach, understanding and investment in tech, and a highly customer-centric approach.

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Jul 23, 2021

The Ultimate FinTech & InsurTech LIVE Event

Fintech
Insurtech
live
event
3 min
Where innovation meets implementation, coming to you live from London

Whether you attend virtually or in person, it will give you the chance to network with C-Level executives, share ideas with industry pioneers, and walk away with actionable, unique insights to bolster your business and career. 

By the end of the three-day event, you will have seen the latest innovations in both FinTech and InsurTech. You will be able to see how companies like yours are tackling the problems that keep you up at night, engage in a community that many struggle to access, and share your ideas with people who care as much as you do. 

Order your tickets now to take advantage of our limited-time Early Bird offer. 

 

How can you attend?

 

In the post-Covid era, not everybody wants to travel for events. So FinTech and InsurTech Live will be completely hybrid. That means you can attend the event in person or virtually - with no disadvantages to people who don’t make the trip to the Tobacco Dock. 

 

In-person

 

FinTech and InsurTech Live is happening in the Tobacco Dock in London, a ten-minute walk from Tower Bridge. For more information on the location, click here

 

Virtually

There’s no need to worry about missing out if you choose not to attend in person. You can still absorb all the information, interact with other attendees and enjoy the conference experience on our virtual platform. 

There will be live feeds from all of the stages (also available on-demand after the event) as well as virtual networking areas. So not being able to travel is no reason to miss your chance to gather with the industry.

 

What’s on the agenda? 

 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach. 

Across the three-day event, a number of relevant topics and trends surrounding fintech and insurtech will be discussed. 

 

  • Tuesday 14 October - Diversity and Inclusion
  • Racial equality (11:30 am)
  • Supplier diversity (12:00 pm)
  • Sustainability (12:30 pm)
  • Women in fintech (14:30 pm) 
  • Wednesday 15 October - Challenger and neobanks 
  • Cashless society (14:00 pm) 
  • SMEs (14:30 pm) 
  • Thursday 16 October - Adopting new-age digital solutions in the insurance industry (06:00 am)


Influential executives from around the world will give their insights and professional experiences surrounding these topics, allowing you and your company to leave with valuable information. 

The topics surrounding digital transformation should certainly be on the mind of every executive after the events of 2020 and how we all had to adapt to meet customer’s needs. Creating a digital roadmap is key, and making changes to the traditional ways of working. Customers now have new needs, and keeping up to speed with the digital changes, whilst also doing so safely, are important. 

If you want to get leading perspectives on the future of fintech and insurtech, you can purchase your tickets here.

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