Covid-19 Claims to Total GBP 6 billion, says Lloyd's of London

The video discusses the significant impact of the pandemic on the insurance industry, highlighting Lloyds' £6 billion claims payout. It emphasizes the need for collaboration between the insurance sector and governments to address future systemic risks like pandemics, cyber threats, and climate change. The discussion also covers the challenges of making pandemic insurance affordable and the behavioral aspects affecting insurance uptake. Additionally, it explores the growing demand for climate-related insurance and the rise of cyber risks, urging the industry to adapt policies to new working environments.

What is one of the key strategies Lloyds is focusing on post-pandemic?

• Working closely with governments

• Increasing premiums for all customers

• Reducing the number of insurance products

• Focusing solely on cyber risks

How much does Lloyds estimate its total bill for COVID-19 claims to be?

• £12 billion

• £3 billion

• £10 billion

• £6 billion

What is a major challenge in providing pandemic insurance according to the transcript?

• Lack of interest from customers

• Limited insurance products available

• High cost and affordability

• Insufficient government support

Why did customers not purchase pandemic insurance products after the SARS epidemic?

• They were too expensive

• They were not aware of them

• They perceived pandemics as remote events

• They were not available in their region

What is Lloyds' stance on insuring new thermal coal projects?

• They will stop insuring them from next year

• They will continue to insure them

• They will insure them only in certain regions

• They will increase premiums for them

What systemic risk has seen increased demand for insurance due to the pandemic?

• Cyber risks

• Natural disasters

• Political risks

• Health risks

What is a key factor in reducing insurance costs according to the transcript?

• Increasing the number of policies

• Limiting coverage options

• Improving customer engagement to reduce risk

• Raising premiums for high-risk areas