Lloyd’s of London to pay up to $4.3 bln in coronavirus claims

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By Carolyn Cohn

LONDON (Reuters) – Lloyd’s of London is likely to pay out $3.0-4.3 billion in claims related to the coronavirus pandemic and underwriting and investment losses for the global non-life insurance sector could reach a record $203 billion, Lloyd’s said on Thursday.

Insurers across the globe have suffered losses from the virus, which has locked down economies, bringing businesses, events and travel to a halt.

Reinsurer Swiss Re <SRENH.S> said last month it took a hit of $476 million for anticipated and actual pandemic-related claims, whie German insurer Allianz <ALVG.DE> this week reported a nearly 30% drop in first-quarter profit.

In a double blow, insurers have also lost money due to falling markets, slashing the investments they use to pay out claims.

“I don’t think anyone in our industry has ever seen both happen at once,” Lloyd’s Chief Executive John Neal told Reuters.

Insured losses are likely to

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Those Who Purchased Horizon Minerals (ASX:HRZ) Shares A Year Ago Have A 52% Loss To Show For It

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Investing in stocks comes with the risk that the share price will fall. Unfortunately, shareholders of Horizon Minerals Limited (ASX:HRZ) have suffered share price declines over the last year. In that relatively short period, the share price has plunged 52%. Notably, shareholders had a tough run over the longer term, too, with a drop of 48% in the last three years. Furthermore, it’s down 35% in about a quarter. That’s not much fun for holders. But this could be related to the weak market, which is down 23% in the same period.

Check out our latest analysis for Horizon Minerals

With just AU$54,727 worth of revenue in twelve months, we don’t think the market considers Horizon Minerals to have proven its business plan. We can’t help wondering why it’s publicly listed so early in its journey. Are venture capitalists not interested? So it seems shareholders are too busy

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