Aviva expects £160 million of insurance claims from Covid-19

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The UK’s largest insurer Aviva on Thursday said it expects to pay £160 million of claims tied to the coronavirus shutdown.

Most of the payments will be in business interruption, travel insurance and commercial lines.

The FTSE 100 company said the crisis posed challenges to meeting its 2022 targets.

Sales in the second quarter have already been hit and it warned of consequences from a severe economic downturn.

Chief executive Maurice Tulloch said: “The economic outlook remains uncertain and will affect our business, however the strength of our capital and liquidity means we are well positioned to manage this crisis and continue to support our customers.”

The company’s solvency ratio, a measure of how much extra capital an insurer holds to withstand stressful situations, was 182% at the end of March, well above the 100% threshold.

Aviva said on Tuesday that former Lloyd’s of London chief financial officer George Culmer would become chairman of the insurance firm.

The company had £2.5 billion of liquidity.

Source Article from https://www.standard.co.uk/business/aviva-expects-160-million-of-insurance-claims-from-covid19-a4446761.html

May 21, 2020 |
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