for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Lloyd's, Hiscox among donors to 100 mln stg COVID-19 insurance fund-trade body

LONDON, May 18 (Reuters) - Lloyd’s of London, Hiscox and RSA are among donors to a new British 100 million pound ($121.19 million) insurance and long-term savings COVID-19 support fund, the Association of British Insurers (ABI) said on Monday.

The fund is being set up as insurers like Hiscox are under attack from small businesses who say their claims for disruption due to the virus have been declined, prompting the Financial Conduct Authority to go to the courts for a decision on the issue.

The fund has already received 82.5 million pounds in pledges, the ABI said in a statement, with 20 million pounds of the money pledged so far going to The National Emergencies Trust to support charities tackling the effects of the virus.

The fund will also support charities helping the most vulnerable and initiatives to promote wellbeing and mental health, the ABI said.

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.


Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up