Aviva expect to pay out £160m in coronavirus related claims
PUBLISHED: 13:43 21 May 2020 | UPDATED: 14:09 21 May 2020
Aviva has said it expects to pay out £160 million in coronavirus-related insurance claims.
The insurer, which employs around 5,000 people in Norwich, warned that pandemic has lead to “unprecedented uncertainty” which could “adversely impact results” such as investment performance and remittances.
Aviva said: “Based on analysis as at April 30, our estimate of Covid-19 related claims in our general insurance businesses, incorporating notified and projected claims, is £160 million net of reinsurance.
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“This is based on estimated claims in business interruption insurance, other commercial lines and travel insurance and allows for favourable impacts in other product lines.” The business, which has offices based in Surrey Street, has also made contributions worth £43 million to various funds and charities in a move to support the public.
Aviva added that claims coming in from life insurance, mortality and longevity will broadly be offset by other business.
Maurice Tulloch, Aviva group chief executive officer, said:“At March 31, our estimated solvency ratio remains strong at 182pc and incorporates Covid-19 related impacts. 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.”
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