Insurance market Lloyd’s to suffer ‘large loss’ after Suez Canal blockage
Lloyd's also expects to pay out £3.4bn in 2020 Covid-19 claims
31 March 2021 - 17:48
London — The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd's of London, its chair said on Wednesday, as the insurance market recorded a £900m pretax loss in 2020 due to the Covid-19 pandemic.
The canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray...
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