Lloyd’s of London Backs State-Backed Pandemic Insurance Fund

Lloyd’s of London, the world’s largest insurance market, called for the creation of a government-backed fund to cover the cost of claims in the event of future pandemics.

The firm is committing 15 million pounds ($18.5 million) of seed capital to explore long-term solutions even as insurers are being hit hard by the coronavirus outbreak, Chairman Bruce Carnegie-Brown said at a City & Financial Global event on Thursday. That includes support for a strategy, dubbed Pandemic Re, that would be similar to an existing financing mechanism set up to backstop the insurance industry in case of a flood ...