Combined ratio, a key measure of underwriting profitability, hit 110.4% for the first six months the this year, compared to 98.8% for the first half of 2019. Anything below 100% represents profitability. Payments for Covid-19 related claims accounted for 18.7% of this ratio, in what CEO John Neal called an "exceptionally challenging period" for the market.
The company's Chairman Bruce Carnegie-Brown told CNBC on Thursday that Lloyd's', whose results are an aggregate of more than 90 syndicate members, expects to pay around £5 billion in coronavirus-related claims over the course of the year.
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